Dr. Ariel Halperin
Managing Principal
Dr. Halperin holds a Ph.D. in Economics from Hebrew University, and completed
post doctoral work at the Massachusetts Institute Technology in industrial
organization and finance. In 2001 Dr. Halperin and Eyal Attia founded Tenram
Investment Ltd. ("Tenram"), a private investment company dealing with kibbutz-
related restructurings and reorganizations and a range of domestic and foreign
real estate investments. Dr. Halperin’s active role in Tenram ended at the
beginning of 2005 as he began to focus on Tene's activities.
Before he founded Tenram, Dr. Halperin was the head of the kibbutzim creditor
arrangement, where he acted as a trustee on behalf of the Israeli government,
Israeli banks, and kibbutzim. During his eight years in this position, Dr. Halperin
conducted a comprehensive financial program involving numerous transactions to
settle an aggregate debt of more than US$6 billion, and formulated and oversaw
the reorganization and recovery programs of hundreds of kibbutzim and their
enterprises. The result was the most complex reorganization and financial
restructuring in the history of Israel. In the process, he developed a unique
combination of expertise and ties with the Israeli banking system and with the
kibbutz sector.
Dr. Halperin is uniquely suited to generate broad deal flow from his established
network of sources within the mid-tech industry sector. These relationships have
developed over a long period and are strengthened by his success in his dealing
with the kibbutzim. He is intimately familiar with the companies and the relevant
issues enabling him to source and evaluate potential investments.
Managing Principal
Dr. Halperin holds a Ph.D. in Economics from Hebrew University, and completed
post doctoral work at the Massachusetts Institute Technology in industrial
organization and finance. In 2001 Dr. Halperin and Eyal Attia founded Tenram
Investment Ltd. ("Tenram"), a private investment company dealing with kibbutz-
related restructurings and reorganizations and a range of domestic and foreign
real estate investments. Dr. Halperin’s active role in Tenram ended at the
beginning of 2005 as he began to focus on Tene's activities.
Before he founded Tenram, Dr. Halperin was the head of the kibbutzim creditor
arrangement, where he acted as a trustee on behalf of the Israeli government,
Israeli banks, and kibbutzim. During his eight years in this position, Dr. Halperin
conducted a comprehensive financial program involving numerous transactions to
settle an aggregate debt of more than US$6 billion, and formulated and oversaw
the reorganization and recovery programs of hundreds of kibbutzim and their
enterprises. The result was the most complex reorganization and financial
restructuring in the history of Israel. In the process, he developed a unique
combination of expertise and ties with the Israeli banking system and with the
kibbutz sector.
Dr. Halperin is uniquely suited to generate broad deal flow from his established
network of sources within the mid-tech industry sector. These relationships have
developed over a long period and are strengthened by his success in his dealing
with the kibbutzim. He is intimately familiar with the companies and the relevant
issues enabling him to source and evaluate potential investments.
Dr. Avshalom Horan
Venture Partner
Dr. Horan holds a Ph.D. in Engineering-Economic Systems from Stanford
University and has an extensive background in seed investment and management
of early stage technology companies. Dr. Horan was the Vice President of a
technology subsidiary of the Bank Leumi Investment Group and served on the
board of directors of several private and public Israeli companies. He founded and
directed a technology incubator in Israel where several startup companies were
seed funded. Dr. Horan is the chairman of Simbionix, a company that was started
as an incubator and later relocated to Cleveland.
Dr. Horan’s close relationship and collaboration with Dr. Halperin started decades
ago. As an advisor to Tene, Dr. Horan assists Tene with his unique technological
background. Dr. Horan is leading, on behalf of Tene, the investment in Ricor.
Venture Partner
Dr. Horan holds a Ph.D. in Engineering-Economic Systems from Stanford
University and has an extensive background in seed investment and management
of early stage technology companies. Dr. Horan was the Vice President of a
technology subsidiary of the Bank Leumi Investment Group and served on the
board of directors of several private and public Israeli companies. He founded and
directed a technology incubator in Israel where several startup companies were
seed funded. Dr. Horan is the chairman of Simbionix, a company that was started
as an incubator and later relocated to Cleveland.
Dr. Horan’s close relationship and collaboration with Dr. Halperin started decades
ago. As an advisor to Tene, Dr. Horan assists Tene with his unique technological
background. Dr. Horan is leading, on behalf of Tene, the investment in Ricor.
Dori Brown
Principal
Mr. Brown holds a Bachelor’s degree in Law (magna cum laude), from Bar-Ilan
University. He joined Tenram in 2001 and worked closely with Dr. Halperin and Mr.
Attia. Mr. Brown became a partner in 2003. Prior to joining Tenram, Mr. Brown
was an attorney with Gornitzky & Co., one of Israel’s leading law firms. Mr. Brown
has vast experience in structuring and closing complex transactions.
Principal
Mr. Brown holds a Bachelor’s degree in Law (magna cum laude), from Bar-Ilan
University. He joined Tenram in 2001 and worked closely with Dr. Halperin and Mr.
Attia. Mr. Brown became a partner in 2003. Prior to joining Tenram, Mr. Brown
was an attorney with Gornitzky & Co., one of Israel’s leading law firms. Mr. Brown
has vast experience in structuring and closing complex transactions.
Eyal Attia
Principal
Mr. Attia holds a Bachelor’s degree and Master’s degree in Economics (with
honors) from Tel-Aviv University. He co-founded Tenram with Dr. Halperin and
has been working closely together with Dr. Halperin for over seven years. Mr.
Attia was previously an entrepreneur in the real estate sector and an active
partner in Attia Assets and Investment Ltd. a leading real estate brokerage firm in
Israel. He has extensive experience in negotiations, transaction structuring and
financing.
Principal
Mr. Attia holds a Bachelor’s degree and Master’s degree in Economics (with
honors) from Tel-Aviv University. He co-founded Tenram with Dr. Halperin and
has been working closely together with Dr. Halperin for over seven years. Mr.
Attia was previously an entrepreneur in the real estate sector and an active
partner in Attia Assets and Investment Ltd. a leading real estate brokerage firm in
Israel. He has extensive experience in negotiations, transaction structuring and
financing.
Tene's Team
Ran Ben-Or
Principal
Mr. Ben-Or holds a Bachelor of Science degree in Computer Science & Accounting
(with honors), and an MBA (with honors), both from Hebrew University. Mr. Ben-Or
joined the Tene team in 2005. In the late 1990s, Mr. Ben-Or worked together with
Dr. Halperin in effecting the Arrangement. From 1994 to 2004 Mr. Ben-Or was a
partner in the leading Israeli consulting firm Itzhak Swary & Co., and was
responsible for leading the firm’s work in valuations, M&A transactions, expert
opinions, and creditor arrangements. Mr. Ben-Or was hired by the Israeli
government to evaluate Discount Bank for the privatization procedure, and by
leading Israeli investment companies to consult and evaluate Cellcom Israel
(NYSE: CEL) and Paz Oil in major M&A transactions.
Mr. Ben-Or's extensive experience in mergers and acquisitions, financial consulting
and organizational advisory services was demonstrated in his leadership of the
team managing the merger of Elbit Systems (Nasdaq: ESLT) and El-Op,
representing majority bondholders in the creditors’ arrangement for Gilat Satellites
(NASDAQ: GILT), and representing the Israeli government in the financial
restructuring of Clalit Medical Services, the country’s major HMO. Mr. Ben Or
served as the economic consultant to Reshet-Noga Broadcasting, which won the
government tender to broadcast on the leading commercial TV channel, Channel
2, and participated in the reorganization of the dental services of Maccabi Health
Insurance, where he continues to serve as a director.
Principal
Mr. Ben-Or holds a Bachelor of Science degree in Computer Science & Accounting
(with honors), and an MBA (with honors), both from Hebrew University. Mr. Ben-Or
joined the Tene team in 2005. In the late 1990s, Mr. Ben-Or worked together with
Dr. Halperin in effecting the Arrangement. From 1994 to 2004 Mr. Ben-Or was a
partner in the leading Israeli consulting firm Itzhak Swary & Co., and was
responsible for leading the firm’s work in valuations, M&A transactions, expert
opinions, and creditor arrangements. Mr. Ben-Or was hired by the Israeli
government to evaluate Discount Bank for the privatization procedure, and by
leading Israeli investment companies to consult and evaluate Cellcom Israel
(NYSE: CEL) and Paz Oil in major M&A transactions.
Mr. Ben-Or's extensive experience in mergers and acquisitions, financial consulting
and organizational advisory services was demonstrated in his leadership of the
team managing the merger of Elbit Systems (Nasdaq: ESLT) and El-Op,
representing majority bondholders in the creditors’ arrangement for Gilat Satellites
(NASDAQ: GILT), and representing the Israeli government in the financial
restructuring of Clalit Medical Services, the country’s major HMO. Mr. Ben Or
served as the economic consultant to Reshet-Noga Broadcasting, which won the
government tender to broadcast on the leading commercial TV channel, Channel
2, and participated in the reorganization of the dental services of Maccabi Health
Insurance, where he continues to serve as a director.
| Copyright 2008, Tene Capital All rights reserved. |
Tene's managers are a diversified, cohesive team that has a long successful
record of working together prior to the creation of the Fund. Each of the
managers plays an active role both in the Fund's investment activities and in
monitoring and advising the Fund's portfolio companies.
Individually, each of the managers is recognized for his expertise and
collectively, the team’s insight is frequently sought out from across the
broader business community.
record of working together prior to the creation of the Fund. Each of the
managers plays an active role both in the Fund's investment activities and in
monitoring and advising the Fund's portfolio companies.
Individually, each of the managers is recognized for his expertise and
collectively, the team’s insight is frequently sought out from across the
broader business community.
 | |  | |  | |  | |  | |  |
| Contact Tene Capital 4 Berkovich Street, Tel-Aviv 64238 Israel Tel: 972 3 609 3525, Fax: 972 3 609 3530 |
Yishai Haetzni
Associate
Prior to joining the Fund, Mr. Haetzni was both a senior vice president and
executive director of the Shalem Center, a Jerusalem-based academic research
institution. Mr. Haetzni’s previous experience includes business management and
entrepreneurial ventures.
Associate
Prior to joining the Fund, Mr. Haetzni was both a senior vice president and
executive director of the Shalem Center, a Jerusalem-based academic research
institution. Mr. Haetzni’s previous experience includes business management and
entrepreneurial ventures.
Hagit Ezak
Senior Analyst
Mrs. Ezak received an MBA and a BA in Economics and Business from Bar Ilan
University. Mrs. Ezak joined Tene in 2005. Prior to joining the Fund, she was an
independent financial & economic consultant working in multiple sectors. She has
extensive experience in mergers & acquisitions analysis. Mrs. Ezak is a former
Senior Analyst at Poalim Capital Markets, the investment banking arm of Bank
Hapoalim (Israel’s largest bank), where she completed valuations of businesses
across the Israeli economy, including Alony Hetz, Azorim, Bezeq, Given, Kardan,
Ormat, and Plasson. She also provided strategic mergers and acquisitions services
to the bank's large corporate clients.
Senior Analyst
Mrs. Ezak received an MBA and a BA in Economics and Business from Bar Ilan
University. Mrs. Ezak joined Tene in 2005. Prior to joining the Fund, she was an
independent financial & economic consultant working in multiple sectors. She has
extensive experience in mergers & acquisitions analysis. Mrs. Ezak is a former
Senior Analyst at Poalim Capital Markets, the investment banking arm of Bank
Hapoalim (Israel’s largest bank), where she completed valuations of businesses
across the Israeli economy, including Alony Hetz, Azorim, Bezeq, Given, Kardan,
Ormat, and Plasson. She also provided strategic mergers and acquisitions services
to the bank's large corporate clients.
Avraham Levin
Analyst
Mr. Levin joined the team shortly after his graduation from Tel-Aviv University,
where he graduated in Economics and Physics (magna cum laude).
Analyst
Mr. Levin joined the team shortly after his graduation from Tel-Aviv University,
where he graduated in Economics and Physics (magna cum laude).
Elinor Badner
Chief Financial Officer
Mrs. Badner received both her BA in Accounting and MBA from the Israel
Management College. She joined Tene in 2006. Prior to joining the Fund, Mrs.
Badner served as controller with an international privately held company. She
also served as an accountant with KPMG Somekh Chaikin.
Chief Financial Officer
Mrs. Badner received both her BA in Accounting and MBA from the Israel
Management College. She joined Tene in 2006. Prior to joining the Fund, Mrs.
Badner served as controller with an international privately held company. She
also served as an accountant with KPMG Somekh Chaikin.
Inbar Schwartz
Associate
Prior to joining the Fund, Mrs. Schwartz was a senior associate with the New York
law firm Debevoise & Plimpton where she spent six years specializing in private
equity, international mergers and acquisitions, and general securities law. She
was previously an associates in New York with Cravath, Swaine & Moore. She
holds a JD from Harvard Law School and a BA from Columbia College.
Associate
Prior to joining the Fund, Mrs. Schwartz was a senior associate with the New York
law firm Debevoise & Plimpton where she spent six years specializing in private
equity, international mergers and acquisitions, and general securities law. She
was previously an associates in New York with Cravath, Swaine & Moore. She
holds a JD from Harvard Law School and a BA from Columbia College.
