Investors in talks to buy Colmobil stake at NIS 8b valuation

Yoav Harlap, who owns a 28% stake in Colmobile, is in talks to sell his stake to institutional investors at a valuation of the company at NIS 8 billion. Colmobile is the largest car importer in Israel and has exclusive rights to import Mercedes, Hyundai and Mitsubishi vehicles.

Harlap is believed to be keen to expand into other areas of business, and his family that owns the other shares, led by his brother and Colombell Chairman Shmuel Harlap, would prefer to sell the minority stake to a large institutional investor, similar to the deal completed two years ago. By rival car importer Mayer Cars and Trucks, when the Shahar and Cass families sold a stake to The Phoenix Holdings (TASE: PHOE). Yoav Harlap has not been involved in Colmobile’s commercial activities for several decades. He invests in a wide range of companies and industries including overseas real estate, and lives abroad for most of the year.

Colmobil’s high valuation reflects the fact that it was responsible for 17.6% of vehicles delivered in Israel in the first nine months of 2024 and is also a major importer of heavy vehicles and buses. That’s nearly double the NIS 4.1 billion valuation at which Phoenix invested in Mayer Cars & Trucks, an importer for Volvo and Honda.

Published by Globes, Israel Business News – en.globes.co.il – on October 14, 2024.

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