Importer of DREME Appliances Valued at $270 Million Eyes Stock Market Debut
Translated & summarized from Calcalist by baba
The investment fund Rakevet Capital plans to list the appliance importer Kristalino on the stock exchange with a valuation near 1 billion shekels. This follows Rakevet Capital's 2023 investment of 250 million shekels for a 50% stake, valuing the company at 500 million shekels. Kristalino, founded by Haim Elbaz and now managed by his sons, imports DREME appliances, electric vehicles, and Swarovski jewelry, and also owns the SMARTER appliance brand and the Family air conditioning business.
The story in 5 lines · by baba
- Kristalino, an importer of DREME appliances, is set for a stock market debut valued near 1 billion shekels.
- Investment fund Rakevet Capital acquired a 50% stake in Kristalino for 250 million shekels in 2023.
- The company was founded 48 years ago by Haim Elbaz and is now run by his sons.
- Kristalino also imports electric vehicles and Swarovski jewelry, and owns the SMARTER appliance brand.
- The company's portfolio includes Family air conditioners, acquired by Rakevet Capital in 2022.
Rakevet Capital, an investment fund, is preparing to list the importer of DREME vacuum cleaners and appliances, Kristalino, on the stock exchange at a valuation approaching 1 billion shekels ($270 million). This comes just one year after Rakevet Capital acquired a 50% stake in the company for 250 million shekels ($67.5 million), when the company was valued at 500 million shekels ($135 million).
Kristalino, established 48 years ago as FINE-GOLD, was founded by Haim Elbaz and later joined by his sons Ran, Guy, and Daniel Elbaz, who collectively held the remaining 50% of the company. The company rebranded to Kristalino in 2016. Its primary business is the import and wholesale of DREME brand vacuum cleaners and electrical appliances.
In addition to its core appliance business, Kristalino imports electric transportation vehicles through its XI Mobility division and is a major importer of Swarovski jewelry. Following Rakevet Capital's investment, the group also incorporated the Family air conditioning business, which Rakevet Capital had purchased from the Hanig family in 2022 for 60 million shekels ($16.2 million). Kristalino also markets its own private label brand of home appliances, SMARTER.
Representatives for Kristalino and Rakevet Capital declined to comment.
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