Horizon Investment House to Go Public on Tel Aviv Stock Exchange

Horizon Investment House is set to become a public company through a merger with the stock exchange shell company Blue Wave Water Capital. Blue Wave, currently valued at approximately 14 million shekels, has agreed to acquire all of Horizon's shares from its founder and sole shareholder, Itai Lipkowitz. The transaction, valued at 40 million shekels, will see Blue Wave initially purchase 49.9% of Horizon for 20 million shekels, followed by the remaining 50.1% in eight quarterly installments. This valuation is nearly triple Blue Wave's current market capitalization. Blue Wave plans to fund the initial purchase through private equity and debt offerings and is in advanced negotiations with investors. Horizon, established in 2010 and operating from Kiryat Motzkin, manages investment portfolios for private clients, companies, and businesses, as well as investment management for Ayalon mutual funds. The firm currently oversees assets totaling around 2 billion shekels. Horizon has reported significant growth, with revenues reaching 15.2 million shekels in 2025, up from 10 million shekels in 2024, and net profit more than doubling to 3.47 million shekels from 1.52 million shekels the previous year. The deal's valuation reflects a multiple of 11.5 times Horizon's net profit. Lipkowitz will continue with Horizon as its chief strategist and has the option to receive up to 19.9% of his payment in Blue Wave shares instead of cash. The completion of the merger is contingent on approval from the Israel Securities Authority. This move follows the recent public listing of another investment house, Pasternak Soham, which raised approximately 70 million shekels.