Archive for June, 2014

Arava Power Update

June 23, 2014

Dear Friends and Founders,

We are pleased to bring you news of a significant event for Arava Power.  The Phoenix Holdings Group in Israel, one of the leading financial institutions with more than 60 billion NIS under management, has signed an agreement to invest $15 million in Arava Power.  The closing is expected to take place over the next several months once government approvals are obtained. This transaction is significant in many ways for Arava Power’s future.  Most significantly, the transaction accomplishes the following:

  • Replaces Siemens as an equity holder with Phoenix (the majority of the investment is going to Siemens for this equity stake);
  • Represents Phoenix’s desire to invest more in infrastructure by using Arava Power as a platform company in photovoltaics; and
  • Provides Arava Power with an in-country partner that is motivated and able to help finance Arava Power’s future pipeline of projects.

Moreover, this transaction is being done without dilution to the Global Sun Partners, LP stake in Arava Power.  In the short-term, the effect is primarily to position Arava Power for our next stage of growth;  while in the long-term, Arava Power is now able to compete more aggressively in whatever regulatory framework is ultimately established by the government for the next chapter of the Israeli solar industry. This transaction is the culmination of more than a year of work and complex and challenging negotiations.  It is a critical achievement to ensure our opportunities in the future.  We will soon send you a notice for our annual limited partners meeting.  We will be happy to discuss this transaction and more at that time. In the meantime, please find below the English language translation of the press advisory issued today in Israel. Shine on, David, Ed, Howie & Yosef

June 22, 2014

Phoenix acquired Siemen’s part and invested $15M in the Solar Energy Company Arava Power    This is the first step of more a extensive plan to invest in Israeli infrastructures   Today, (Sunday) Phoenix signed an agreement to acquire Siemen’s (Siemens Project Ventures GmbH) part in the solar energy company, Arava Power, and to further invest. The scope of the transaction, via Amitim and Nostro funds, stands at 15 million dollars, hence defining Phoenix a substantial partner in the company. Within the transaction framework Phoenix is expected to receive a double digit IRR on its investment.   Roee Yakir, CEO, Phoenix Investments and Finance: “Phoenix’s investment in Arava Power is an additional step of a more extensive plan to invest in infrastructures, which is intended to broaden investment portfolios and generate predictable cash flow, characterized by relatively low correlation for economic turnover. PV solar energy is a unique subdivision in the field of renewable energies which, beyond contributing to the environment by producing clean electricity, benefits from stable cash flows reinforced in long term power sales agreements. Arava Power is a worthy partner with proven abilities in initiating solar projects of the broadest scope among the current players active in the field. This investment opens numerous opportunities for Phoenix for additional partnerships in the field of solar energy alongside the leading player in the industry”.   Ed Hofland, Chairman, Arava Power Company: “We at Arava Power are grateful to Phoenix for its trust throughout the entire process and we are positive that this transaction, together with Phoenix, will enable Arava Power to invest in and develop many more projects in the energy field. Furthermore, we would like to thank Siemens for five years of true partnership during which we built a strong infrastructure of solar projects producing some 100MW of green energy throughout the Negev and the Arava”.     On behalf of the Arava Power Company the transaction was led and managed by: Ed Hofland (a member of Kibbutz Ketura which is a principle investor in the company) and David Rosenblatt (Co-founder and Vice Chairman); Eran Litvak, CFO; Adv. Orit Marom, Shibolet  and Adv. Einat Davidson. Phoenix was accompanied by Mark Phillips and Limor Hudir, HFN; Ziv Haft Accounting and Plenergy Engineering.     Phoenix Insurance is the main branch of Phoenix Holdings Group. The company deals in all branches of insurance: General insurance, health insurance, life insurance and long term savings and financial services.   Arava Power is the leading solar energy company in Israel and pioneer in solar fields. It was the first solar energy company to launch a ground-based solar field in Israel, Ketura Sun,  in 2011. Last month Arava Power launched 6 additional solar fields in the Negev and Arava that together will produce 36MW of clean electricity.  The company has begun construction of a large-sized solar field, also in Kibbutz Ketura, on 600 dunams, which will produce 40 MW.   For additional details: Arad Media – Irit Radia/Michal Hadar – 03-7693333, 054-6699311/02 UNIK – Irit Nachmani – 054-6687006

Arava Power/Global Sun

June 6, 2014
arava

June 5, 2014- View of Arava Power/Global Sun Solar Field in Mitzpah Ramon, Israel as taken by one of our Investors in our 2010 investment and Advisor to Wellfleet, Dr. Michael Nimaroff.

GENERAL EMPLOYMENT ENTERPRISES, INC. (“JOB”)/WELLFLEET PARTNERS, INC. (“WP”)

June 3, 2014

GENERAL EMPLOYMENT ENTERPRISES, INC. (“JOB”)/WELLFLEET PARTNERS, INC. (“WP”)

Naperville, IL- New York City, NY– (May 30th, 2014) – General Employment Enterprises, Inc. (“JOB”), a 120 year old Company that provides staffing services in the United States, in its first 2 months since it has engaged Wellfleet Partners to provide ongoing management services, has announced the appointments of three professionals, all of whom have been referred to by Wellfleet: First, the Company announced on April 22, 2014 the formation of an Advisory Committee and named as its first member Harry Newton, a successful entrepreneur, Investor and financial blogger (www.insearchfortheperfectinvestment.com). Mr. Newton is also a Senior Member of Wellfleet Partner’s Advisory Committee; Second, on May 9th, 2014 the company appointed Francis (Frank) Elenio as its Chief Financial Officer. Mr. Elenio is an experience financial and accounting executive for over 25 years and is a longtime friend and professional associate affiliated with Wellfleet and many of their portfolio companies; and Finally, on May 22nd, 2014, the Company announced that it had appointed Jack Zwick, Certified Public Accountant and Founder of Zwick and Banyai, PLLC to its Board of Directors as Chairman of the Audit Committee.  “We are very pleased to have referred the three aforementioned professionals, advisors and dear friends of Wellfleet to JOB, our first investment through Aracle. We have no doubt that each will serve the Company in great stead” stated Mark I. Lev, Chairman & CEO of Wellfleet Partners, Inc.

About General Employment Enterprises, Inc.

General Employment Enterprises, Inc. (“JOB”) is a 121 year old New York Stock Exchange listed public Company that provides staffing services in the United States. The company offers professional placement services, including placement of information technology, engineering, and accounting professionals on either a regular placement basis or a temporary contract basis. It also provides weekly temporary staffing for light industrial clients. The company markets its services under the General Employment Enterprises, Omni One, Business Management Personnel, Ashley Ellis, Triad Personnel Services, Triad Staffing, Generation Technologies, BMCH, and BMCHPA trade names. General Employment Enterprises, Inc. was founded in 1893 and is headquartered in Naperville, Illinois

About Wellfleet Partners, Inc.

Wellfleet Partners, Inc., a sixteen year old boutique financial services, advisory and consulting firm, was founded by Mark I. Lev, esq. in 1998.  The company engages in a wide variety of consulting, and advisory work such as management consulting, strategic partnership due diligence and corporate advisory activities for a broad range of clients. These include public and private, emerging small to medium-sized, domestic and internationally-based, growth companies.  In addition, Wellfleet looks to make principal investments through its affiliate, Aracle Capital. It has strategic domestic and international partnerships in Florida and California, Dublin, London, Perth, Tel Aviv, Beijing and Tokyo. For more information, please go to www.wellfleetpartners.com. A new 2014 electronic brochure, prior quarterly newsletters and/or recent press releases are available upon request.

About Aracle Management, LLC

Aracle Management, LLC is a private investment company formed in 2013 that seeks to maximize total returns by incorporating event driven capital and opportunistic approaches coupled with synergistic management assistance. Investments are made in national and internationally based publically-traded companies with market capitalization of less than $100M. All investments are currently made via Special Purpose Funds. The Company is owned by professionals in New York City, New York, and Dublin, Ireland.