Apax Partners acquires Israeli fuel retailer for $35m

Global private equity firm, Apax Partners, has acquired an 83% controlling interest in Israeli fuel retailer Ten Petroleum Company, which runs 56 gas stations and 20 convenience stores, from Bank Hapoalim for NIS 137 million ($35m).


Aside from its fuel retailing business, Ten also markets fuel products directly to various commercial and business customers in the transportation, contracting, and industrial sectors, and sells to wholesalers.

The company has been up for sale for a long time, but none of the deals for its sale at a company value of NIS 250 million went through. The company was previously owned by Eliezer Fishman for many years, however in the difficult business climate he was forced to relinquish is controlling share to Bank Hapoalim.