David Wiessman buys Sonol from Azrieli Group

David Wiessman, until recently the owner and CEO of financially troubled holding company Alon Blue Square Israel Ltd., is acquiring Israeli gas-station chain Sonol Israel Ltd. from Azrieli Group Ltd. Market sources believe Wiessman will pay about NIS 364 million.

Wiessman is well acquainted with Israel’s fuel market. Before being ousted by his partners from the management of Alon Blue Square, he served as chairman of its subsidiary Dor Alon from April 1999 until September 2015. Dor Alon is one of Sonol’s rivals in the gas-station market

The extent of Wiessman’s wealth is not fully known, as some of his holdings are privately held. He owns 20 percent of Beilisol, which is controlled by his uncle Shraga Biran (80%). Beilisol owns half of the private part of the Alon Group, which is also in financially troubled circumstances. Wiessman has holdings in the Alon Group’s public companies, with liquid assets worth NIS 191m.

Sonol operates 230 gas stations around Israel and about 190 convenience stores with 2,000 employees. It is an asset outside of Azrieli’s core activities in the real-estate sector.

Azrieli has been trying to sell Sonol in recent years. Although there have been interested parties, it has been unable to offload the company.

Azrieli has confirmed the report. The deal will not include land worth NIS 107m. owned by Sonol at Pi Glilot north of Tel Aviv.