Leumi Partners and Shestovitz Properties acquired NIS 670 million in shares of Profit Finance Group on Monday, an asset management firm with investments valued at over NIS 100 billion.
Leumi and Shestovitz will now own 10% and 5% of the investment group, respectively, reflecting Profit´s positioning as one of the largest and most significant financial groups in Israel.
“The current move is a significant milestone in Profit’s development. The choice of leading entities such as Leumi Partners and Shastovitz to join us as partners reflects deep confidence in our model, team, and our ability to continue to lead the field of financial planning in Israel,” said Shlomi Elberg, co-founder of Profit.
With this new investment, Profit’s holding structure will be as follows: the controlling shareholders and the CEO will hold approximately 69% of the shares; the Sagol Group will own 16%; Leumi Partners will hold 10%; and Shestovitz Properties will hold the remaining 5%.
Founded 20 years ago by Shlomi Elberg and Assaf Banai, Profit Finance Group is one of the fastest-growing financial groups in Israel.
Ever since reacquiring the firm from Apax Fund five years ago for NIS 150 million, Elberg and Banai, alongside Yossi Sagol (the firm’s first strategic investor since the takeover), have grown the company to include hundreds of financial agents and planners, and to manage approximately NIS 100 billion in assets.
“We see this move as a significant growth engine that will allow us to expand our activities, invest in infrastructure and innovation, and continue to grow the next generation of financial planners in Israel,” Elberg explained.
“The deal was led by Azriel Stern of Banai on Profit’s side, Meitar on Leumi Partners’ side, and Udi Kanaani and Shmulik Zvi of Furth, Wilensky, Mizrachi, Knaani – Law Offices (FWMK) on Shastovitz’s side,” the companies’ shared statement said.
Source:
www.jpost.com
