Skyline Cranes Founder Sells 75% Stake for $70 Million

Baruch Parans, founder of Skyline Cranes, has sold 75% of the company's shares for NIS 255 million (approximately $70 million USD). The buyer is Hi-Lift, owned by Yaron Zaltzberg, Amnon Amar, and the publicly traded Alma Yesodot. The deal values Skyline Cranes at NIS 340 million ($93 million USD). Skyline Cranes is considered one of Israel's largest crane companies, reporting annual profits of NIS 21.5 million ($5.9 million USD) and revenues of NIS 172 million ($47 million USD). Its clients include major Israeli construction firms.

An additional institutional investor will inject NIS 67 million ($18.4 million USD) for a 20% stake in Skyline Cranes, valuing the company at NIS 270 million ($74 million USD) pre-investment. Bank Hapoalim will finance NIS 200 million ($55 million USD) of the transaction through its business division. Baruch Parans, along with Guy Parans and Aviv Carmel, will continue to manage the company. The agreement includes options for the purchase or sale of Parans' remaining shares.

Hi-Lift, managed by Yaron Zaltzberg, specializes in vertical transportation solutions for construction sites, providing elevators, elevator towers, and mast climbers. Alma Yesodot, controlled by Yitzhak Mirilashvili and a part-owner of Channel 14, acquired a one-third stake in Hi-Lift in 2021 for NIS 95 million ($26 million USD).