Manor Evergreen Acquires 35% Stake in NOVO DR Valued at 340 Million NIS
Manor Evergreen fund acquires a 35% stake in NOVO DR for roughly 340 million NIS, valuing the mobile digital X-ray systems developer at scale with over 50 million dollars in annual sales.
Manor Evergreen fund, led by founder Avi Ortal, has announced its 15th investment since inception, acquiring a 35% stake in NOVO DR at a valuation of approximately 340 million NIS. The company's founders will maintain control and continue leading operations alongside Manor, completing a 100 million NIS partial exit.
Business Overview and Technology
Founded in 2014 and based in Petah Tikva, NOVO DR employs 60 people, including staff at a subsidiary in Michigan, USA, and generates annual sales exceeding 50 million dollars. The company specializes in developing advanced mobile digital X-ray systems for security, bomb disposal, non-destructive testing in industry, science, and art, as well as infrastructure, energy, and aviation sectors.
Leadership and Advisory
The founders leading the company include CEO Lior Pik, COO Adar Yaron, and Senior Software Architect Alex Weizman, with Pik and Weizman serving as principal shareholders. The transaction was advised by investment bankers Gilad Salonik and Nevo Ozer of Value Family Office, with legal representation provided by Adv. Niv Sivan from Herzog Fox & Neeman for Manor and Adv. Shlomit Hess from Fischer FBC alongside PwC for NOVO DR.
