Max Stock starts trading on the Tel Aviv Stock Exchange
17 September 2020
Tel Aviv, 17 September 2020 - Max Stock (“the Company”), Israel’s leading general discount retailer, has today begun trading on the Tel Aviv Stock exchange under the symbol MAXO. The IPO share price was NIS 12 per share, representing a market capitalization of approximately NIS 1.7 billion. The offering was 8 times oversubscribed.
The public offer will see Max Stock’s existing shareholders, including AMI Opportunities Fund (“AMI”), Ori Max and Evan Neumann realize part of their holdings. After the offering, AMI will hold 32.4% while Ori Max and Evan Neumann will each hold 18%.
AMI acquired a controlling stake in Max Stock in 2017. Since then, the Company has almost doubled its retail space in its non-franchised stores, growing EBITDA at a CAGR of 18%. The Company also added new product categories to its stores, strengthened its management team, and added two new logistics centers to support future growth.
The Apax Funds have a strong track record of investing in the Consumer sector, investing in retail, consumer and leisure as well as digital consumer businesses.
The global offering was led by Jefferies. Israeli underwriters were Leader Capital Markets, Leumi Partners, Barak Capital, Discount Capital and Poalim IBI. Legal advisers for the Company were Herzog Fox Neeman, and Davis Polk while Gornitzky and Latham & Watkins acted as advisors to the underwriters.
About Max Stock
Max Stock is a leading general discount retailer of everyday essential items in Israel. They offer a broad selection of merchandise across six major categories, operating 50 stores across the country.
About Apax Partners
Apax Partners is a leading global private equity advisory firm. Over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of approximately $50 billion. The Apax Funds invest in companies across four global sectors of Tech & Telco, Services, Healthcare and Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: www.apax.com.
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Notes to Editors
London-headquartered Apax Partners (www.apax.com), and Paris-headquartered Apax Partners (www.apax.fr) had a shared history but are separate, independent private equity firms.