ODI Transportation Fund acquires controlling stake in Dan Transportation from Value Base for NIS2.8b
ODI Transportation Fund, a partnership led by Dan Public Transportation Company CEO Ofir Karni, has acquired a controlling stake in Dan through a management buyout valued at approximately NIS 2.8 billion, purchasing the stake from Value Base. Anchor investors and limited partners in the partnership include Clal Insurance & Finance, Leumi Partners, and Mizrahi-Tefahot Invest.
The multi-layered transaction involved establishment and structuring of the fund vehicle, negotiation of a partnership agreement with institutional investors, execution of the share purchase agreement with the seller and arrangement of transaction financing. The anchor investors and limited partners include Clal Insurance & Finance, Leumi Partners, and Mizrahi-Tefahot Invest.
Dan is the second-biggest transportation company in Israel, with a fleet of 2,600 buses and NIS 2.5 billion in annual revenue. The company will focus its growth efforts on foreign markets, as well as the construction and operation of more highways and toll roads.
Gornitzky GNY advised the partnership on fund structuring, negotiation of the partnership agreement, execution of the SPA, and transaction financing. The team included Uri Heller, Elona Lerner, David Fogler, Hodaya Ben Fish, Maya Goldstein, Noa Mishal-Giro, Hagar Eksol, Mika Medding Inbar, and Ori Friedman.
Meitar acted for Value Base, led by Tali Menashe and Danna Martsiano.
FBC & Co. represented the partnership’s institutional investors.
