Co C m o pa p n a y n Pr P o r f o il i e l Nove v mb m e b r r

Transcription

1 Company Profile November 2011

2 Migdal Underwriting & Business initiatives Ltd. Company Profile Migdal Underwriting & Business initiatives Ltd., is the investment banking arm of the Migdal Group, one of Israel s most prominent and well-established financial institutions Our services include: Private placements Public offerings Mergers and Acquisitions and financial advisory Competitive advantage: A leading team of professional investment bankers An excellent connection to the Israeli capital markets, with a widespread network in diverse market sectors Cooperation with leading investors, investment banks and industry leaders globally Continuous, hands-on dynamic deal advisory to our clients Economies of scale our clients enjoy a variety of complementary services from the Migdal Group, including market making, research, asset management etc. 2

3 The Migdal Group Organizational Structure 69.15% 9.8% Migdal Insurance 100% MigdalCapital Markets Alternative Investment Mutual Funds Underwriting and Business Initiatives Global Fixed Income and Structured Products Provident and Educational Funds Portfolio Management 3

4 Migdal Capital Markets Company Profile Migdal Capital Markets ( MCM ) is one of the leading, well-established and experienced Investment Houses / Asset Management Firms in Israel MCM is a part of the Migdal Group, and a wholly-owned subsidiary of Migdal Insurance, Israel s largest insurance company; the Migdal Group is a part of Generali, the European insurance giant MCM presently manages about NIS 30 Billion, and provides a wide range of asset and investment management services 4

5 Migdal Capital Markets Products and Activities Migdal Mutual Funds Migdal Mutual Funds The fourth largest mutual fund company in Israel, managing approximately NIS 16 billion, mainly in fixed income, but also in many other tradable assets. All funds receive high rating in their individual categories Investment Portfolio Management Migdal Assets and Securities Management A large Portfolio Management company in Israel, managing approximately NIS 4.4 Billion for retail and institutional clients Provident Funds Management Migdal Capital Markets Manages approximately NIS 9.6 billion in Educational and Provident Funds. Its market share is approximately 15% of the entire Educational Fund Market in Israel Stock Exchange services Migdal Stock Exchange Services Is the first non-banking broker/dealer and one of the pioneer members on the Israeli Stock Exchange. The company is a service provider for both retail and institutional clients in the global markets Global Fixed Income & Structured Products Global Fixed Income and Structured Products Department Operating as part of the investment house and considered to be the largest in Israel in the fixed income and structured products area for institutional clients 5

6 6 Migdal Underwriting and Business Initiatives

7 Migdal Underwriting and Business Initiatives Main Areas of Activity Raising Equity For Private Companies Private Placements Raising Mezzanine Debt Raising Senior Debt Initial Public Offerings (IPO) Public Offerings Secondaries Issuing rated Bonds, Secured and Unsecured Advisory Services Mergers and Acquisitions Strategic and Financial Consultancy Services Locating Target Companies for Acquisitions 7

8 Main Sectors Energy Real Estate & Infrastructure Information and Communication Technology (Software, Hardware, Internet, Media etc.) Life Sciences 8

9 9 Sectors

10 The Energy Market in Israel an Overview The energy market in Israel is currently undergoing significant changes, generating excellent investment opportunities in the coming few years Natural gas Huge off-shore reserves discovery, one of the largest discoveries worldwide in recent years Development of relevant infrastructure (pipes, power facilities, potential LNG export, etc.) Expected industry revenues of $ billions per annum A dramatic increase in capital investments (private and public) Renewable energy Renewable energy target of 10 % by ~2,000 MW Active PV market dozens of mid-sized projects (500 KW 10 MW) require financing 10

11 The Energy Market in Israel an Overview (cont.) International expansion An increasing number of Israel-based companies are looking for energy-related investment opportunities overseas Technological innovation Growing financial interest in the energy sector Institutional investors rapidly expand energy projects investments and financial allocation Increasing investments through public markets Recent financial closing of Natural Gas Power Plant ( >800 MW) -~ $1.3 billion First Financial closing of a ground-mounted solar project Dozens of solar projects pending financial closing in the coming years 11

12 Migdal Underwriting s Services in the Energy Sector Project Level Project equity Financing Senior Debt Banks Institutional investors Project sale and refinance Corporate Level Corporate equity financing Mezzanine financing and working capital Public markets Equity Bonds 12

13 The Hi-Tech Sector Since the 1990s Israel has been the most vibrant high technology cluster outside of the US Entrepreneurial culture Significant defense R&D spending and training of personnel Highly skilled immigration wave from the former U.S.S.R Prestigious high education and academic institutions Pro-active government policy for the promotion of civilian R&D spending since the 1980s Presence of many technology multi-national corporations A locally managed venture capital industry 13

14 The Hi-Tech Sector Migdal Underwriting is very active in the Hi-Tech Sector Deep knowledge of the local market we represent Israeli hi-tech companies looking to raise $5M-$20M from investors outside of Israel Work with Israeli investors to identify infrastructure plays abroad as investment opportunities: communication companies, operators, media etc. A current opportunity in Israeli Hi-Tech for foreign investors Many interesting companies (selling ~$5M/year, need to raise ~$10M to get to ~$50M/year) Local VCs have dried out 14

15 Life Sciences Israel is a center of innovation and technological excellence More than 1,000 LS Companies-in Medical devices and Bio-pharma Over 1/3 of LS Companies generate revenues Largest number of scientists per capita in the world and dedication of one third of the research budget to LS Israel is a source for profit driving innovation in the fields of Medical Technology and Bio- Pharma Foreign companies can conduct cutting edge research in Israel cost effectively or acquire the technologies and add to their portfolio. Favorable government support programs: Investment grants, Tax benefits and R&D grants 15

16 Life Sciences - Competitive Advantages A unique opportunity for investments in the Israeli Biomedical Industry The current unfavorable financial markets, the Funding Abyss Management team that combines high technology capabilities in the Life Science Industry Broad understanding of the markets trends and opportunities Significant acquaintance with leading global life science companies Opportunities for Private Investors or Strategic Corporations for M&As. 16

17 The Leading Team behind Migdal Underwriting and Business Initiatives Previous positions Itzik Betzalel- CEO Deputy CEO Clal Finance Underwriting Ltd. Vice President for business development Clal Finance Ltd. CEO, ByTech Telecommunication Ltd. Chief Economist Clal Israel Ltd. Education B.A. in Economics and Business Administration, The Hebrew University, Jerusalem. MA in Economics and Business Administration, The Hebrew University, Jerusalem. Omer Granit -Executive Vice President Previous positions Associate Attorney Butzel Long PC. Member of the Corporate, M&A and Israel Practices. Managing Partner --West 4 Capital, a boutique M&A advisory firm. Associate Attorney White & Case LLP Member of the Corporate, M&A Practice,, New York, NY Education LL.M. in Corporate Law, New York University School of Law, New York (Valedictorian) Joint Degree LL.B. in Law and B.A. in Business Administration, The Interdisciplinary Center, Herzliya. 17

18 The Leading Team behind Migdal Underwriting and Business Initiatives Roee Eizenman Migdal Issuers CEO Previous positions Senior Vice President Clal Finance Underwriting Ltd. Programming Team Leader, Mamram, IDF Education Executive MBA in Financial Engineering and Banking, The Hebrew University, Jerusalem. B.A. in Business Administration and Risk Management, The Interdisciplinary Center, Herzliya. Dr. Jacob Dagan Life Science Advisor Previous positions Managing Partner- Promed Capital, LLC- An investment group for Israeli Bio-Medical companies. Chairman of the Bopard and Active Board member in several Israeli Bio-Medical Companies. Involved in raising $60 Million for those companies in the last five years Founder and CEO of Medical Service Options, Inc., BMI Inc., Heart-Guard Inc all New Jersey based corporations. Director of Business Development and Marketing for Laser Industries in Israel and in the USA. Founder of the Bio-Medical Engineering department AT Sheba Medical Center and Senior Lecturer at Tel Aviv Biomedical Engineering Program. Education Dr. Sc. & Eng. Columbia University, New York M.Sc. Nuclear Sciences, Technion Israel Institute of Technology B.Sc Mechanical Engineering & Nuclear Sciences, Cum Laude, Technion Israel Inst. of Technology 18

19 The Leading Team behind Migdal Underwriting and Business Initiatives Ran Arad Head of Hi -Tech Sector Previous positions Head of Israel Office, Silicon Valley Bank (SVB) Principal, Carmel Ventures Pre-Sales Manager, Mediterranean Region, Sun Microsystems R&D Team Leader, Technology Unit of the Intelligence Corps, IDF Education MBA, INSEAD, Fontainebleau, France M.Sc. Electrical Engineering, Technion, Israeli Institute of Technology B.Sc. Computer Engineering, Technion, Israeli Institute of Technology OfirDoron Head of Energy Sector Previous positions Executive Director Head of the Business Planning Practice, Ernst & Young Israel. Head of the Renewable Energy Advisory Practice, Ernst & Young Israel. Senior Manager Corporate Finance, Ernst & Young Israel. Education LLM, KU Leuven, Leuven, Belgium. LLB, Tel Aviv University. 19