Markstone Capital Partners Group LLC today announced that has reached an agreement in principle to sell bookseller Steimatzky Group to Arledan Investments Ltd., the owner of Keter Publishing House Ltd.. The size of the deal is unknown, but sources inform ''Globes'' that Markstone will assume Steimatzky's debt of hundreds of millions of shekels.
Steimatzky CEO Iris Barel will keep her job.
The sale is subject to due diligence by Arledan over the next month, and obtaining the necessary permits.
Arledan CEO Tzali Reshef said the acquisition was "a strategic step, following the growth and development of the company's business. Arledan believes in Steimatzky and its employees, and will continue to develop the chain.
In a letter to employees, Barel said, "We have gone through hard time, waking up one morning to an unknown situation. Since then, I have worked day and night to ensure the company's future and financial soundness, first and foremost for the sake of the employees, and of course our dedicated customers. As Steimatky's owner, Arledan promises to consolidate the company's position as the country's leading bookseller and content provider, and will continue to develop its business in the coming years."
Talks to sell Steimatzky to Yediot Books Ltd. for NIS 70 million were ended earlier this month.
Published by Globes [online], Israel business news - www.globes-online.com - on April 23, 2014
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