Hagit Ross represented a group of investors, led by M. and M. Capital (2012) Ltd., a privately held company owned by Itai Moldavski and David Maimon, in the acquisition of a controlling interest in the public foodtech company Savoreat Ltd., with the aim of injecting into it a new line of business in the field of income-generating commercial real estate in Europe, alongside Savoreat’s existing operations.
As part of the transaction, which is subject to the approval of Savoreat’s shareholders’ meeting, the investor group will invest a total of NIS 7 million in Savoreat through a private placement of shares in exchange for approximately 64% of the company, reflecting a post-money valuation of approximately NIS 11 million, as well as non-tradable options, the exercise of which is subject to meeting certain targets and is expected to increase the investor group’s holdings to up to 72.2%.
The investor group intends to develop a business involving the acquisition and leasing of commercial real estate assets in Europe, or other income-generating real estate activities, while Savoreat will simultaneously work to raise new equity and/or debt for the continued development and expansion of the business. Approximately NIS 2.6 million of the investment proceeds will be allocated to the continuation of Savoreat’s existing foodtech operations.
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