Appliance retail chain Mahsanei Hashmal posted NIS 513 million revenue in January-September 2006.
Electra Consumer Products Ltd. (TASE: ELEK) subsidiary AMZ Electrical Products Marketing Ltd. signed an agreement on Friday to acquire appliance retail chain Mahsanei Hashmal Ltd. for NIS 200-215 million depending on its inventory.
The price tag for Mahsanei Hashmal could be up to NIS 30 million higher, if the retailer meets certain targets set by the two companies. Electra will finance the acquisition from its own resources and a bank loan.
Mahsanei Hashmal has 19 stores throughout the country. The company’s managers Yoram Badash and Shmuel Mendavidsky will keep their posts for the next three years. The agreement discloses the privately owned company’s financial data: it posted NIS 547 million revenue in 2005 and NIS 513 million in January-September 2006.
Published by Globes [online], Israel business news - www.globes.co.il - on January 7, 2007
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