Dor Alon Energy, owned by CEO David Weissman, notified the Tel Aviv Stock Exchange that it is acquiring the AM:PM supermarket chain for ILS143m (US$33.56m).
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AM:PM’s 21 supermarkets generated ILS150m in turnover in 2005, and are expected to generate more than ILS200m this year. The company’s pretax profit in 2005 is estimated at 4.5% of its turnover, amounting to ILS6.7m.
As part of the deal, the vendors agreed to provide the Alon Group with a consultation service during the first year following the takeover for ILS2m as well as services to add another 20 branches over a three-year period for LIS10m.
