The Green Lantern group together with a consortium of international investors is buying 50% of Super Cofix, the neighborhood minimarket format of Cofix Group.
The investor group will pay NIS 20 million for its stake and grant an owners' loan of NIS 30 million. If the company meets certain milestones, the investors will pay a further NIS 20 million.
The Green Lantern group consists of Richard Hunter, Josef Elias, and Danny Ben-Rei. Hunter was previously CEO of McCann Erickson Israel, and before that CEO of supermarket chain Shufersal and of Netvision. Elias formerly owned a network of schools in Sweden that was sold five years ago to a European venture capital group, and he currently advises two European funds. Ben-Rei was formerly with consultants McKinsey.
Eighteen months ago, Green Lantern, together with other investors, bought 45% of the Holmes Place gym chain, and received a golden share to manage it. The group is currently negotiating to buy 50% of Gad Dairy.
Super Cofix is a subsidiary of Cofix Group, the five-shekel coffee chain founded by Avi Katz and his partners. Cofix Group is traded on the Tel Aviv Stock exchange with a market cap of NIS 149 million.
The first Super Cofix branch opened on Herzl Street in Tel Aviv in June 2015. Seven more branches have since been opened. The idea is a neighborhood supermarket in which all products are sold for NIS 5. A Cofix cafe operates next to each SuperCofix store.
Published by Globes [online], Israel business news - www.globes-online.com - on December 29, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015