Green Lantern Fund to Acquire Up to 35% of Kisu Restaurant Group

The Green Lantern investment fund is set to acquire a significant stake in the Kisu Asian restaurant group, opting for a direct purchase instead of an initial public offering. This marks a return for Green Lantern, which had previously considered and withdrawn from a deal with Kisu. The parties have agreed on the terms and signed a memorandum of understanding, with a final agreement expected soon.

Green Lantern, led by Richie Hunter, Daniel Ben Re'i, and Yosef Eliash, plans to buy between 30% and 35% of Kisu. The deal values the company at 350 to 370 million shekels, contingent on 2026 results and based on a multiple of 6 times EBITDA. The shares will be purchased from co-founders Rotem Techan and Noam Gabai, who each hold 31.5% of the company.

Kisu, established in 2005, operates eight restaurants under various names including Kisu, Nishi, Nuch, Studio, Pho Sushi, Enzo, Sazanka, and Nai-Lon. In 2025, the group reported revenues of 307 million shekels, with 41% derived from delivery services, a sector that has grown significantly since the COVID-19 pandemic, and the remaining 59% from dine-in customers.

This is Green Lantern's second attempt to invest in Kisu. In 2023, the fund was close to acquiring 50% for a much lower valuation of 120 to 180 million shekels, but withdrew after failing to secure partners. Kisu had initially planned an IPO on the Tel Aviv Stock Exchange, but institutional investors offered a valuation of around 300 million shekels, which disappointed the founders and led to delays. Green Lantern's current offer provides a more attractive valuation.

Kisu's financial reports for 2025 show a net profit of 25 million shekels, an increase from 16 million in 2024 and 14 million in 2023. In 2025, Kisu also raised 43 million shekels from a group of private investors, including Eli Levi, Oren Halfon, Eitan Bar Ze'ev, Hagai Galis, Uri Max, Adam Friedler, and Ohad Sandler, at a company valuation of 175 million shekels. The founders view the partnership with Green Lantern as preferable to an IPO, citing the fund's expertise in the food and restaurant sector and its management capabilities.