LEOX and Phoenix Acquire 85% of Haverim Veterinary Chain for 240M NIS

LEOX, the new investment fund founded by Erez Nahum following his departure from Apax Partners, has completed its inaugural deal. According to market sources, LEOX, alongside The Phoenix, is acquiring an 85% controlling stake in the "Haverim" veterinary clinic chain from founder Erez Zaitouni.

The acquisition involves injecting 180 million NIS into the company to fuel its expansion, valuing the network at 240 million NIS. The Phoenix, joining the investment through Ko Invest, views veterinary services as a highly synergistic sector alongside its core insurance operations. Zaitouni will retain a 15% stake, continuing as CEO, while Nahum will assume the role of chairman.

Network Expansion and Revenue Model

"Haverim" currently operates 10 clinics across Yehud, Holon, Ashdod, Ashkelon, Kiryat Ono, Kiryat Motzkin, Raanana, Haifa, and two branches in Tel Aviv (Kochav HaTzafon and King George Street). The chain's primary revenue stream is driven by subscription fees—effectively a pet health insurance model for dogs and cats. This annual payment model includes comprehensive medical checks, ultrasounds, lab tests, subsidies for hospitalization, surgeries, dental care, emergency tests, and medication discounts. The network also operates a specialized boarding facility for cats with chronic health conditions requiring daily care.

LEOX Fund Strategy and Leadership

Concurrently with the clinic acquisition, Nahum is raising a new 600 million NIS investment fund focused on mid-market Israeli companies. According to presentations delivered to institutional investors, the fund aims to deploy 20 to 30 million dollars per transaction, targeting companies valued between 100 and 200 million dollars, with an enterprise value (EV) of 300 to 400 million NIS. This targets the exact market segment traditionally occupied by Apax Israel (AMI), setting the stage for direct competition.

To spearhead the fund's operations, Nahum has assembled a prominent investment committee:

• Dorit Slinger will serve as Chair of the Investment Committee.

• Sami Babkov, former Chief Investment Officer at Harel.

• Meirav Levin, formerly working alongside Babkov at Harel.