Nahum Bitan seeks savior for Yeinot Bitan supermarket group

Nahum Bitan / Photo: Shlomi Yosef

Bitan has been holding talks on investment with Adi Zim's SR Accord, while former Paz CEO Yona Fogel is also in the picture.

Even as he sells good branches to raise cash, Nahum Bitan continues to try to promote a more strategic financial move by bringing in a partner of raising a loan for his retail food chain Yeinot Bitan. Sources inform "Globes" that alongside talks with the non-bank finance company controlled by Adi Zim, Bitan has apparently held talks on bringing in a group of investors headed by former Paz Oil Company Ltd. (TASE:PZOL) CEO Yona Fogel that will be partners in the ownership of the group and may even acquire control of it.

According to market sources, Bitan recently tried to obtain a proposal from Fogel, but as far as is known the talks with him have gone cold, and a deal with Zim seems more likely. No response was forthcoming from Fogel. An agreement with Zim could be signed shortly, perhaps even this week.

If Bitan does sign a financing deal of this nature, it will help him to calm the fears over the financial stress at the retail chain he founded and expanded through a series of acquisitions, chiefly the acquisition of the Mega chain.

So far it has been reported that Bitan has held talks with Zim's SR Accord, in which Apax Israel recently took a minority stake. Rosario Capital CEO Lior Pais is the investment banker promoting the deal with Zim.

Published by Globes, Israel business news - en.globes.co.il - on January 27, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Nahum Bitan / Photo: Shlomi Yosef
Nahum Bitan / Photo: Shlomi Yosef
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