Rami Levi, one of Israel’s leading supermarket chains, has agreed to buy 20 percent of coffee and snack chain Cofix Group at a company valuation of 105 million shekels ($30 million).
Founded in 2013 by businessman Avi Katz, Cofix sells coffee and snacks such as sandwiches. Katz expanded into the supermarket business with Super Cofix, a chain of discount mini-markets.
Rami Levi also received a two-year option to increase its stake to 50.01 percent. Rami Levi will seek to improve Super-Cofix’s profitability and trade and credit terms with suppliers so that Super-Cofix will enjoy the same terms as Rami Levi.
Rami Levi’s supermarkets are largely located on the outskirts of urban centers and the Cofix deal, which is subject to regulatory approval, will give it a foothold in city centers.
