Yoav Harlap, who holds a 28% stake in Colmobil, is in talks to sell his holding to institutional investors at a company valuation of NIS 8 billion. Colmobil is Israel's biggest vehicle importers with exclusive rights to import Mercedes, Hyundai and Mitsubishi vehicles.
Harlap is believed to be eager to expand into other business areas and his family who hold the other shares, led by his brother and Colombil chairman Shmuel Harlap, prefer selling the minority holding to a large institutional investor, similar to the deal completed two years ago by rival car importer Mayer Cars and Trucks, when the Shahar and Kass families sold a stake to The Phoenix Holdings (TASE: PHOE). Yoav Harlap has not been involved in Colmobil's vehicle business activities for several decades. He invests in a wide range of companies and areas including real estate overseas, and he lives abroad for much of the year.
Colmobil's high valuation reflects the fact that it was responsible for 17.6% of the cars delivered in Israel in the first nine months of 2024 and it is also a leading importer of heavy vehicles and buses. It is almost double the valuation of NIS 4.1 billion, in which the Phoenix invested in Volvo and Honda importer Mayer Cars and Trucks.
Published by Globes, Israel business news - en.globes.co.il - on October 14, 2024.
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