June 28, 2022

Ztrdam

Good Business

Rani Zim sells Office Depot to UMI

The offer values Business office Depot Israel at NIS 80 million, of which Zim will obtain NIS 35 million, as the chain has NIS 45 million personal debt.

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Immediately after intensive negotiations, Rani Zim signed an agreement on Friday to offer the Business Depot retail chain to vehicle importer UMI (Universal Motors Israel). The sale is at a valuation of NIS 80 million, and includes NIS 45 million credit card debt owed by Business Depot.

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“Globes” first reported very last August that Zim was placing Office Depot up for sale by means of EY, 7 several years after he bought it. The chain consists of 41 branches about Israel. Zim held it privately, and not by the community true estate corporation that bears his name. The rationale for the sale is that Zim needs to focus on enhancing and expanding his commercial real estate business.

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In the current deal, Zim gets NIS 35 million web. He is estimated to have invested NIS 30 million in having in excess of Business office Depot. He acquired 50 percent the shares in the chain in 2014, and the remainder a yr afterwards

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Revealed by Globes, Israel business enterprise news – en.globes.co.il – on May 22, 2022.

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© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

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Rani Zim  credit: Eyal Izhar

Rani Zim credit: Eyal Izhar