Despite the failure of its efforts to invest in IDB Holding Corp. Ltd. (TASE:IDBH) through a group of investors organized by former controlling shareholder Nochi Dankner, the Noiman family has not given up its ambition to become a major player in the domestic market.
The Alon Group, controlled by the family, has been negotiating for the past three weeks with Azrieli Group Ltd. (TASE: AZRG) to acquire fuel marketing company Sonol Israel Ltd, for NIS 450 million. As far as is known, the Noiman family plans to pay for a substantial part of the acquisition from equity, subject to due diligence for Sonol, schedule to take place in a 45-day period following the signing of a MOU, which the parties have not yet signed.
The Alon Group deals in the auto industry, and invests in real estate, startups, and ventures in Israel and overseas. Its business currently stretches from Eilat to Kiryat Shmona, including 16 garages and auto service centers, and it has over 900 employees. The group is managed by the Noiman family, headed by Alon Group owner and president Yossi Noiman, Alon Group CEO Zahi Noiman (35 - his son), Alon Garage Network CEO Hen Noiman (30), Alon Group CFO Iris Noiman-Namer, and Alon Group legal advisor and attorney Adv. Galit Noiman-Benedict, who is in charge of transactions.
The deal for the sale of Sonol hit the headlines last month, following negotiations for its acquisition by S. Shlomo Holdings Ltd. (TASE:SHLD) controlling shareholder businessman Shlomo Shmeltzer, cut short by his sudden death. The price of this deal was also reported to be NIS 450 million, and the parties had even signed an MOU, in which S. Shlomo would have given Azrieli NIS 400 million when the deal was signed. The remaining NIS 50 million would have been financed by a sellers' loan granted to the buyers by Granit Hacarmel, an Azrieli Group subsidiary.
As part of the deal, S. Shlomo Holdings apparently paid the seller a few million shekels to demonstrate his sincerity and to obtain exclusivity. Return of this sum was guaranteed in certain circumstances, however, which apparently included Shmeltzer's death.
Sources inform "Globes" that the Noiman family's interest and the offer to acquire Sonol were submitted to the Azrieli Group several months ago, before the advanced negotiations with Shmeltzer. Shmeltzer's sudden death made the Noiman family's bid relevant, but it appears that there are also offers by other investors currently being considered by Azrieli Group.
Planned to invest with Nochi Dankner
The Noiman family was exposed to investors in January 2013, when it announced that it would put up NIS 120 million as part of a group of investors organized by Nochi Dankner in order to acquire control of IDB. This took place at the peak of the IDB debt arrangement saga. Control of IDB has meanwhile passed to new owners: Eduardo Elsztain and Moti Ben-Moshe.
Sonol is a subsidiary of Granit Hacarmel, owned by Azrieli Group. Granit Hacarmel was delisted from the TASE in October 2012 through a NIS 320 investment by Azrieli Group, reflecting a company value of over NIS 800 million. Azrieli has since taken steps to the sell its holdings in Granite Hacarmel, including the sale of paint company Tambour last May to the Kusto Group for NIS 500 million in cash, without due diligence by the buyers.
Published by Globes [online], Israel business news - www.globes-online.com - on August 19, 2014
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