TEL AVIV, Jan. 20, 2025 /PRNewswire/ -- Phoenix Financial Ltd., a leading Israel-based asset management, insurance, and financial group (TLV: PHOE) ("Phoenix," the "Group," or the "Company"), announced that former controlling shareholders Centerbridge Partners and Gallatin Point Capital completed the sale of their shares to leading international investors.
Over a period of six months from July 2024 to January 2025, top-tier international funds and Israeli institutions purchased Phoenix shares held by Centerbridge and Gallatin, totaling 31% of the shares of the Company. The remaining shares of Phoenix, representing 69% of the Company, continue to be held by a diverse group of global and local investors.
US-based private equity fund Affinity Partners acquired nearly 10% of the shares of Phoenix. Following these transactions, international investors hold over 30% of the shares of the Company in aggregate.
The completion of these transactions clears the supply of shares from the exiting former controlling shareholders, further diversifies the Company's shareholder base and reflects Phoenix's continuing positive business performance. In November, Phoenix Financial reported robust 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 Comprehensive Income of NIS 2 billion and growing periodic dividend payouts based on continued growth in market share, assets under management, and profit margins.
Benjamin Gabbay (Phoenix Chairman) and Eyal Ben Simon (Phoenix CEO): "Centerbridge and Gallatin have been terrific partners and control shareholders over the last five years and we appreciate their contributions to help make Phoenix Israel's leading financial services company. With their successful exit, Phoenix Financial has emerged stronger than ever, with a diversified ownership structure that reflects growing confidence in our company. We are proud to see one-third of our shares held by leading 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 (Centerbridge) and Lee Sachs (Gallatin Point): "Our investment in Phoenix has been an extraordinary journey, highlighting the strength of the company and the strategic vision of the board of directors and the management team. Alongside the dedicated staff, top-tier partners, and loyal customers, they have fueled significant growth and created value, reinforcing 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 Kushner, CEO of Affinity Partners: "Investing in Phoenix in July 2024 was a decision rooted in my belief in Israel's resiliency and the fundamentals of Phoenix's business. Six months later, the increased value of our shares, reaffirms my conviction—both in Israel's strength and the growing promise of Phoenix. Affinity's limited partners are some of the most sophisticated investors from around the region, and this investment is a testament to the shared vision for a prosperous future. Together, we are building something that will endure and thrive, and I firmly believe the future of this region is incredibly bright."
About Phoenix Financial
Phoenix Financial Ltd. is a leading Israel-based asset management, insurance, and financial group traded on the Tel Aviv Stock Exchange (TASE: PHOE). Group 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, distinctive platforms and competitive advantages, and strong organic and inorganic growth. The company serves a significant portion of Israeli households with a broad set of activities and solutions across businesses and client segments. Managing roughly $140 billion in assets, Phoenix accesses Israel's vibrant and innovative economic activity through a robust investment portfolio, creating value for both clients and shareholders.
About Centerbridge
Centerbridge Partners, L.P. is a private investment management firm employing a flexible approach across investment disciplines — Private Equity, Private Credit and Real Estate — in an effort to develop the most attractive opportunities for our investors. The Firm was founded in 2005 and, as of June 30, 2024, has approximately $40 billion in assets under management with offices in New York and London. Centerbridge is dedicated 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 is a private investment firm with a primary focus on making opportunistic investments in financial institutions, services and assets. The Firm seeks to identify and capitalize on opportunities arising from complexity, dislocation, 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 manages approximately $5.2 billion as of September 30, 2024, with 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, please visit www.gallatinpoint.com.
About Affinity Partners
Affinity Partners is a global investment company headquartered in Miami, and manages assets of over $4.5 billion. Affinity Partners invests in leading growth companies globally.
