Menora Evergreen Acquires 35% Stake in Defense-Civilian Firm NOVO DR
Translated & summarized from Calcalist by baba
Menora Evergreen Fund is acquiring a 35% stake in the Israeli company NOVO DR for approximately 340 million shekels, marking its 15th deal. NOVO DR develops advanced portable digital X-ray systems for defense and civilian applications, generating over $50 million in annual sales. The founders will retain control of the company, achieving a 100 million shekel exit. Menora Evergreen aims to grow the company further.
The story in 5 lines · by baba
- Menora Evergreen Fund is acquiring 35% of NOVO DR for approximately 340 million shekels.
- NOVO DR develops portable digital X-ray systems for defense and civilian uses.
- The company generates over $50 million in annual sales and employs 60 people.
- Founders Lior Pik and Alex Weitzman will achieve a 100 million shekel exit.
- Menora Evergreen aims to enhance and grow NOVO DR's market presence.
Menora Evergreen Fund, along with its founder Avi Ortal, has finalized an agreement to acquire approximately 35% of the Israeli company NOVO DR for an estimated company valuation of 340 million shekels. This marks the fund's 15th such transaction since its establishment.
NOVO DR, founded in 2014 and based in Petah Tikva with a subsidiary in Michigan, USA, specializes in developing portable digital X-ray systems for defense, bomb disposal, and non-destructive testing in industry, science, and art. The company employs 60 people and reports annual sales exceeding $50 million.
The company's advanced systems are designed for challenging field conditions, integrating sophisticated digital detectors, ruggedized hardware, control and image processing software, specialized algorithms, and wireless communication capabilities. These systems are utilized by clients in infrastructure, energy, and aviation sectors.
In military and security applications, NOVO DR's products are used for detecting bombs and inspecting suspicious objects, with the X-ray system capable of penetrating hard materials. For civilian uses, the technology can inspect gas pipelines, among other applications.
The founders of NOVO DR, CEO Lior Pik, COO Adar Yaron, and Senior Software Architect Alex Weitzman, will continue to lead the company and retain controlling interest alongside Menora Evergreen. Pik and Weitzman are the primary shareholders, and the three founders are set to achieve a 100 million shekel exit.
Menora Evergreen partners Avi Ortal, Yuval Ze'ira, and Lilach Katz, former executives at National Partners, believe NOVO DR has significant potential for expansion in existing markets and entry into adjacent fields. Investment bankers Gilad Salons and Nevo Ozer from Value Family Office advised on the deal. Legal representation for Menora Evergreen was provided by Adv. Niv Sivon from Herzog Fox Neeman, while Adv. Shlomit Has from Fisher FBC, along with PwC, represented NOVO DR. Menora Evergreen, established in 2023 with 1.7 billion shekels raised, focuses on acquiring and enhancing medium-to-large Israeli companies for growth or IPO.