Israeli tycoon George Horesh is acquired 35% of the shares in Super-Pharm for NIS 585 million: 25% from Bank Leumi and Israel Discount Bank and additional shares from Super-Pharm controlling shareholder Leon Koffler. The share's will be held through Horesh's company, Union Group. The deal reflects a value of NIS 1.7 billion for Super-Pharm.
Union Group trades in vehicles in Israel and overseas, and represents Toyota and H&M in Israel. The group also develops and holds real estate in Israel and abroad and invests in industry and energy. Super-Pharm chairperson Koffler will remain the controlling shareholder in the company, which he founded 40 years ago.
Leumi Partners bought 20% of Super-Pharm's shares in 2007, and currently owns 15%, its longest-standing holding. Discount Capital Markets invested in Super-Pharm in 2013, and today has a 10% stake. The two banks recently expressed their wish to sell their holdings, which Koffler helped them do.
Koffler said, "I'm very glad and excited about the new partnership with Union Group. I met impressive people with values like mine, who have managed business modestly and successfully for years. I'm confident that their presence on the company board of directors will greatly contribute to Super-Pharm's success. I would like to take this opportunity to thank the banks - Leumi Partners and Discount Capital Markets - for many years of partnership."
Union Group said, "We are proud to become partners in the Super-Pharm family, led by Leon Koffler. We were deeply impressed by the personalities and professionalism of the company's owners and managers, who led Super-Pharm in becoming one of the strongest brands in Israel over many years. The Union Group believes in Israel and its economy, and is excited about joining a company that loyally and professionally serves millions of customers each year."
Leumi Partners CEO Avi Ortal thanked Super-Pharm for the long partnership between the two concerns, saying, "The Leumi group was a partner of Super-Pharm and the Koffler family for many years, and we thank them for a true partnership that was fruitful and useful for both sides. I wish both Leon and the purchasers, and especially Super-Pharm itself, success, and am convinced that the chain will persist in its success and continue to lead and generate great benefit for its owners and its large community of customers."
Discount Capital Markets CEO Hila Himi-Alpert said, "After six years, Discount Capital Markets decided to sell its investment in Super-Pharm. We believe that the company will continue leading its field in Israel. We want to thank owner Leo Koffler and CEO Nitzan Lavi for the partnership, and wish the new partners great success."
Published by Globes, Israel business news - en.globes.co.il - on April 16, 2019
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