Yerkin Tatishev’s Kusto buys Israel’s largest plaster producer

Paint giant Tambour, a division of Kusto Group, completed the $5.5m purchase of Geves Gesher, Israel’s largest domestic plaster manufacturer

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Tambour Ltd, a subsidiary of Yerkin Tatishev’s Singaporean holding company, Kusto Group, finalized its acquisition of Israeli plaster manufacturer, Geves Gesher Ltd. in March 2019 for US 5,5 million dollars.

Founded 80 years ago along the banks of the Jordan River, Kibbutz Gesher is home to Geves Gesher Ltd., manufacturer of Israel’s top-selling industrial plaster. Operating since 1950, the factory produces gypsum-based plaster products for the Israeli construction industry.

Tambour is now so much more

Established in 1936, Tambour first became a household name for paint. Today the company offers the largest range of industry solutions in Israel, from paint all the way to aviation. A pioneer of the Israeli construction industry, Tambour’s story is part of the history and growth of Israel. Over the years Tambour has developed a diverse and reliable range of products, earning its place as Israel’s leading company in the market. Today, Tambour is owned by Yerkin Tatishev’s Kusto Group, a diversified industrial sector holding company that operates around the world. Tambour products, from paint, powders and glues, to unique materials for aviation, rail, and shipping, can be found the world over, with branches from America to Africa.

Tambour’s takeover of Geves Gesher came around the same time as the company’s acquisition of Italian paint manufacturer Zegati. Both were sensible moves for Tambour, as the company aims to extend and solidify its operations outside of Israel. As Tambour CEO, Micha Scharir, noted in an interview with Jerusalem Post recently, the acquisition of Geves Gesher is another step forward in establishing the company as a leader in and outside of Israel.

Moving on up

Tambour purchased Geves Gesher in two phases: first, in 2006, by acquiring 51% ownership through payment of US$1 million; then in 2019, through payment of an additional US$4,5 million to seal full ownership.[1] Since the first phase of purchase in 2006, Geves Gesher reported a 400% increase in profitability, further testament to the market leadership of Tambour and Kusto Group.[2] With advanced laboratories, Tambour also continues to invest heavily in research and development dedicated to advancing Israel and new technologies.

Kusto Group founder, Yerkin Tatishev, is the visionary behind all this. In 1998, he gathered a group of like-minded friends to embark on a series of projects aimed at transforming state mining assets in the former Soviet Union, starting with his home country of Kazakhstan, where he was born in 1976. Yerkin saw that the lessons he learned during those challenging times could be applied to something much greater, and in 2002, he founded Kusto Group. The company specializes in investment diversification across various business sectors, investing in real estate, construction, and building materials.[3] In 2014, Yerkin pioneered the acquisition of Tambour, Israel’s leading paint company, marking the first time Kusto invested in a well-established local company, a fact he proudly boasts on Kusto’s company website.[4] Then, this year, he finalized acquisition of Geves Gesher under Tambour.

Painting the picture

Yerkin, as many like him, has realized the potential in investing in Israel, the world’s start-up nation, and taking Israeli ingenuity to the global market. With branches and stores in Asia, Africa, America, and Europe, Tambour’s foothold is already vast, and will surely grow under Yerkin’s vision and guidance, now incorporating Geves Gesher. Despite the often grossly negative media coverage the country receives, Yerkin was never deterred from investing in Israel and Israeli companies and appreciated the global possibilities.

Israel’s paint and materials industries are about as old as the country, and due to the many challenges she faced since her foundation, manufacturers had to get creative, hence “the start-up nation”. Israelis had to find solutions and progression within their own borders, developing products that could withstand the country’s desert climate and compete with global standards. It is therefore no surprise that something as simple as paint ultimately became a global go-to. In 1990, Tambour became a public company traded on the Tel Aviv Stock Exchange, and in 2008, opened the country’s largest industry advisory store, Tambour House, located in Bnei Brak.

Within Israel, Tambour employs over 1000 staff across all ethnicities, minorities, even those with disabilities, while Geves Gesher employs 25 more. Now falling under the ownership of Tambour, Geves Gesher will expand and open up even more employment opportunities to Israelis. Every year, Tambour donates thousands of liters of paint, materials, and resources to communities in need and partakes in cross-country volunteer programs, a corporate responsibility that is now upheld by all branches worldwide.[5] It is easy to see why Geves Gesher and Tambour were no-brainer acquisitions for Kusto Group, and why Yerkin Tatishev is so proud of it. There can only be good things in both companies’ global futures under his and Kusto’s expert direction.

[1] 20 March 2019: Jerusalem Post: Tambour completes buyout of Geves Gesher

[2] 20 March 2019: Jerusalem Post: Tambour completes buyout of Geves Gesher

[3] Kusto Group: Official website

[4] Kusto Group: Official website

[5] Tambour: Official website



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