French businessman Pierre Besnainou has acquired 30% of Chefa Meals & Service Ltd. for NIS 25.5 million, reflecting a company value of NIS 85 million. Chefa Meals is one of Israel’s largest catering companies, with a turnover of NIS 200 million a year. This is the first investment in Israel by Besnainou, who also serves as president of the European Jewish Congress.
Prior to the sale, B. Waizer Investment & Management Ltd. owned 60% of Chefa Meals, and Sodexho Alliance SA (NYSE:SDX; Paris:SDZ) owned 40%. Sodexho is active in 76 countries, has 324,000 employees and a turnover of €12 billion a year. It has been a partner in Chefa Meals since 1998. Following the transaction, Waizer Investment’s stake in Chefa Meals will be 36.7% and Sodexho’s stake will be 33.3%.
Besnainou said, “This acquisition is a vote of confidence in the Israeli economy.”
Israel’s catering market has been growing as companies and organizations outsource their meals services. NIS 1 billion of the NIS 5 billion market has already been outsourced. The IDF and other large organizations are expected to outsource their meals services over the coming years.
Published by Globes [online], Israel business news - www.globes.co.il - on April 10, 2006
© Copyright of Globes Publisher Itonut (1983) Ltd. 2006