The FINANCIAL - Leumi will acquire 18% of Superpharm for NIS190 million

Leumi will acquire 18% of Superpharm for NIS190 million

Leumi will acquire 18% of Superpharm for NIS190 million

The Leumi Board of Directors today approved the transaction for acquiring 18% of the Superpharm Group for a consideration of approx: NIS190 million. The acquisition will be executed through Leumi & Co, Leumi’s non-banking investment wing, by means of a share allocation. Leumi has also has an option to up its holding to 20%.

The Superpharm chain is a market leader with an excellent reputation. The company is managed impressively and professionally by Lior Reitblatt – who brought about the transaction together with Osnat Ronen, deputy CEO at Leumi & Co – and it has been showing constant sales growth over the years accompanied by a constant improvement in profitability data. The chain is under the proprietorship of the Koffler family with Mr. Leon Koffler serving as the company chairperson.

The acquisition of Superpharm is another layer in positioning Leumi & Co, managed by Avi Zeldman, as a leading investment house in the non-banking and investment banking field and joins a long list of investments in companies and foundations that include: Cellcom, Africa Israel Assets, Fox Wiesel Ltd. Yashir IDI Insurance Co. Ltd., Keshet Broadcasting Ltd., Netafim, CaesarStone (as a joint investment with Tene), the Tene Fund, the Apex Funds and the Indian Fund, Indiovision, etc.

 Leumi Board chairperson, Mr. Eitan Raff, said that the Superpharm deal is in line with Leumi’s strategy of diversifying and expanding the Group’s income sources. “Leumi has always been characterized by a broad diversification of its income sources by long-term nurturing of the non-banking assets, which produce handsome earnings. The investment in Superpharm blends into this trend and I am convinced that it, too, will produce handsome long-term profits,” said Raff.  

Leumi CEO, Ms Galia Maor said, “We feel at ease with this investment, the partners, the company’s sound reputation and the manner in which it is managed. We forecast sound long-term profitability for it and identify the potential for growth in the company’s business and in the interesting developments in its Polish and Chinese operations.”

Superpharm chairperson, Mr. Leon Koffler said, “The Koffler family is proud to have a partner like Leumi. Concern for the good of the chain assisted us in choosing Leumi as a partner, as the link with it will enable Superpharm to maintain and empower its values.”  

Advocates Dalia Tal, Yehudit Galor, Michal Rabinowitz on behalf of Leumi and Adv. Gidon Weinstock on behalf of Superpharm assisted during the transaction.  

The completion of the deal is subject to receipt of all the required authorizations.