Apax Fund enters into non-bank credit

Apax Fund enters into non-bank credit: The fund acquires 10% of the shares of S.R Acord from the controlling owner Adi Zim. The transaction is done at NIS 45 per share.
 Apax will also receive two options to purchase an additional 5% each, the first at NIS 60 per share and the second at NIS 66 per share. Assuming that Apax Israel realizes both options, the deal will reach NIS 130 million.
S.R Accord holds a client portfolio of NIS 652 million and the third quarter of 2019 finished with a record in the profit line of NIS 15.7 million. In the first nine months of 2019, the company earned NIS 40.8 million. As of the beginning of the year, S.R Accord recorded a 144% return, the highest of the five non-bank credit companies - the company is currently trading at NIS 573 million.
Most non-bank credit companies have partners in investment houses. Meitav Dash partner with Peninsula and Altshuler Shaham holds a substantial stake in the Navi Brothers. Apex is the first suspension fund to enter into a partnership in the field and Zim intends to utilize the fund's financial capabilities to increase the company's credit capabilities. Zim negotiated with a number of financial bodies who wanted to enter into a partnership with the company and eventually decided to choose Apax and Cohen.