Founders of Anshei HaIr Buy Rotshtein's Stake, Replace Tzachi Abu
The three founders of Anshei HaIr have exercised their first refusal right to purchase the 41.3% stake held by Rotshtein in the urban renewal company, replacing Tzachi Abu. Last month, Gefen Megurim, controlled by Abu, offered 99 million shekels plus a conditional additional 6 million shekels for Rotshtein's shares, valuing Anshei HaIr at 240 million shekels or 255 million with the full conditional payment. This offer was 52% above the market value before the offer and 49% above the current valuation.
The founders, Ron Chen (CEO), Eran Hefetz, and Roy Dor, former Air Force pilots who established the company in 2007, brought Rotshtein in as a partner in 2018 and currently hold 38.4% of the shares. Their shareholders' agreement granted them the first refusal right on Rotshtein's shares, which they have now exercised, ending Gefen Megurim's negotiations. Rotshtein initially invested 27 million shekels and increased her stake to 57% by 2023. Following Anshei HaIr's IPO in June 2025 at a valuation of 251 million shekels, Rotshtein sold 3.6% of shares to the founders for 7 million shekels, reducing her holding to the current level.
Anshei HaIr operates mainly in Tel Aviv's urban renewal sector, managing 52 projects with about 3,100 housing units. Its focus on districts 3 and 4, areas experiencing housing market slowdown, has hurt performance. In Q1 2026, the company sold only four units for 17 million shekels out of 364 available. In 2025, it sold 61 units, up from 27 in 2024, with nearly half of Q4 sales in the Ma'apilei Egoz project in Kfar Shalem, southeast Tel Aviv, at an average price of 1.9 million shekels per unit.
Q1 2026 revenues rose 30% year-over-year to 46 million shekels, but the company posted an operating loss of 260,000 shekels and a net loss of 4.2 million shekels. Since its IPO, Anshei HaIr's stock has dropped 36%, while the Tel Aviv real estate index rose 5%, attributed to the housing market slowdown and association with controlling shareholder Yitzhak Mirshvili, who also owns Channel 14. Rotshtein's exit may allow Anshei HaIr to be evaluated more on its business performance going forward.
