Gindi Holdings, owned by the sons of contractor MI Gindi Building co-CEO Yigal Gindi, plans to diversify its activities from real estate to consumer products.
Gindi Holdings is owned by Lital Gindi-Matalon, Avi Gindi, Guy Gindi and Roy Gindi. Over the past five years, the company has built 1,000 apartments in ten projects in Herzliya, Petah Tikva, Rishon LeZion, Ra’anana, Tel Baruch, and elsewhere. The projects have a reported value of $250 million.
Lital Gindi-Matalon said Gindi Holdings had decided to acquire three Israeli companies, specializing in food, fashion and toiletries and cosmetics, for a total of $15 million, during 2006. The companies will be acquired at values of $2-5 million, provided that they are profitable.
Gindi Holdings said it was negotiating to acquire two food and toiletries companies valued at $2-5 million. Gindi added that when the deals are completed towards the end of 2006, Gindi Holdings was considering an expansion of its consumer products activities. It was negotiating with a Chinese and Turkish company for the import of packaged fast foods and snacks. Gindi Holdings plans to invest NIS 11 million in this business.
Gindi Holdings operates in the consumer products business through AviGuy-Li Ltd., which specializes in the sale of products through vending machines for hot beverages, soft drinks and snacks. The company has 1,300 vending machines sales points. The company reported that AviGuy-Li had NIS 18 million in sales in 2005.
Published by Globes [online], Israel business news - www.globes.co.il - on January 2, 2006