Following media reports on the matter, G. Willi-Food Investments Ltd. (TASE:WLFD), controlled by brothers Zwi and Joseph Williger, today reported that it had signed two memoranda of understanding (MOUs) for acquiring control of two food companies: fruits and vegetables supplier Bikurei Hasadeh North and Miki Food Industries Fish and Salads (1992). The deals were first reported in "Globes."
G. Willi-Food reported an MOU to acquire 51% of Bikurei Hasadeh, controlled by the Hakam brothers. Bikurei Hasadeh imports, distributes, and markets fresh fruits and vegetables. The brothers also acquired food chain Super Bareket, which has 11 branches, last year. According to the MOU signed by G. Willi-Food and Bikurei Hasadeh North, the latter will issue ordinary shares constituting 41% of Bikurei Hasadeh North's issued capital after the offering for NIS 70 million. Simultaneously with the issue, the Bikurei Hasadeh North founding shareholders will sell 10% of Bikurei Hasadeh's ordinary shares from their holdings in the company, giving G. Willi-Food 51% of the share capital in Bikurei Hasadeh North if and when the issue and sale are completed.
G. Willi-Food also reported signing an MOU to acquire control of Miki Food Industries Fish and Salads, owned by the Kauftheil family and managed by Moshe Kauftheil. The family has wanted to recruit a partner in the company for a long time. G. Willi-Food is negotiating to found a joint company with Miki Food Industries that will acquire all the activity and assets of Miki Food related to G. Willi-Food's activity for NIS 10 million. If the deal goes through, G. Willi-Food will hold 70% of the new company's shares and Miki Food Industries 30%. G. Willi-Food will also grant the new company a NIS 5 million owners' loan.
The two deals are subject to various conditions, including the completion of due diligence within 90 days of the signing of the MOUs.
Published by Globes, Israel business news - en.globes.co.il - on April 23, 2019
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