Pierre Besnainou buys 30% of Chefa Meals for NIS 25.5m

B. Waizer Investment & Managements stake in the company will fall to 36.7% and Sodexho Alliances stake will fall to 33.3%.

French businessman Pierre Besnainou has acquired 30% of Chefa Meals & Service Ltd. for NIS 25.5 million, reflecting a company value of NIS 85 million. Chefa Meals is one of Israels largest catering companies, with a turnover of NIS 200 million a year. This is the first investment in Israel by Besnainou, who also serves as president of the European Jewish Congress.

Prior to the sale, B. Waizer Investment & Management Ltd. owned 60% of Chefa Meals, and Sodexho Alliance SA (NYSE:SDX; Paris:SDZ) owned 40%. Sodexho is active in 76 countries, has 324,000 employees and a turnover of 12 billion a year. It has been a partner in Chefa Meals since 1998. Following the transaction, Waizer Investments stake in Chefa Meals will be 36.7% and Sodexhos stake will be 33.3%.

Besnainou said, This acquisition is a vote of confidence in the Israeli economy.

Israels catering market has been growing as companies and organizations outsource their meals services. NIS 1 billion of the NIS 5 billion market has already been outsourced. The IDF and other large organizations are expected to outsource their meals services over the coming years.

Published by Globes [online], Israel business news - www.globes.co.il - on April 10, 2006

Copyright of Globes Publisher Itonut (1983) Ltd. 2006

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