Company Shlomo Holdings She reported to the stock exchange that she is conducting negotiations and due diligence to acquire up to 50% of the company Thelma Travel and Tourism. The corona crisis halted the expected issuance of Thelma Tourism, whose market value was estimated at NIS 500 to 600 million. The company claimed that it was worth about a billion shekels.
Prior to the outbreak of the corona, it was reported that Thelma was preparing to raise hundreds of millions of shekels through the initial public offering (IPO) on the Tel Aviv Stock Exchange, which was to be led by underwriting companies Orion and Discount Underwriting. The issuance date was planned between May and August 2020. The crisis also called into question a series of purchase deals that Thelma recently signed based on the planned IPO, including the acquisition of American Express Travel for NIS 130 million.
In June, Erez Shmol (son of the founder Thelma Shmol) told “Globes” that Thelma’s planned IPO on the Tel Aviv Stock Exchange, which did not materialize at the end, did not bother him. On the contrary. According to him, now that the corona has provided him with opportunities, he will be able to continue to establish his company, and reach a stronger IPO, and the value will also be updated accordingly, exceeding the NIS 1 billion mark – the company’s declared price tag NIS 500 million to NIS 600 million).
Shlomo Holdings, which is owned by the Schmelzer family and headed by Assi Schmelzer, is considered a strong company in the local leasing and car rental industry, and it also includes insurance activities. In the first half of 2020, revenues shrank by 3% to NIS 1.79 billion, while revenues from leasing and rent decreased by 3% to NIS 916 million, while revenues from vehicle sales decreased by 4% to NIS 632 million. Despite the decrease in revenues, Shlomo’s gross profit in the first half of the year increased by 1%, to NIS 365 million, while operating profit increased by 4% to NIS 162 million. The reason for this can be found mainly in the reduction of expenses incurred by the company.
Thelma is considered particularly strong in the business sector, and operates 37 branches and 500 employees. Under Shmul’s aggressive management, the company has made a series of acquisitions in the past two years, designed to significantly increase the scope of its operations before the IPO – including the acquisition of the “Alice” website, which is considered the highest online ticket sales. Recently, as revealed in “Globes”, Thelma also acquired the flight search site Smartair for about NIS 40 million.
*The article has been translated based on the content of Source link by https://www.globes.co.il/news/article.aspx?did=1001343993
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