Israel's biggest supermarket chain is teaming with Amit Zeev, who has the franchise to bring Dutch food retail giant SPAR to Israel.

Israel's largest supermarket chain Shufersal Ltd. (TASE:SAE) is teaming with Amit Zeev, who has the franchise to bring Dutch food retail giant SPAR to Israel. Until six months ago Zeev was CEO of Yeinot Bitan-Carrefour. Zeev and Shufersal have signed a non-binding memorandum of understanding (MoU).

Under the terms of the agreement, Shufersal will take a stake in the corporation controlled by Zeev, whiochj will finalize a franchise agreement with SPAR to import and market SPAR private brand products and open SPAR stores in Israel.

Zeev, Shufersal and SPAR estimate that they will open at least 10 branches around Israel in their first three years of operations. Shufersal will provide the jointly owned corporation with the opportunity to purchase products from it for the jointly owned corporation's SPAR stores, and the jointly owned corporation will provide Shufersal with the opportunity to purchase SPAR products from in. In the estimation of the parties, the initial capital that will be required for the jointly owned corporation is several tens of millions of shekels and it will be provided by Shufersal and other shareholders who will join the corporation.... Read More: Globes