Leumi Partners Acquires 10% of Shamir Engineering for 114 Million Shekels
Leumi Partners is investing 114 million shekels for a 10% stake in Shamir Engineering at a 1.14 billion shekel valuation, paving the way for a planned Tel Aviv Stock Exchange IPO.
Leumi Partners, the investment arm of Bank Leumi, is acquiring a 10% stake in engineering and infrastructure firm Shamir Engineering for 114 million shekels, valuing the company at 1.14 billion shekels. The transaction marks the first financial exit for controlling shareholders Moshe Sharshov and Joseph Rode, who will each retain a 45% stake following the deal. Founded in 1993 and operating from Kibbutz Yagur, Shamir Engineering specializes in constructing logistics centers, industrial plants, and commercial buildings for Israeli and international corporations, employing approximately 70 workers.
Growth Trajectory and Major Projects
The company has completed more than 100 projects over the years, serving private and institutional clients. Its current portfolio includes the CBC industry campus, logistics centers for Tiv Taam, and projects for Electra and REIT 1. Additional prominent projects feature the Tel Yosef dairy facility for Tnuva, a Tempo logistics center along the coastal highway, a Beigel Beigel factory in Safed for Unilever, a Hugla Kimberly plant in Afula, various BIG centers in the north, and Carmel Winery facilities at the Alon Tavor industrial park. Shamir projects a significant financial rise, expecting revenues to reach approximately 700 million shekels in 2026, up from 400 million shekels in 2022, alongside an adjusted EBITDA exceeding 100 million shekels this year and a signed order backlog of roughly 800 million shekels.
Expansion and Upcoming IPO Plans
Beyond contracting, Shamir has expanded its independent initiation activities in industry and logistics, holding rights across ten plots spanning roughly 87 dunams in areas such as Acre, Mevo Carmel, Beit Shemesh, and Katzrin. The investment by Leumi Partners arrives as Shamir prepares for an initial public offering on the Tel Aviv Stock Exchange within the next two years. The agreement includes mechanisms allowing Leumi Partners to sell its holdings back to the controlling shareholders if an IPO or monetization event does not occur within three years, alongside an option to acquire an additional 5% stake during an IPO at the offering price.
