Electra Consumer Products (TASE: ECP) has undergone many upheavals since announcing that it was bringing French international retail chain Carrefour to Israel. These include twice replacing the CEO, talks about an IPO and a lawsuit filed by Nachum Bitan demanding that Electra buy out his 41% stake in the enterprise for NIS 430.5 million, reflecting a company valuation of NIS 900 million.
Now earlier this week, Electra Consumer Products announced the signing of a memorandum of understanding with French businessman Simon Pinto to invest NIS 80 million in Carrefour Israel, while existing shareholders will invest NIS 100 million.
The French investor has so far stayed out of the spotlight. Despite several decades in business and management, he prefers for the most part not to be interviewed except for the occasional few sentences that he releases to the media when a company of his enters new markets or signs a major deal. Who is Simon Pinto and what is his connection to Israel?
Decades in management
Simon Pinto is President of logistics company Bansard International Group and if the agreement with Carrefour Israel is implemented he will invest via PFH Holdings company, which he owns. In its announcement on the deal, Electra Consumer Products described Pinto as having "Major experience in management of supply chains and logistics and the ability to contribute significant added value to a company in these areas.
"It is his plan to be a partner in the development of Carrefour Israel alongside Electra Consumer Products including in the development of logistics centers of the company in Israel and streamlining the logistics chain through to the end customer. With the completion of the deal, Pinto is expected to hold a 15% stake in Carrefour (Israel) and receive representation on the board of directors."
Bansard provides logistics management services to the door, consultancy services, cargo shipping, storage, shipment management, quality control and customs release services. The company was founded in 1963 in France by Jean Pierre Bansard, and began by providing transport services throughout Europe. Over the years, the company expanded to air, sea and railway freight and today operates in 17 countries in Europe, North America, the Middle East and Asia. Pinto joined the company in 2000 and three years later was appointed president.
In 2021, Bansard was acquired by US shipping and logistics company SEKO, which is based in Chicago, Illinois for an undisclosed amount. Pinto himself described the merger as "A unique strategic opportunity that will alow Bansard International to become a global player through new geographical coverage including the US and through innovative international transport solutions for customers, especially in ecommerce."
Hotels in Egypt
Bansard is represented in Israel by the local branch of international shipping company IBL, and operates through three centers in Haifa, Ashdod and Ben Gurion airport.
Bansard has worldwide representation with 120 branches in 40 countries including France, Spai9n, Italy, Turkey, China and Morocco. Its customers in Israel include Tempo, Coca Cola, and Pecker Plada as well as Electra Consumer Products and Carrefour.
In addition to being president of Bansard, Pinto himself is on the management of 12 companies, mainly in shipping and real estate. One of the companies in which he is a partner is PFH Holdings, which will invest in Carrefour Israel. Over the past year the same company in the construction of hotels in Egypt and France, next to which will be offices, apartments, hospitals, schools and car parks.
Donated an ambulance to ZAKA
P{into's connection to Israel won't begin with Carrefour. He visited the country to open the Bansard International conference in 2019
Three months ago, following the murderous attack by Hamas in the south, SEKO and Pinto himself published on LinkedIn a declaration of support for Israel. "We stand beside Israel. Our team offers its full support to our 65 colleagues and our customers and their families following this devastating attack.
"We are working to provide an update very soon on the situation on the ground and the potential impact on our customers." Not content with just that, Pinto later participated in donating an ambulance to the ZAKA.
It is likely that it was not only sympathy for Israel that led Pinto to decide to invest in Carrefour. Electra itself is active in more than 15 countries on four continents, and it operates in five sectors: electrical consumer products, electrical retail sector, sports and leisure sector, investment real estate and food retail.
In each of these, shipping plays a central role. Carrefour Israel itself already imports several thousand products in the food category from France, and exports worldwide electrical products, including heating systems. Strengthening the relationship with a businessman who heads a shipping, holdings and investment real estate empire will contribute not only to Carrefour, but to Electra as a whole.
Published by Globes, Israel business news - en.globes.co.il - on January 4, 2024.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2024.