The gas station chain is buying control of the Kafu Zan chilled and frozen food company for NIS 120-130 million.
Gas station company Dor Alon Energy in Israel 1988 Ltd. (TASE: DRAL) has announced that it is buying a 75% stake of Kafu Zan Food Industries for NIS 120-130 million.
Kafu Zan manufactures, markets, distributes, stores and transports frozen and chilled food products. The company is controlled by Rami Shemesh who holds a 60% stake in Kafu Zan, with CEO Yaniv Kosh holding the remaining 40%.
Dor Alon said that when the deal is completed the company will pay NIS 90-100 million – NIS 29-31 million to Kafu Zan and NIS 60-70 million to the selling shareholders in three equal payments after 12, 24, and 36 months, from the date of completion.
According to reports, future annual revenue of Kafu Zan is expected to be close to NIS 600 million.
Dor Alon, which is controlled by Moti Ben-Moshe’s Alon Blue Square, develops, builds and operates gas stations and currently operates 157 Alonit and Super Alonit convenience stores as well as the AM:PM chain of retail outlets.
Published by Globes, Israel business news – en.globes.co.il – on June 19, 2024.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2024.
Moti Ben-Moshe credit: Tamar Matsafi
