Steimatzky book chain acquired by Markstone Capital Partners Fund

Steimatzky book chain acquired by Markstone Capital Partners Fund

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Ari Steimatzky’s Israeli-based Steimatzky bookstore chain is to be acquired by strategic investment fund Markstone Capital Partners Fund.

The chain, which has over 150 stores throughout Israel and employs over 800 people, has reportedly been sold as Steimatzky’s children are unwilling to work in the family business.

Steimatzky also owns 49% of Israeli-based Keter Publishing House (TASE:KETR), with market capital of ILS97m, making the bookstore chain’s share worth almost ILS50m, reported Globes Online.

Markstone has confirmed that employees of the chain will keep their jobs, Steimatzky will remain as active chairman and Yehoshua Matzliach will remain chief executive. In addition the fund reportedly plans to continue operating the company in its current format.

Financial terms of the deal were not disclosed.

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