Minrav is sold to the Will brothers for NIS 760 million – the capital market

Avraham Kuznitzky, the controlling owner of the company

Minrav
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, Which specializes in the field of infrastructure, sells its holding in the company at a value of NIS 760 million. The buyers – brothers Will and Kuznicki – are currently signing the agreement.

The company recently stated that negotiations are underway on its behalf for the sale of the entire activity in a reverse triangle merger transaction that will lead to its delisting from the stock exchange. The brothers – Gil and Shai Will own an investment company called Essence through which the purchase will be made.

Kuznicki holds 58.3% of Minerva. Along with him, the company also owns his family members, Ronit Avnon, Eran, Dror and Ruthi Ganz, at a rate of about 10% (each holds 2.54%) and Ziva, which holds 0.2%. In addition, the company also has a number of institutions. Menora holds 9.7% of the company’s shares, Phoenix holds 5.1% of the shares, and Excellence holds 0.4%.

The deal will be made so that there will be a triple merger into a new company that will acquire essentially all of the existing Minerva, so that in practice, the deal will also include the minority.

About a month and a half ago, we reported that Kuznicki planned to leave the stock exchange and delete the company he heads, after decades of activity and the construction of thousands of apartments in Israel. The company deals with residential projects, income-producing property management and infrastructure.

Every year, Minrav records profits of tens of millions of shekels. In 2019, the company reported a total profit of NIS 66.8 million, in 2018 the company earned NIS 25.6 million, and in 2017 the company recorded a profit of NIS 31 million. The company’s revenues over the years were about NIS 800 million, but despite the stability and profits, the share price is not climbing. Like other companies, the stock fell tens of percent following the corona crisis, but has since recovered and covered the declines.

In December, the company reported that Qualites, which is 54% owned by the company, raises $ 73 million from the Food-Tech Fund, before that it reported that it won a tender to carry out work on the Purple Line for NIS 285 million, and in October Minrav won a tender to carry out work on the Green Line for 122.5 a million shekels.

Minrav, established in 1969, first issued its shares on the Tel Aviv Stock Exchange in 1983. Among its projects were: the city of the Bahadim, the Yad Vashem Museum, Terminal 3 at Ben Gurion Airport, the train tunnels from Tel Aviv to Jerusalem, as well as many public buildings, roads and bridges , Sewage treatment plants and more. According to its latest financial statements, the company has accumulated NIS 2.7 billion worth of works.

Essence Partners is a private investment company, which is engaged in leading investments in the field of infrastructure in Israel and around the world. The company was established in early 2020 and is managed by Miriam Gaz. Gaz served as director of the infrastructure and energy sector at Bank Hapoalim and led the financing of the bank’s projects for more than a decade. In this context, Gaz also led the financing of the Baha’i City project. In September 2020, Essence acquired the full holdings of Delek Royalty from Delek Energy.