The superfood company Hinoman, which develops food products based on the Mankai plant, is showing a rapid collapse from a asking value of more than $ 100 million in a planned IPO to a state of insolvency in just six months. The center is applying for an order to open proceedings and to appoint a temporary trustee, after accumulating debts of about NIS 170 million.
Last year, Hinoman published a draft prospectus for an IPO in Tel Aviv in which it hoped to raise about $ 20-30 million, at a company value of about $ 100-120 million, but its IPO plans did not materialize and it did not pass the market test.
The details that emerged from the draft prospectus when it was published in July 2021 indicated quite a few financial challenges: in addition to its large losses (which at the time amounted to NIS 160 million), the company’s financial statements included a “live business” note from the accountants, and other comments about its financial weakness. The company’s revenues, founded in 2010 by Ehud Alitov and Ron Salpeter, were meager at the level of a few hundred thousand shekels.
Optimism about finding an investor or buyer, and rehabilitating the company
Hinoman grows the Mankai plant – “a super-plant rich in nutrients”, and manufactures and markets products based on it in the category that according to the company “connects the world of food to the world of nutritional supplements and superfoods”, thanks to being a “natural component. The company’s chairman was Ilan Cohen, former CEO of the Prime Minister’s Office.
In her appeal to the court this week, Hinoman conveyed a certain optimism, when she stated that there was a chance to locate an investor or buyer and rehabilitate the company and its activities.
The cleaning plant is grown by Hinoman in Kibbutz Bari, located not far from the Gaza Strip, which is one of the company’s shareholders, as well as one of its largest creditors, with debts of NIS 28 million.
Mankai, according to Hinnom, is the trade name of the plant on which it has a registered trademark, which “due to its minimal taste and odor profile, can be combined in a very wide variety of foods, producing healthier and healthier versions of products in almost all food categories. “.
Hinoman distributes its products in the form of frozen cubes at points of sale, mainly in stores of natural and organic products, in the “Super Green” chain of Shufersal and on websites. It also emerged from the draft prospectus, which published that it had signed a cooperation agreement for the integration of its products in the Strauss Group’s products, and in the dishes served at Chef Yuval Ben Neria’s Taizo restaurant.