BREAKING NEWS

Delek Group buys 50% of Cafe Joe coffee chain

By ILANIT HAYUT / GLOBES

MAY 22, 2011 11:54

Delek Group Ltd. subsidiary Delek Israel Fuel Corporation Ltd. has acquired 50 percent of café chain Joe Gourmet Coffee Ltd. (branded as Café Joe), the fuel company's first step in its strategy to gain a foothold in the café market. The move comes less than three months after Delek Israel CEO Avi Ben-Assayag set a non-fuel sales target of NIS 1 billion.

Café Joe was founded by David Klein and Dov Goldfarb in 1997. Klein, the dominant partner in the chain's management, recently moved to the US. The chain has 64 branches, operated by franchisees, with ten more scheduled to open this year. A franchisee must invest NIS 1.7 million to set up a branch. The company also owns a coffee production plant in Holon, which supplies the chain.

Market sources estimate Café Joe's turnover at NIS 150 million, in terms of consumer prices. The sales turnover of the company that owns the chain in much less.

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