Tel Aviv, January 20, 2025 /PRNewswire/ — PHOENIX FINANCE LIMITEDIsrael's leading asset management, insurance and financial company (TLV: PHOE) (“Phoenix”, the “Group” or the “Company”), announced that the former controlling shareholders Centerbridge Partners and Gallatin Point Capital It completed the sale of its shares to major international investors.
Over a period of six months July 2024 to January 2025High-profile international funds and Israeli institutions have purchased Phoenix shares owned by Centerbridge and Gallatin, totaling 31% of the company's shares. The remaining shares in Phoenix, representing 69% of the company, are still owned by a diverse group of global and local investors.
US-based private equity fund Affinity partners It acquired approximately 10% of Phoenix's shares. Following these transactions, international investors own more than 30% of the company's shares in total.
The completion of these transactions liquidates the share offering from the former controlling shareholders, further diversifies the Company's shareholder base, and reflects Phoenix's continued positive business performance. In November, Phoenix Financial reported strong results for the first nine months of 2024, with significant growth in profitability across key segments. The company remains committed to its strategic plan targeting inclusive income 2 trillion shekels and increasing periodic dividends based on continued growth in market share, assets under management and profit margins.
Benjamin Gabay (Phoenix Head) and Eyal son of Simeon (Phoenix CEO): “Centerbridge and Gallatin have been great partners and controlling shareholders over the past five years and we appreciate their contributions to help make this happen.” Phoenix Israel A leading company in the field of financial services. With its successful exit, Phoenix Financial emerges stronger than ever, with a diverse ownership structure that reflects the growing confidence in our company. We are proud to see a third of our shares owned by major international investors, including pension funds, mutual funds, hedge funds and private equity funds. Their investment underscores Phoenix's strong performance – its pivotal role in the Israeli financial sector, and its potential for continued growth and profitability – and represents strong confidence in Phoenix And the Israeli market.”
Ben Langworthy (middle bridge) and Lee Sachs (Gallatin Point): “Our investment in… Phoenix It has been an extraordinary journey, highlighting the strength of the company and the strategic vision of the Board of Directors and the management team. Together with dedicated employees, first-class partners and loyal customers, they have fueled significant growth and value creation, strengthening Phoenix's position as a leader in the Israeli financial services market. When we became controlling shareholders five years ago, our goal was to leave Phoenix in a stronger position than when we arrived. Thanks to the exceptional team, Phoenix is now a much stronger company, well-prepared to serve the public for many years to come.”
Jared KushnerCEO of the company Affinity partners:”Investing in Phoenix in July 2024 This decision was rooted in my belief in Israel's resilience and the fundamentals of Phoenix's business. Six months later, the increasing value of our shares reaffirms my conviction in the strength of Israel and the growing promise of Phoenix. Affinity Limited Partners are some of the most sophisticated investors from across the region, and this investment is a testament to the shared vision for a prosperous future. Together, we are building something that will last and thrive, and I firmly believe that the future of this region is incredibly bright.
About Phoenix Financial
PHOENIX FINANCE LIMITED It is a leading asset management, insurance and financial group based in Israel and whose shares are traded on the Tel Aviv Stock Exchange (TASE: PHOE). The group's activities include multi-line insurance, asset management, credit and financial product distribution, and have demonstrated strong growth and performance across the cycle. Phoenix creates value based on significant market opportunities, differentiated platforms, competitive advantages, and strong organic and inorganic growth. The company serves a significant portion of Israeli households through a wide range of activities and solutions across companies and customer segments. Management approx 140 billion dollars In the asset space, Phoenix accesses Israel's vibrant and innovative economic activity through a strong investment portfolio, creating value for both clients and shareholders.
About Centrebridge
Centerbridge Partners, L.P is a private investment management firm that uses a flexible approach across the investment disciplines of “private equity and private credit” and “in an effort to develop the most attractive opportunities for our investors. The company was founded in 2005, and as of June 30, 2024has approximately $40 billion in assets under management and has offices in New York and London. Centerbridge is committed to partnering with world-class management teams across targeted industry sectors and geographies. For more information, visit www.centerbridge.com | LinkedIn.
About Gallatin Point
Gallatin Point Capital LLC It is a private investment company primarily focused on making opportunistic investments in financial institutions, services and assets. The company seeks to identify and capitalize on opportunities arising from complexity, fragmentation or shifts in technology and regulation, targeting areas such as banking, insurance, specialty finance, real estate, consumer finance and capital markets. Founded in 2017, Gallatin Point operates approx $5.2 billion As of September 30, 2024with offices in Greenwich, CT. The company aims to form highly collaborative partnerships with its investors and the management teams of its portfolio companies, combining strategic capital and management expertise to drive value creation and deliver outcomes that are beneficial to all stakeholders. For more information, please visit www.gallatinpoint.com.
on Affinity partners
Affinity partners It is a global investment company headquartered in Miamiand manages assets of more than $4.5 billion. Affinity partners Invests in the world's leading growth companies.
