Manor Evergreen Buys Peanut Marketing Firm for $33 Million

Investment firm Manor Evergreen has acquired full ownership of "Shivuq Botnim" (Peanut Marketing), a major player in Israel's agricultural supply chain, for an estimated 120 million shekels (approximately $33 million). The deal, finalized after extended negotiations, marks Manor Evergreen's first foray into the food industry. The firm is partnering with "Shivuq Botnim" CEO Doron Ashkenazi, acquiring the stakes previously held by Tene Investment Funds (51%), Tnuva (24.5%), and the Mashbir Group along with the Levanat family (24.5%).

The transaction values the company at an EBITDA multiple of around 5, based on its annual operating cash flow of approximately 24-25 million shekels. "Shivuq Botnim," established in 1955, processes and distributes peanuts, almonds, dates, sunflower seeds, and chickpeas, operating facilities in Ram On, Tel Arad, and Yiftah. The company controls 60-70% of Israel's peanut market through its subsidiary "Tnuvot Hasadeh," which handles about 14,000 tons of peanuts annually, alongside thousands of tons of almonds and dates. It also exports significantly to European retail chains in countries like Germany, Italy, Switzerland, and the Netherlands, and supplies major Israeli retailers such as Shufersal.

Manor Evergreen, a private equity fund founded in 2023 by former executives from Bank Leumi's investment arm, focuses on acquiring and growing mid-market Israeli companies. This acquisition follows recent investments by the fund, including a stake in Shatef and Argil construction company and a significant investment in control and security systems firm Ord. The move into the food and agriculture sector diversifies Manor Evergreen's portfolio, leveraging "Shivuq Botnim's" stable cash flows, strong market position, and extensive export operations.