Troubleshooter fund considers bidding for Clubmarket chain
FITE is exploring an offer to join a consortium being put together by Aryeh Ovadia, which includes former Blue Square CEO Yoram Dar, according to market sources.
FITE, the First Israel Turnaround Enterprise fund, is the latest player considering to purchase the troubled Clubmarket chain. FITE is exploring an offer to join a consortium being put together by Aryeh Ovadia, which includes former Blue Square CEO Yoram Dar, according to market sources. The group believes it can operate the chain as a third national commercial retailer, although it would purchase it only at a low price, the sources said.
Clubmarket's trustees clarified in the past that they expect to sell the chain for about NIS 500 million. Dar's name was dropped as a potential partner with the Kardan Group, although Kardan has yet to purchase tender forms.
Another potential buyer is Avichai Solero, one of the owners of Maman through his company Golden Point. Solero discussed the issue with Clubmarket trustee Shlomo Nass. Maman operates the logistics center LogistiCare, which was set to provide services to Clubmarket before its recent troubles. Solero refused to comment on the report.
FITE chairman and senior partner Ishay Davidi founded the $140 million fund last year. The fund focuses on struggling companies, with the goal of transforming them into profitable ventures. Davidi is said to be exploring a possible investment in VCON Telecommunication, which develops video conferencing systems. FITE was not available for a comment.
More than 10 groups have expressed interest in buying Clubmarket thus far.
Like us on Facebook and get articles directly in your news feed