The founders of G. Willi-Food International have decided to sell their controlling stake in the vehicle that controls the Israeli food group to local tech firm Emblaze.
Brothers Joseph and Zwi Williger have signed a deal to sell 58% of Willi Investments, which in turn owns 58% of G. Willi-Food.
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London-listed Emblaze, which is controlled by Ukrainian businessman Alexander Granovsky, has agreed to pay NIS268m for that shareholding.
Under Israeli corporate law, the deal will also see a special tender offer for shares in Willi Investments held by the public.
When that offer is completed, Emblaze could own up to 61.8% of Willi Investments. A stake of that size would see Emblaze pay NIS285.5m.
The Williger brothers will continue to work for the business. Joseph and Zwi could take the roles of president and chairman respectively, or both be joint CEOs.
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By GlobalDataZwi Williger said: “We view the sale of control of Willi-Food Investments to Emblaze … as an opportunity for the company to continue its accelerated development in the food sector, both in Israel and outside Israel and even to expand into additional activities.
“My brother, Joseph, and I … will continue to work together with the company’s personnel and the management of Emblaze in order to continue to develop the company’s business, both in its existing business areas as well as additional business areas.”
