G. Willi-Food Acquires U.S. Kosher Food Distributor Monday January 29, 4:40 am ET Accelerates U.S. Expansion Strategy
YAVNE, Israel, January 29 /PRNewswire/ -- G. Willi-Food International Ltd. (NASDAQ: WILC - News; the "Company" or "Willi Food"), one of Israel's largest food importers and a single-source supplier of one of the world's most extensive range of quality kosher food products, announced today that it has acquired the operations and assets (including inventory, account receivables, and account payables) of Laish Israeli Food Products Ltd., a U.S. importer and distributor of kosher food products for approximately $3.7 million in cash. Of this amount, $3.3 million was paid at closing and up to an additional $0.4 million is payable during the next 18 months, depending on collection of receivables. The sources for the purchase price are a bank loan in the amount of $1.5 million and cash on hand.
Laish Israeli has been in business for 15 years and currently distributes kosher products such as canned foods and candies to groceries, independent supermarkets and supermarket chains in the Tri-State area (New York, New Jersey and Connecticut). Its 2006 revenues were approximately $7.5 million. As part of the agreement, the former owner of the acquired company will remain with the operation for a minimum of two years to assist in the transition process.
Mr. Zwi Williger, President and COO of Willi-Food commented, "This acquisition is in line with in our strategy to expand Willi-Food's presence in the growing U.S. kosher market. Our innovative product lines will complement existing offerings and are designed to drive demand and margin growth. Moreover, we are now well positioned to establish retailer relationships at both the local and national levels in the United States."
About G. Willi-Food International, Ltd.
G. Willi-Food International Ltd. is one of Israel's largest food importers and a single-source supplier of one of the world's most extensive ranges of quality kosher food products. It currently imports, markets and distributes more than 400 food products manufactured by some 100 top-tier suppliers throughout the world to more than 1,000 customers. The Company excels in identifying changing tastes in its markets and sourcing high-quality kosher products to address them. For more information, please visit the Company's website at www.willi-food.co.il.
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