Apax Partners has agreed to sell its 56% stake in Tnuva, Israel's largest food company, to Bright Food Group. The deal is reported to be for $960 million, and values the company at around $2.5 billion. Established over 85 years ago as an agricultural cooperative society, Tnuva now produces, distributes and markets a wide range of food products including dairy, frozen vegetables and pastries, poultry, beef, cold cuts and eggs. It has been backed by Apax since 2008, during which time it invested over NIS1.4 billion ($400 million) in capex to modernize and grow further. Minority shareholder Mivtach Shamir Holdings may retain its stake or sell to Bright Food Group as well.