Photo Credit: Yonatan Sindel/Flash90
The Osher Ad Supermarket branch in Talpiot, Jerusalem.

Apax Israel Fund is in advanced negotiations to acquire 50% of the Osher Ad Haredin grocery store chain’s shares from its founders, Moshe Margalit, Aryeh Boim and Yehuda Landau, Calcalist reported on Sunday. The expected value of the acquisition is about one billion shekel, or about $268 million. The founders will continue to manage the chain after the transaction.

Established in 2009, Osher Ad is the fourth largest food chain in Israel, with an annual turnover of $615 million. It has 18 branches in Israel and another branch which opened two years ago in Brooklyn, under the Bingo Wholesale brand.

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Its net revenues are expected to reach $1.07 billion in 2018, and net profit is expected to reach $24 million.

The Osher Ad network was first identified with the Haredi sector, but today its clients include secular people, especially large families. The chain’s branches are located in Nazareth Illit, Migdal Haemek, Kiryat Bialik, Rishon LeZion, Kanot Junction, Ashdod, Hadera, Petah Tikva, Ashkelon, Lod, Beit Shemesh, Gedera, Bnei Brak, Jerusalem (3), Tel Aviv and Beer Sheva.

The branches typically operate in large spaces—65,000 square feet on average—with wide aisles, large carts, large savings packages and low prices.

The network uses the Super Smart retail technology, an Israeli startup allowing shoppers to buy using an application without going through a cashier. The dedicated app allows shoppers to scan the contents of the cart an in only a few seconds complete the purchase. The app also informs the customer about offers and complementary products.

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David writes news at JewishPress.com.