In a strategic move to diversify, and following Leumi Partners' investment in Food Appeal, the cookware manufacturer announces the acquisition of Art Judaica, the largest Judaica company globally, from its founder Gabriel Eckstein for approximately NIS 40 million.
Founded by Gabriel Eckstein in 1989 in Neve Tzedek, Art Judaica now operates from its new headquarters in Yavne. The company's mission has been to serve Jewish communities worldwide, enabling them to observe mitzvot and uphold Jewish traditions. Over the decades, Art Judaica has developed a vast range of over 4000 products, with an annual addition of about 1000 new items, available in 2000 points of sale globally.
Food Appeal, owned by Eyal and Nir Sharon, is a leading player in Israel's kitchenware market, specializing in designing, importing, and marketing unique and high-quality cookware using cutting-edge technologies. Their products are available at hundreds of specialized stores, consumer clubs, trade websites, and chain stores bearing the brand name. Additionally, the company operates the largest independent website in its sector.
With Leumi Partners' investment of NIS 50 million in Food Appeal, the company embarked on an expansion plan targeting Israel, European markets, and strategic mergers and acquisitions. The acquisition of Art Judaica marks the first significant move since Leumi's investment.
Eyal Sharon, CEO of Food Appeal, expressed excitement about the acquisition, recognizing Art Judaica's esteemed reputation and affirming their shared commitment to promoting tradition and community.
Legal representation for the transaction was provided by Barry Raz & Co. for Food Appeal and Yaron Elder, Fleur Schwartz for Art Judaica.