Bogart divests its Israeli subsidiary April to its CEO for €5.8 million
The transaction, announced on October 15, 2026, concerns a business that represented approximately 13.9% of the consolidated revenue of the Paris-based perfumes and cosmetics group in 2025. Since the acquirer is held by David Konckier, chairman and chief executive officer and principal shareholder of Bogart SA, the transaction was processed according to the regulated conventions procedure.
A network of 47 stores and €36.7M in revenue divested
Jacques Bogart International B.V., a 100% subsidiary of Bogart SA, divested 100% of the shares it held in April Cosmetics and Perfumes Store Chain Ltd (April Ltd) in favor of April Holding D.K Ltd. The sale price amounts to 20,147,000 shekels, equivalent to approximately €5.8 million. April Ltd operates in Israel through 47 stores, according to a count as of June 30, 2026. The subsidiary achieved revenue of €36.7M in 2025 and an EBITDA of €0.7M. The group specifies that this EBITDA corresponds to operating profit increased by the CVAE, allocations to depreciation and provisions, inventory write-offs, and other non-recurring operating income and expenses.
A price determined based on external valuations, without the concerned executive's vote
The price was determined based on a valuation of April Ltd of 35,000,000 shekels (approximately €10.0M), resulting from valuation work carried out by PwC and BDO firms. This valuation was then reduced by the net financial debt of the subsidiary as of September 1, 2026, amounting to 14,853,000 shekels (approximately €4.3M). This mechanism amounts to moving from an enterprise value to an equity value: the amount paid to the seller corresponds to the retained valuation, net of the financial debt borne by the divested company. In accordance with its internal charter, Bogart SA applied the regulated conventions procedure to the transaction. The board of directors approved it on October 12, 2026; in accordance with Article L. 225-40 of the French Commercial Code, David Konckier informed the board of his interest and did not participate in the vote.
A divestment intended to remit cash to the parent company
According to the group, the transaction will contribute to the strengthening of its financial structure. It is part of a review of the organization of foreign subsidiaries and the management of holdings, and aims to enable a cash remittance to Bogart SA as well as an appropriate allocation of financial resources within the group. The announcement comes shortly after the publication, on September 29, 2026, of the group's half-yearly results, which showed revenue down 7.4% in the first half and EBITDA of €7.2M. Bogart had also announced at that time the postponement of the publication of its half-yearly financial report.
