Manor Evergreen Acquires 30% Stake in Argil Group Valued at 300 Million Shekels
Manor Evergreen investment fund has purchased a 30% stake in Argil Group, a company specializing in infrastructure and construction materials, for a valuation of 300 million shekels. Manor Evergreen also secured an option to increase its ownership to 40%. Founded in 1993 and based in Shoham, Argil operates across the entire value chain of raw materials for infrastructure, including quarrying, crushing, screening, transportation, and production of complementary construction products such as aggregates, cement, plaster, asphalt mixtures, and quarry materials. The company is vertically integrated, serving major construction firms in Israel, and is managed by its founders Gil Horen and Arik Avraham.
Argil's operations are divided into five main sectors: quarrying and aggregate production, logistics and transportation, production and marketing of concrete and plaster products, infrastructure contracting including earthworks and development for public and private clients, and advanced concrete product development. Despite a slowdown in the construction and housing sectors, Manor Evergreen anticipates growth driven by infrastructure investments in transportation and energy systems, alongside regulatory and planning constraints limiting new quarry openings, which will sustain demand for Argil's raw materials.
Manor Evergreen was established in 2023 and is managed by Avi Ortal, Yuval Zeira, and Lilach Katz, all former executives of Leumi Partners, the real estate investment arm of Bank Leumi. Recently, Manor acquired 24.6% of the control systems company ORD for 50 million shekels, and in June purchased 50% of the nursing services company Natan for 200 million shekels. Since its inception, Manor has raised 1.5 billion shekels from institutional investors including Leumi Partners, Menora, and Migdal, as well as private investors. Manor has completed an exit from the defense company RP Optical and is advancing IPOs for Synergy and Plesen, which merged with Carmochrome and remain under its control.
