IPE Hedge Fund Appoints New CEO at Israeli Defense Firm RSL After Acquiring Control

The hedge fund ION Private Equity (IPE) has appointed Ofer Elyakim as the new CEO of RSL, an Israeli defense company specializing in electronic systems, following its recent acquisition of controlling interest in the firm. Elyakim, a partner at IPE, replaces Zeev Dagani, who led RSL as CEO for 17 years and was the previous controlling shareholder. Elyakim brings extensive experience, having served as CEO of DSPG, a technology company focused on audio systems, until its 2022 sale to the American firm Synaptics. He also held chairmanships at Solcon, an electronics manufacturer, and Aqua Security, a cybersecurity company backed by ION.

IPE, which began operations recently, made its first major investment in March by acquiring 50% of Isotest Laboratories for 100 million shekels. Isotest operates in the aviation products sector, potentially creating synergies with RSL's business. IPE purchased a 50.29% stake in RSL from Dagani for 54 million shekels, valuing RSL at 108 million shekels. Prior to the announcement of the deal in late June, RSL’s market value was 97 million shekels, after a 33% decline since the start of the year amid a downturn in the defense sector. Since then, the stock has risen 43%, bringing its current market capitalization to 136 million shekels.