Israel’s Albaad Massuot Yitzhak Acquires Spanish Wet Wipes Company Optimal Care in 40 Million Euro Deal

Albaad Massuot Yitzhak Ltd. (TASE: ALBA), an Israel non-woven fabric hygiene products manufacturer publicized its acquisition of Spanish wet wipes manufacturer Optimal Care for a total of 40 million Euro or 160 million NIS. The Israeli manufacture creates wet wipes and tampons. In the last year plus, the company has seen revenues rise as the COVID-19 pandemic surged.

Optimal Care was established in 2003. It is a producer of private label wet wipes for large marketing chains throughout Europe. Albaad recently expressed in a Globes article that they believe making the acquisition with Optimal Care will boost revenue through the end of 2021. The Spanish wet wipe producer pulled in a revenue of 72 million Euro in 2020. It’s gross profit was 10 million Euro. The first quarter of 2021 saw Optimal care bring in 16 million in revenue with a gross profit of 2 million Euro.

Albaad Massuot Yitzhak Ltd. revenue in 2020 was approximately 1.6 billion NIS. That marks a 19% increase from 2019. Overall Albaad brought in a net profit of 101 million NIS. The 101 million dollar net profit came after 2 years of losses at around 100 NIS together. Albaad believes that the acquisition will allow them to increase output in order to meet the vast demand that the COVID-19 pandemic introduced.