The controlling owner of Icon Group, the Private Equity Fund Skyy (SKY), which specializes in investments in mature Israeli companies, has completed raising $ 350 million for its fourth investment fund.
Since starting operations in 2005, Sky has raised four funds totaling approximately $ 800 million. Sky’s investment policy is the acquisition of control or joint control of mature Israeli companies, with active involvement in creating value in them.
Most of the investors in the fourth fund are entities Institutional Who also invested in previous funds, and were joined by new investors. The fund closed at the fundraising ceiling, when the fund’s managers chose not to increase it despite excessive demand from investors, in order to continue operating in a business environment similar to that in the previous funds.
Zvika Yochman, founder and managing partner of the Sky Fund, said that “the new fund will continue the investment policy of previous funds: investing in mature Israeli companies in diverse fields with potential for flooding. The fund will continue to be actively involved in creating value for its portfolio companies.”
The partners in the Sky Foundation are Yochman, Nir Dagan, Amir Arban, Zion Agiv, Liat Binyamini and Meital Heller, who have been working together for many years. The third fund was raised in 2017 and completed its investments in the past year, with the acquisition of 100% of NGSOFT from the public company Batam and 50% of Soltam from the Mayo family.
In recent months, Sky has realized two of its investments in the third fund, including Gru, which was acquired from Global Groupon and which was sold to Melisron at a price that reflects a 6.5-fold multiplier on Sky’s investment. In addition, Sky completed the issuance of Idigital (Icon Group) on the Tel Aviv Stock Exchange, at a price that reflects a multiplier of 10 on the fund’s investment.
In total, over the past two years, Sky has executed eight transactions, including the sale of control of the Mushroom Marina to Green Lantern and Discount Capital, the sale of Gasttenerech to the stock exchange Matrix and the sale of its holdings in Schnep to the Ambassador Group. Among Sky’s current investments are Hamashbir and Farmer, A.L. Filters, SAL, Idigital, Aztec-NGSOFT Group and Soltam.