The Pimi Fund acquires the Amal nursing chain at a value of about NIS 1 billion from businessman Harry Gross and the chain’s CEO Dalia Korkin, who acquired the chain 7 years ago for about a quarter of a billion shekels.
Amal owns 13 nursing homes in Israel and has construction projects with 1,500 beds. Labor is not a standard Pimi purchase. It expresses more than anything the plight of investors including big investors like Yishai Davidi who heads Pimi.
Phimie has previously specialized in acquiring industrial companies with global business potential and has succeeded in improving them while expanding operations worldwide. Its brilliant idea was to find technologies or operational, business uniqueness in Israeli companies, to take over them and take the reins from the previous management in order to direct it to growth mainly in the global markets. She has done so many, many times. True, there were acquisitions that by definition were more local (and then the improvement was in the local market as well – like Ji Wan), but Phimie’s DNA were deals like Hamlet and Ophir Opotronics that eventually made an exit and were sold to large companies in the field.
The current deal expresses more than anything the difficulty of finding good investments at reasonable prices and Phimie’s compromise on her basic DNA. This comes after Phimie actually “cleaned up” the stock market from good industrial companies and subsequently to a huge round of recruitment she completed in the past year. She has to invest money and with no choice, these funds also flow to local activities.
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