Icon Group
Icon Group
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Sold in Israel mainly by the fact that over the years it has been engaged in importing the various products of Apple to Israel, the products it markets through the chain of iDigital stores which it owns. It now intends to acquire 85% of “Visual”, a company that distributes products of some of the largest and best-known technology companies in the world, including Lenovo, HP and Asus, at a company value of about NIS 80 million. Icon also intends to buy control (51%) of Blues, a distribution franchise for IBM in Israel, for NIS 15-18 million.
According to Icon Group, Visual’s revenues are about NIS 370 million in 2021, with gross profit estimated at NIS 30 million and net profit at NIS 10-12 million. Its acquisition is expected to accelerate the growth of Icon Group, with the move coming just about a month after its shares were issued on the Israel Stock Exchange. In the IPO, the company raised NIS 150 million, at a company value of NIS 900 million. Following the announcement yesterday, the share of Icon Group on the Tel Aviv Stock Exchange climbed by about 2%, but it is still about 5% far from the peak it set in December 2021.
Icon Group, which is mainly identified with the distribution and marketing of Apple products, intends to separate the distribution activity of the new products added to it after the acquisition of Visual, while alongside the mentioned brands, there are also Trend Micro, RadWare, VEEAM, Aruba. All of these will not be marketed in iDigital stores, but will be distributed to consumers through stores in Israel and directly to businesses.
In fact, Visual holds 49% distribution blues, and most of that share will go to Icon with the purchase of Visual. At such an icon, they are interested in purchasing the remaining holdings in Blues Distribution from Visual’s partner.
Roni Israeli, co-CEO and CEO of the distribution activity at Icon Group: “In our view, this is a deal whose sum of shares is greater than the whole, and it is expected to accelerate the growth rate of Icon Group as early as 2022.”
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