Israeli Businessman Sells Crane Company Stake for $70 Million

High Lift, a company co-owned by Yaron Zoltzer, Amnon Amar, and Alma Yesodot, has acquired a 75% stake in Skyline Cranes from businessman Boruch Parans for NIS 270 million (approximately $70 million). The deal values Skyline Cranes at around NIS 340 million (approximately $88 million).

Bank Hapoalim is providing NIS 200 million (approximately $52 million) in financing for the acquisition, led by its Industry, Commerce, and Hospitality sector. Additionally, a significant institutional entity has joined High Lift's ownership, now holding a 20% stake.

Boruch Parans, the 87-year-old founder of Skyline Cranes, along with co-founders Guy Parans and Aviv Carmel, will continue to advise the company, with Boruch Parans serving as a consultant. This acquisition aims to expand High Lift's services, creating a comprehensive offering for vertical transportation and lifting needs on construction sites.

High Lift, established in 2010, specializes in vertical transport solutions like material hoists and tower elevators. Skyline Cranes is a leading provider of tower cranes and lifting solutions in Israel. Both companies will continue to operate and develop their respective specializations in a complementary manner.

Parans stated that the sale allows Skyline to enter its next phase of development, expressing confidence that the partnership with High Lift will foster continued growth based on the company's established foundations. High Lift CEO Yaron Zoltzer described the acquisition as a strategic move to create a 'One Stop Shop' for vertical transportation needs in construction, leveraging the complementary expertise of both firms.