The Noy Fund will purchase 40% of the shares of Nativ Express for NIS 253 million

The Noy Fund, which specializes in infrastructure investment, has signed an agreement to purchase 40% of the shares of Nativ Express from the Afifi Group, which operates public transportation. The balance of the shares of Nativ Express is held by the Afifi family. As part of the transaction, Keren Noy will invest NIS 253 million in Netiv Express in exchange for an allotment of 40% of its shares, and will receive an option to purchase another 10% of its shares, subject to the existence of conditions precedent.
The Noy Fund buys the shares at a company value of NIS 380 million before the allotment of shares, and NIS 633 million after that - five and a half years after the Afifi family bought 50% of Nativ Express' shares from Carasso Motors for NIS 68 million, ie at a company value of NIS 136 million.
Netiv Express - established in 2001 following the government's decision to hold competitive tenders to increase competition in the Israeli public transportation market - holds, together with the corporations it currently holds, a fleet of about 800 vehicles, and employs more than 1,200 workers, of whom about 1,000 drivers.
Nativ Express focuses on operating public transportation in the Galilee region, and from July also operates public transportation in the Beit Shemesh cluster. The company also won a tender to operate the cable car in Haifa, which is the first public transportation project of its kind in Israel, which is expected to start operating soon. The company is currently competing in several tenders to operate additional transportation clusters. Netiv Express is a subsidiary of the old Afifi Group from Nazareth, which began operations in 1927, and currently includes 16 companies in the fields of transportation, tourism, hotels, information technology, investments, real estate and international trade.
The investment budget in the field of transportation in Israel is growing consistently, with its share of the budget of road development decreasing in favor of growth in the budget of public transportation development. As part of Netivei Israel's five-year plan, NIS 3.3 billion has been allocated to public transportation routes on roads with high traffic loads, which will enable a significant reduction in travel times for public transportation and better service for users on urban and intercity roads. Private vehicle account.
The Noy Fund is the largest infrastructure fund in Israel, managing assets worth about NIS 10 billion in four funds. Keren Noy stated in response to the value of the transaction: "Since the Carasso Group withdrew from the investment in Nativ Express, the company has undergone a significant leap forward and expansion of its business. Without taking into account the value of the knowledge and reputation of the Afifi Group, which also contribute to the company. "