Denal reports a 21.57% acquisition of Aviv Scientific, for $ 22 million

The human resources, nursing and medical services company Denal reports a 21.57% acquisition of Aviv Scientific, for $ 22 million, at a value of $ 80 million, as well as a loan converted into shares in the amount of up to an additional $ 13 million. The loan will be converted at a price that reflects a 25% discount to the value, which will be determined at the time of conversion, according to a mechanism agreed between the parties. The chairman of the Danel Group, Rami Antin, is expected to be appointed chairman of Aviv Scientific.
According to Ilan Israeli, CEO of the Danel Group: “This acquisition is another step in realizing the growth strategy of the Danel Group and establishing the status of its medical division. The results of the implementation of the strategy can already be seen in the group's recently published financial statements. "
Aviv Scientific, a company that establishes and operates medical centers abroad, was founded in 2017 by Professor Shai Efrati. Over the past year, Aviv has established and started operating two clinics, in Florida and Dubai. The proceeds from the recruitment are expected to support Aviv's growth plans.
Denal Group Chairman Rami Antin: “Aviv Scientific combines advanced technology medical services to improve brain performance and treat the aging process. The Danel Group is proud to be a part of this process and to provide the added value, the proven experience for the company's development and growth. "
This acquisition expands the Danel Group's areas of activity in the field of private medicine and joins the acquisition of Manor Medical for approximately NIS 40 million last November, and the acquisition of Eyes in 2019 for approximately NIS 74 million.
Denal reported a 17% growth in revenue in the first quarter of the year, to a revenue level of 557 million compared to 476 million in the corresponding quarter and a 66% increase in operating profit mainly due to consolidation, to a level of NIS 61 million, compared to 36.7 million a year earlier.