Wiz Co-Founder Assaf Rappaport Eyes McDonald's Israel Franchise
Translated & summarized from Now 14 by baba
Assaf Rappaport, a co-founder of the cybersecurity firm Wiz, is reportedly a leading contender to acquire the McDonald's Israel franchise for an estimated $200 million to $300 million. This move into the food industry follows his recent investments in media companies. McDonald's Corporation recently reacquired the franchise from Omri Padan due to tensions and declining sales amid boycott calls.
The story in 5 lines · by baba
- Assaf Rappaport is a leading contender to buy the McDonald's Israel franchise for $200-$300 million.
- Rappaport, co-founder of Wiz, recently invested in media companies Channel 13 and Israel Entertainment.
- McDonald's Corporation recently reacquired the Israeli franchise from Omri Padan.
- The franchise has about 230 restaurants and annual sales of 1.7 billion shekels.
- Other bidders include Ori Max with Apex Fund, the Meir Group, and the Horesh family.
Assaf Rappaport, a co-founder of the cybersecurity firm Wiz, is reportedly a leading contender to acquire the franchise rights for McDonald's in Israel. The deal is estimated to be worth between $200 million and $300 million. This potential move into the fast-food industry follows Rappaport's recent significant investments in the media sector, including acquiring control of Channel 13 and the Israel Entertainment group.
Rappaport, whose company Wiz was acquired by Google for $32 billion in March, is among the prominent candidates vying for the McDonald's Israel franchise. The operation currently comprises approximately 230 restaurants across Israel, generating annual sales of around 1.7 billion shekels, with profit margins typically between 8% and 10%. The franchise rights are considered a significant retail asset in Israel.
A group of current McDonald's Israel executives also considered making a bid.
McDonald's Corporation recently reacquired the Israeli franchise from its long-time franchisee, Omri Padan, following tensions that arose during the Gaza war. The international chain experienced a sales decline partly due to boycott calls in the Middle East and other markets, exacerbated by Padan's decision to offer benefits to IDF soldiers, which drew criticism from some global franchisees.
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