Gideon Tadmor Becomes Partner in Menora Mivtachim Underwriting Firm

Menora Mivtachim is relinquishing control of its underwriting subsidiary, Menora Mivtachim Underwriting. The company announced an investment and share allocation agreement with Tadmor Group, the private investment firm owned by Gideon Tadmor, who also controls Navitas Petroleum. Upon completion of the deal, Tadmor Capital 3, a limited partnership belonging to Tadmor Group, and the underwriting firm's CEO and founder Gil Calderon will each hold 36.7% of the shares. Dan Rimon, the company's Deputy CEO and Legal Counsel, will hold 6.6%, while Menora Mivtachim Finance will retain a 19.99% stake. The financial terms of the transaction were not disclosed.

Calderon and Rimon are set to continue managing the underwriting company post-transaction. A shareholders' agreement has been signed to govern their relations, including board appointments, voting rights, and share transfers. The deal's finalization is contingent on meeting certain conditions.

Menora Mivtachim Underwriting, established approximately 20 years ago, specializes in accompanying offerings and capital and debt raising in the Israeli capital market. The company intends to expand its operations into financial products and international markets. Menora Mivtachim's decision to cede control stems from the desire to remove limitations; holding over 20% in the underwriting firm restricts its participation in offerings it leads or is involved in. Tadmor Group, managed by Boaz Shnitzer, is active in energy, infrastructure, and real estate, with existing financial investments in Eitan Partners, which provides urban renewal financing in Israel, and Rainbow Debt Capital, a UK-based real estate finance firm.