Nine years after Kedma Investment Fund bought control of Gil-Car, the private equity fund is selling its stake in the car-accessories company in a transaction valued at 260 million shekels. Under the deal, the Gillis family will buy back 20% of the company, Mizrahi Tefahot Invest, the real-estate investment arm of Mizrahi Tefahot Bank, will acquire another 20%, and a third investor whose identity has not yet been disclosed will take the remaining 20%.
Kedma bought control of Gil-Car in 2017 for about 100 million shekels, at a company valuation of 167 million shekels. Since then, it has reportedly already recovered its entire investment through dividends. The fund is managed by Gilad Levy, Uri Einan and Gilad Shavit, who served as Kedma’s representative overseeing the company during its ownership.
Gil-Car remained run throughout the period by the Gillis family, which kept 40% of the business. The current move will make the family the main controlling force again, alongside the new investors. The company’s founder, Shlomo Gillis, sold the controlling stake as part of a generational transition, and now his son and son-in-law, who continued running the business, are buying back part of the shares.
The increase in Gil-Car’s value reflects growth during Kedma’s ownership. Three years after Kedma entered, Gil-Car acquired the Dr. Body and Paint garage chain from Femi Premium, part of the Davidoff Group, expanding its operations. Dr. Body and Paint now runs about 10 garages. Gil-Car itself operates from its headquarters in Tel Aviv’s Yad Eliyahu neighborhood, employs about 300 people, and continues to focus mainly on importing, marketing and installing car systems and accessories for vehicle importers before delivery to customers.
The company sells audio, security, tracking, safety and driving-assist systems, has specialized divisions for off-road vehicles and audio upgrades, and is the exclusive Israeli representative for Avox, Sanji, Steel-Mate, FlyAudio, Alpine and JVC. It also provides charging solutions for electric vehicles and repair services through Dr. Body and Paint. Its clients include Israel’s major car importers and leasing companies. Gil-Car, founded more than 50 years ago, is led today by Roni Gillis and Dovi Grubstein, generates an estimated 300 million shekels in annual revenue, and is considered profitable, with regular dividend distributions. The deal was led for Mizrahi Tefahot Invest by CEO Shimrit Kenig, who took the role in April, replacing Ron Hochman.
