FIMI Investing $6 Million in Davidoff Group

Tel Aviv-based Davidoff provides a range of medical and related insurance services

First Israel Mezzanine Investors is investing $6 million in medical services and insurance organization Davidoff Group.

Part of the money is a loan and the rest is payment for options.

The Davidoff Group provides medical services and insurance coverage in Israel and elsewhere. Altogether it consists of nine companies with 500 employees.

Though it is privately held and therefore does not release financial statements, the Davidoff Group is believed to make revenues in the range of tens of millions of dollars a year.

The company is owned by Ronny Davidoff and chaired by Pinchas Cohen, none other than the former chief executive of Africa Israel (TASE: AFIL).

The company's main division is called FEMI Premium, founded in 1991 in Tel Aviv. It provides a range of healthcare services with niche specializations, including doctors on call and home care.

FIMI has been operating in Israel for about a decade. It manages investments worth hundreds of millions of dollars, including in Tefron, Tedea, Formula Systems, Medtechnika, Tadiran Communications, Tadir-Gan, and Lipman Electronic Industries, which was bought by VeriFone.

FIMI's Ishay Davidi commented that the fund believes in the Davidoff Group management and sees its entry into the American and Indian markets as its first stage in turning into a multinational service provider.