Shikun & Binui Reenters Elevator Market by Acquiring Naaman Company

Shikun & Binui is reestablishing its presence in the elevator sector by acquiring a controlling stake in Naaman, an elevator company based in Or Yehuda. Previously, Shikun & Binui owned the major elevator company Herut, which it sold to competitor Electra. Since then, Shikun & Binui has relied on external suppliers for elevator installations in its construction projects. This acquisition will eliminate that dependency and is part of a strategic plan led by CEO Amit Berman to internally provide a broader range of services for its projects rather than outsourcing.

Naaman, founded in 1997 by Rami Naaman, is a longstanding company specializing in the installation and maintenance of all types of elevators. Although Naaman is not a large company, the deal values it at several tens of millions of shekels. Rami Naaman will continue managing the company after the acquisition. The agreement also grants Shikun & Binui an option to increase its ownership to 100% in the future. For Shikun & Binui, ongoing maintenance services are expected to generate an additional long-term revenue stream.