AP Partners sells TopGum stake, quadrupling investment

Israeli dietary supplements company TopGum Industries has reported that AP Partners Fund, managed by Hagai Stadler, Israel Shliser, Eyal Hevroni and Samuel Vlodinger, has sold its holdings in the company for approximately NIS 145 million. Altshuler Shaham will become a party in interest in the company.

The investment in the company, which was managed for AP Partners by Israel Shliser and Hagai Stadler, yielded a return of more than quadruple the initial investment made five years ago. This investment joins its recent investment in R. P. Optical, in which the fund also recorded a quadruple return on investment. AP Partners is positioned as one of the most outstanding funds in improving Israeli manufacturing companies, and in its ability to lead companies to healthy and accelerated international growth. AP Partners is expected to raise a third fund in 2026, after having made 14 investments of approximately $400 million in recent years.

The deal was made at a price of NIS 115 per share and was concluded last week, with the stock continuing to rise since the deal was agreed, which explains the gap between the deal price and the current market price.

Strategic Transformation

Over the past five years, TopGum has successfully implemented the growth strategy formulated with the entry of the fund. The company has been transformed from an Israeli candy manufacturer into an international player in the field of dietary supplements, with an emphasis on unique tailor-made products instead of generic products, while leading in innovation and offering a unique value proposition to Tier 1 customers worldwide.

Over this period, the company held an Initial Public Offering (IPO) on the Tel Aviv Stock Exchange (TASE), built a new, world-class factory in Sderot, acquired an advanced factory in Canada, and expanded its operations to more than 15 countries. All this while facing difficult challenges: the Covid pandemic, political instability, intense warfare near the factory in Sderot, supply chain problems, and periods of anti-Israeli sentiment.

As part of the company’s preparation for the next phase, TopGum recently announced the appointment of Raviv Zoller as executive chairman, a position that Stadler has held since the fund entered the company. Zoller, who has one of the best financial and managerial backgrounds in Israel, managed ICL (formerly Israel Chemicals) for seven years, worth $7.15 billion, and before that served as CEO of IDI Insurance for a decade.

Stadler will continue to work closely with the company and will support the strategic processes that the company is currently undergoing, planning the 2026 budget and the 2025 year-end summary.

AP Partners managing partner and former TopGum chairman Hagai Stadler said: “The path that TopGum has taken from a small candy company in Sderot to a large and respected international dietary supplement company is impressive and a source of Israeli pride, especially given the exogenous challenges the company has had to deal with in recent years. TopGum is entering a new phase, with first-class management and a clear strategy for continued accelerated growth.

He added, “TopGum is further proof that there are amazing companies not only in high-tech, and not only in the center of the country, but also in industry and agriculture, in the periphery and on the borders. The AP Partners fund will continue to invest and lead Israeli companies in building management infrastructure, healthy and accelerated international growth, and realizing their inherent potential.”

Published by Globes, Israel business news – en.globes.co.il – on December 28, 2025.

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