Kedma buys ACE from Electra for NIS 190m

ACE branch photo: Tamar Matsafi

Electra Consumer Products wants to focus on its core air-conditioner operations.

Electra Consumer Products Ltd. (TASE:ECP) has sold the ACE chain of retail do-it-yourself home products to the Kedma Capital private equity fund. Electra notified the Tel Aviv Stock Exchange this morning that it had sold its shares at a company value of NIS 190 million. Electra will receive NIS 145 million and the Kedma Fund for ACE's operations and a commitment by the private equity fund regarding the estimated NIS 45 million in recycled capital. When the deal is completed, Electra Consumer Products will record a pre-tax profit of NIS 95 million.

The sale of the DIY chain is part of Electra Consumer Products new strategy, led by CEO Zeev Kalimi, to reduce its retail operations and other non-core activities and to strengthen its air-conditioner operations.

Published by Globes [online], Israel business news - www.globes-online.com - on December 15, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

ACE branch photo: Tamar Matsafi
ACE branch photo: Tamar Matsafi
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