The Tubul group has offered $25 million for ACE Marketing Chains (ACE Israel). 65% of the deal will be leveraged by financing from one of Israel’s large banks, and the rest from Tubul’s shareholders’ equity.
The Tubul group is owned by brothers Simo, Oren and Boaz Tubul. It comprises a number of construction companies operating in Ashdod and Jerusalem, a company that trades in building materials, a factory, and sales center.
The bidders for ACE Israel, previously owned by Gad Zeevi, are due to enter the information room next week.
Simo Tubul said the group had a turnover of NIS 150 million a year, and had been active in the construction industry for over 20 years.
Zeevi Holdings receiver Adv. Lipa Meir published a tender for ACE Israel. So far as is known, he wants to bypass the tender, through a deal with Benjamin (Benny Gaon) and ACE Israel partner Shlomo Zbeda. Meir wants to avoid a tender because of legal problems arising from Zbeda’s lawsuit against Zeevi, in which Zbeda is demanding a larger stake in ACE Israel.
Published by Globes [online], Israel business news - www.globes.co.il - on July 19, 2005