Steakholder Foods Ltd., a leading innovator in alternative proteins and 3D printing technologies, has announced that it has signed both a non-binding MoU to acquire Twine Solutions Ltd., a transformative force in thread and yarn digital dyeing manufacturing, and binding investment and convertible loan agreements. As per the agreements, Twine’s shareholders are investing and providing a convertible loan in an aggregate amount of $1.74 million in Steakholder Foods at investment/conversion prices per ADS of $7.00, a 200% premium above Steakholder’s last closing price.
Stakeholder will use these proceeds to provide its own loan to Twine Solutions, convertible into Twine’s senior share class, to accelerate Twine’s commercial expansion. The parties will then negotiate the acquisition of Twine by Steakholder Foods through an exchange of shares and warrants, creating a unified entity with unprecedented technological capabilities.
The investment
It is being led by Gefen Capital, a U.S.-Israeli investment fund that targets high-potential Israeli startups with disruptive technologies. Gefen’s U.S. and Israeli principals offer operational experience in building and managing companies and have a proven track record in creating value. Gefen Capital is a unique fund with a strong “A-Team” of U.S. investors. Partners include David Wiessman and Sheldon “Shelly” Stein. Mr. Wiessman is an entrepreneur and philanthropist who owns numerous businesses in Israel and the U.S., including Sonol, one of the leading oil companies and convenience store operators in Israel. Mr. Wiessman was previously the president & CEO of Alon USA Energy, a retail and oil conglomerate that, under his leadership, merged with Delek US to form a $2.8 billion company traded on the NYSE.
Mr. Stein is the CEO of Glazer’s Beer & Beverage, one of the largest beer distributors in the U.S.; the former president of Southern Glazer’s Wine and Spirits, the largest distributor of wine and spirits in the U.S.; and previously a vice chairman and head of Southwest Investment Banking for Bank of America Merrill Lynch. Before that, Mr. Stein ran Bear Stearns’ Southwest Investment Banking Group and was a member of Bear Stearns’ President Advisory Council.
Twine is revolutionizing the $120 billion textile thread and yarn industry through its proprietary digital dyeing textile technology. By transforming the supply chain paradigm to on-demand dyeing solutions, Twine is generating significant economic change and positive ecological impact. Twine has secured approximately $80 million in funding and established strategic partnerships with global giants including Zara and COATS Group. The proposed combination of Twine and Stakeholder would create a global digital technology powerhouse with the capability to revolutionize multiple industries, including food, automotive and fashion, through advanced manufacturing solutions.
The acquisition would combine two transformative platforms:
Stakeholder’s pioneering 3D food printing technology and Twine’s revolutionary digital manufacturing systems. Twine’s impressive technological achievements include developing the world’s first digital thread and yarn dyeing system that uses a waterless process, protected by 10 granted and pending patents. Twine’s innovative solution empowers businesses to bring their thread-dyeing processes in-house, dramatically reducing time to market while enabling unprecedented customization for sewing, knitting, and embroidery applications. Together, the companies would explore commercial applications across a range of industries, with an eye on speed, personalization, sustainability, and scale.
The investment and convertible loans have been completed, while the acquisition remains subject to final due diligence, definitive agreements, approval by Steakholder shareholders at a general meeting, and customary closing conditions.
“A leading investment firm, Gefen Capital, invested in Steakholder at $7 per ADS—a 200% premium to our current ADS price—underscoring the belief in the long-term value this potential acquisition represents. In challenging times, bold, out-of-the-box consolidation efforts such as this one can unlock transformative value and serve as a model for future synergies. Twine brings not only a powerful IP portfolio and breakthrough technology but also an active customer base that includes globally recognized brands, along with strong commercial momentum and growth potential. This strategic combination could mark a defining moment in digital manufacturing, positioning us to lead across multiple industries with sustainable, scalable innovation.”
– Arik Kaufman, Chief Executive Officer of Steakholder Foods.
Gefen Capital is a believer and investor in technologies that transform traditional industries and challenge old perceptions to adapt to the changing pace of life and the needs of industries and people, both now and in the future. We believe that the two companies can create significant leverage of their joint capabilities, helping unlock their full potential together.”
– Shelly Stein, a partner at Gefen Capital, which is a controlling shareholder of Twine.
“We are thrilled to join forces with Steakholder Foods. At Twine, we are committed to driving innovation in every thread that we touch—empowering our customers to scale efficiently while transforming their operations and markets. Partnering with a visionary and innovative company like Steakholder Foods—who share our values of circularity, efficiency, and responsible production—is a natural fit. Together, we are aiming to set a new standard for how technology and sustainability can intersect to shape a better future.”
– Allon Maoz, Chief Executive Officer of Twine.