The debt and equity offering valued the retailer at NIS 240 million.
B. Gaon Holdings Ltd. (TASE: GAON) and Shlomo Zbeda Holdings Ltd. today floated Ace Auto Depot Ltd. on the Tel Aviv Stock Exchange (TASE). Ace raised a gross NIS 197 million in an offering of stock and bonds at a company value of NIS 240 million.
Gaon Holdings CEO Shay Preminger said, "Two years ago, Gaon and Zbeda acquired Auto Depot and Ace Marketing Chains at a value of NIS 92 million, plus an owners' loan of NIS 38 million. Today, Ace Auto Depot was floated at a value of NIS 240 million, before money."
Ace Auto Depot distributed a dividend of NIS 20 million ahead of the IPO and also aims to repay the owners' loan. Poalim IBI Underwriting and Investments Ltd. (TASE:PIU), Gaon Underwriting and Investment Ltd., and Menora Mivtachim Underwriters and Management Ltd. led the offering.
Published by Globes [online], Israel business news - www.globes-online.com - on November 15, 2007
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