DIY retail chain Ace Auto Depot Ltd. (TASE:ACDP) has bought DIY and home improvement retailer Hyper Rosenfeld Ltd. for NIS 35 million, of which NIS 5 million in contingent on Hyper Rosenfeld meeting its 2008 business targets.
Hyper Rosenfeld owns a 5,000-square meter lot, and has NIS 80 million in annual turnover, half to private customers and half in wholesale.
In a separate development, sources inform ''Globes'' that Ace is in advanced negotiations to acquire retail chain Sheinkin Candles Ltd. from New Pharm Drugstores Ltd. at a company value of NIS 4 million.
In October, New Hamashbir Lazarchan Ltd. (TASE:MSZB) signed an memorandum of understanding (MOU) to acquire New Pharm from Israel Corp. (TASE: ILCO) at a value of NIS 167 million. The present negotiations indicate that Hamashbir does not want the candle store chain, and that the proceeds from the sale will be reinvested in New Pharm.
Sheinkin Candles has eight stores and also sells through New Pharm. The company lost NIS 200,000 on NIS 2.4 million in sales in the third quarter.
Published by Globes [online], Israel business news - www.globes-online.com - on December 10, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007