Entrepreneur Gabriel Eckstein Makes Multi-Million Shekel Exit as Food Appil Acquires Art Judaica

In a landmark deal at the beginning of January, entrepreneur Gabriel "Gabi" Eckstein, just three months shy of his 85th birthday, orchestrated a significant exit from the business world. The renowned cookware manufacturer, Food Appil, acquired Art Judaica, a company founded and owned by Eckstein, for a substantial sum of NIS 40 million. This marks Food Appil's first purchase following a NIS 50 million investment from Leumi Partners, the investment arm of Bank Leumi.

For Eckstein, this transaction represents his second major exit, the first being the sale of "The Port," a consumer products and paper packaging company, in 1984, a quarter-century after its establishment. As part of the recent acquisition, Eckstein is set to continue his role as the CEO of Art Judaica for a year.

In a statement, Eckstein revealed that negotiations with Food Appil and Leumi Partners spanned nearly a year, during which other potential buyers, including Avi Guetta, showed interest. Eckstein reflected on the decision to sell, citing concerns about the unpredictability of the future, particularly after witnessing the impact of the COVID-19 pandemic on his younger brother. This realization prompted him to secure the future of the business and his extended family, which includes four children, 11 grandchildren, and a newborn great-grandson.

Eckstein acknowledged the unique nature of his business, describing it as a "one-man show" despite family involvement. His decision to sell was made independently, driven by a sense of responsibility for the legacy he had built over the past 60 years.

The seasoned businessman, known for his toughness in the corporate world and his artistic flair, began his career in show business with the Armored Corps band and later "The Roosters." However, he made a strategic shift to the business realm early on, guided by a pragmatic understanding of financial stability. Reflecting on his early choices, Eckstein emphasized his desire to be a person of means rather than struggling as an actor.

The transaction underwent a rigorous due diligence process by BLL Partners, reassuring stakeholders about the profitability of Art Judaica. Eckstein expressed his satisfaction with the outcome, calling it a "dream come true" and underscoring the importance of realizing the fruits of a lifetime's work.

While acknowledging the complexities and suspicions surrounding business deals in current times, Eckstein highlighted the strategic and lucrative nature of the acquisition for Food Appil, positioning Art Judaica as one of the top three folk Judaica companies globally. The sale, finalized last week with the receipt of funds, has secured a legacy for Eckstein's family and business alike.