TEL AVIV, January 20, 2025 /PRNewswire/ — Phoenix Financial Ltd.Israel’s leading asset management, insurance and finance group (TLV: PHOE) (“Phoenix”, the “Group” or the “Company”), announced that the former controlling shareholders Centerbridge Partners and Gallatin Point Capital completed the sale of their shares to leading international investors.
In a period of six months from July 2024 to January 2025top international funds and Israeli institutions bought Phoenix shares held by Centerbridge and Gallatin, totaling 31% of the Company’s shares. The remaining shares of Phoenix, representing 69% of the Company, are still held by various groups of global and local investors.
US-based private equity fund Affinity partners acquired almost 10% of Phoenix shares. After these transactions, international investors hold more than 30% of the Company’s shares in total.
The completion of these transactions frees up the stock supply from the exiting former controlling shareholders, further diversifies the Company’s shareholder base and reflects the continued positive performance of Phoenix. In November, Phoenix Financial reported strong results for the first nine months of 2024, with significant growth in profitability in key segments. The company remains committed to its strategic plan, targeting comprehensive income of NIS 2 billion and growing periodic dividend payments based on continued growth in market share, assets under management and profit margins.
Benjamin Gabbay (Phoenix President) and Eyal Ben Simon (Phoenix CEO): “Centerbridge and Gallatin have been excellent partners and controlling shareholders over the past five years and we appreciate their contributions to Israeli Phoenix a leading financial services company. With their successful exit, Phoenix Financial is stronger than ever, with a diverse ownership structure that reflects the growing confidence in our company. We are proud that one third of our shares are held by leading international investors, including pension funds, mutual funds, hedge funds and private equity funds. Their investment underscores Phoenix’s strong performance – its key role in Israel’s financial sector and its potential for continued growth and profitability – and represents strong confidence in Phoenix and the Israeli market.”
Ben Langworthy (Centerbridge) and Lee Sachs (Gallatin Point): “Our investment in Phoenix was an extraordinary journey, highlighting the strength of the company and the strategic vision of the board of directors and the management team. With dedicated staff, top partners and loyal clients, they have driven significant growth and created value, strengthening Phoenix’s status 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 an exceptional team, Phoenix is now a much stronger company, well prepared to serve the public for many years to come.”
Jared Kushnercompany director Affinity partners: “Investment in Phoenix in July 2024 it was a decision rooted in my belief in Israel’s resilience and the fundamentals of Phoenix’s business. Six months later, the increased value of our shares reaffirms my belief in the strength of Israel and the growing promise of Phoenix. Affinity’s limited partners are some of the most sophisticated investors from across the region, and this investment is evidence of a 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 Financial Ltd. is Israel’s leading asset management, insurance and financial group traded on the Tel Aviv Stock Exchange (TASE: PHOE). The group’s activities include multi-insurance, asset management, credit distribution and financial products, and have shown strong growth and performance throughout the cycle. Phoenix creates value based on significant market opportunities, distinctive platforms and competitive advantages, and strong organic and inorganic growth. The company serves a significant portion of Israeli households with a wide range of activities and solutions in business and client segments. Driving rough 140 billion dollars in assets, Phoenix accesses Israel’s vibrant and innovative economic activity through a strong investment portfolio, creating value for both clients and shareholders.
About Centerbridge
Centerbridge Partners, LP is a private investment management company that applies a flexible approach through the investment disciplines “Private Equity, Private Credit and” in an effort to develop the most attractive opportunities for our investors. The company was founded in 2005 and since June 30, 2024has approximately $40 billion in assets under management with offices in New York and London. Centerbridge is committed to partnering with world-class management teams in targeted industry sectors and geographies. For more information, visit www.centerbridge.com | LinkedIn.
About Gallatin Point
Gallatin Point Capital LLC is a private equity firm with a primary focus on opportunistic investments in financial institutions, services and assets. The firm seeks to identify and capitalize on opportunities arising from complexity, dislocation or changes 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 dollars of September 30, 2024with offices in Greenwich, CT. The firm aims to form highly collaborative partnerships with its investors and the management teams of its portfolio companies, combining strategic capital with managerial expertise to drive value creation and deliver meaningful results for all stakeholders. For more information visit www.gallatinpoint.com.
About Affinity partners
Affinity partners is a global investment company headquartered in Miamiand manages the property from above 4.5 billion dollars. Affinity partners invests in leading growth companies globally.
