Tobi Schmelzer from the owners of Shlomo Insurance (photo by Ezra Levy)
Magdalor, an alternative investment house, announces a strategic shareholder agreement with the Schmelzer family, one of the controlling owners of the Shlomo Group, in relation to Magdalor’s hedge funds. Dor Shlomo, a company controlled by members of the Schmelzer family, will become a shareholder in a subsidiary of Magdalor which holds control over the management companies and general partners of the hedge funds from Magdalor. As part of the agreement, Dor Shlomo committed to invest approximately NIS 75 million in Magdalor’s hedge funds, where the investment will be made in several installments until 1/30/23.
Following the investment, Magdalor will own approximately 73.7% of the hedge fund holding company from Magdalor and Dor Shlomo will own 26.3%. In accordance with the strategic shareholder agreement between Magdalor and Dor Shlomo, any future hedge fund from Beit Magdalor will be established under the joint holding company.
More in-
The Schmelzer family’s investment will be made under conditions similar to those that would apply to an investor of a similar size, with a commitment to a 24-month lock-up period, with exceptions. In addition, the shareholders’ agreement included a commitment by Magdalor that it would directly invest in the hedge funds an amount not will be less than NIS 5 million and also included a commitment by Ash Profit – an insurance agency, a company controlled by some of the controlling owners of Magdalor, that it will invest an amount of NIS 5 million in hedge funds from Magdalor.
The Shlomo Group began its journey as a car rental company, leasing and providing services for vehicles, and is one of the leading investment groups in Israel. Besides being the leading company in Israel in the field of automotive services, with a fleet of approximately 85,000 vehicles, the group has investments in various industrial sectors. The Shlomo Group includes Shlomo Holdings, Afcon Holdings Group, Israel Shipyards, Real Estate Businesses, Gold Bond/Contram Group – Container and Cargo Terminal, Tadiran Telecom, Thelma Shlomo Tourism and Shlomo Insurance.
Magdalor’s hedge funds are led by Kafir Hasin, and are part of the company’s strategy to expand the portfolio of alternative investment products managed by it and are in line with Magdalor’s goals. Hasin, served as the chief investment manager at Harel Finance and was previously the investment manager of the pension sector in general insurance and as the nostro manager and the bond sector of Migdal.
Ran Tsadikariu, CEO of Magdalor, said that: “We are happy about the strategic partnership with the Schmelzer family. The agreement is a significant milestone for our hedge funds, and will help in realizing the strategy to expand Magdalor’s product portfolio for our clients in the hedge fund channel. I am confident that management capabilities Our investments and the cooperation with the Schmelzer family will bring value for the investors in the group’s hedge funds, as well as for Magdalor’s shareholders.”
Comments to the article(0):
Your response has been received and will be published subject to the system policy.
Thanks.
for a new comment
Your response was not sent due to a communication problem, please try again.
Return to comment