Shikun & Binui acquires control of Naaman Elevators
Shikun & Binui has acquired control of Naaman Elevators, returning the company to the elevator sector after previously selling its elevator company, Herut, to Electra.
Naaman, founded in 1997 by Rami Naaman and based in Or Yehuda, provides installation and maintenance services for all types of elevators. Rami Naaman is expected to continue managing the company following completion of the transaction.
The deal is part of Shikun & Binui’s broader strategy to supply more components and services for its own real estate and infrastructure projects, rather than relying on external providers. Naaman is also expected to install elevators in Shikun & Binui projects, while its maintenance activity could provide an additional long-term recurring revenue stream.
Under the agreement, Shikun & Binui will also receive an option to increase its ownership to 100% of Naaman Elevators in the future. The financial terms were not disclosed, though the consideration reflects a company valuation of several tens of millions of shekels.
Shibolet represented Naaman Elevators on the transaction, with the team led by Jonathan Neumann, Yotam Kastel, Inbal Rubinstein, Vered Meller, Keren Maimon Sandler, Itay Kellner, Keren Shav-Artza, and Omer Elisha.
Gornitzky & Co. advised Shikun & Binui.
