Haargaz buys out Enter's holdings in Tiv Taam chain
The Tel Aviv District Court yesterday approved Haargaz's purchase of Enter Holdings' Tiv Taam shares.
Enter Holdings, formerly owned by businessman Amit Berger, has taken shelter under the court's wing against creditors.
Haargaz is an industrial group with holdings in a range of sectors, from construction to transportation to storage and display systems - and now it owns a substantial stake in Tiv Taam, a chain of non-kosher supermarkets. The group is controlled by Hagai Shalom.
Aside from its cash payment to Enter Holdings, Haargaz will be extending an NIS 32 million owners' loan to Tiv Taam. The chain will be using the infusion to make the payment due to bondholders on November 30.
After the shares change hands, which should take place in about a week, Haargaz will own 38.12% of Tiv Taam's shares. Tiv Taam founder Kobi Tribitch has 40% of the chain's shares. Another 5% is held by Tribitch's friend Tzachi Lipka. The general public owns the rest.
Under the terms of his agreement with Enter Holdings, Haargaz has the option to buy another 6% stake in the chain from Tribitch and Lipka.
Tribitch commented that Hagai Shalom and he were "embarking on a new path," and together would have the power to lift Tiv Taam to its "natural place as the leading premium brand in the Israeli retail market."
Shalom commented that consummating the deal frees himself and Tribitch to devote themselves to their real mission: exploiting the tremendous potential of Tiv Taam.