Erez Nahum, who left Apax Israel to launch his own investment vehicle, has closed his first transaction. Calcalist has learned that his fund, Leox, together with insurance group Phoenix, is acquiring an 85% stake in Haverim, a veterinary clinic chain, from founder Erez Zeituni, in a deal that values the company at NIS 240 million.
A Capital Injection Built for Growth
The transaction includes a NIS 180 million capital injection earmarked for expansion rather than simply buying out the founder. Zeituni will keep a 15% holding and continue running the company as CEO, while Nahum takes the chairman's seat. Phoenix's involvement is notable beyond the financing itself: the insurer views veterinary care as a natural extension of its existing business, given the overlap between pet health coverage and the insurance products it already sells. That logic mirrors a broader pattern across health-adjacent sectors, where insurers increasingly look to own pieces of the care delivery chain rather than simply underwrite risk from a distance.
A Subscription Model That Looks Like Insurance
Haverim runs ten clinics across cities including Yahud, Holon, Ashdod, Ashkelon, Kiryat Ono, Kiryat Motzkin, Ra'anana and Haifa, plus two Tel Aviv branches. Most of its revenue comes not from one-off visits but from annual subscription plans that function much like health insurance for cats and dogs. Members pay a yearly fee covering diagnostic tests, partial reimbursement for hospitalization, surgery and dental care, routine vaccinations, deworming, emergency diagnostics and medication. The chain also runs a boarding facility for cats needing daily medical attention. This recurring-revenue structure is precisely what makes the business attractive to financial investors: predictable cash flow, a loyal customer base and room to expand services as pet ownership and spending on animal health continue to rise.
A New Fund With Apax in Its Sights
Beyond the Haverim deal, Nahum is raising a separate NIS 600 million fund targeting mid-sized Israeli companies. Pitch materials shown to institutional investors describe a strategy of deploying $20 million to $30 million per transaction in companies valued between $100 million and $200 million - the same mid-market segment where Apax Israel, known as AMI, has built its reputation under managing partner Zehavit Cohen. If the fund launches as planned, it will compete directly with Nahum's former employer, alongside other established players and a wave of newer funds entering the Israeli mid-market. Veterinary care already features prominently in Apax Israel's AMI 2 portfolio, which makes the Haverim acquisition Nahum's opening move into a sector his previous firm knows well.
Governance Taking Shape Early
Alongside closing the deal, Nahum has already built out the new fund's investment committee, a sign that fundraising is advancing in parallel with dealmaking. Dorit Salinger will chair the committee. Other members include Nahum himself, Sami Babkov, a former investment manager at Harel, and Merav Levin, who worked alongside Babkov during his time there. Assembling this governance structure before the fund has formally closed suggests Nahum is moving quickly to establish credibility with institutional backers, many of whom will be weighing whether a newly independent manager can replicate the track record he built at Apax.
