Fund buys control of car parts co M PInes for NIS 500m

The vehicle parts market continues to arouse interest on the capital market. Private equity firm Israel Legacy Partners has announced that it is buying the controlling interest (70%) in vehicle parts importer M Pines from the Pines family for over NIS 500 million. The deal values M Pines at some NIS 700 million. It comes just one month after the exit from Hamaagar-Car Spare Parts Center Ltd. by the Caduri family, which sold the company to vehicle importer Universal Motors Israel (UMI) (TASE: UNMI).

Together with strategic investors and investment institutions, Legacy is buying control of the veteran family company, which was founded in 1986, and imports and distributes spare vehicle parts. M Pines serves more than 900 customers around Israel. It operates four logistical centers with an aggregate space of 17,000 square meters, and employs about 250 people.

Israel Legacy Partners, founded and run by Eylon Penchas, Nadav Harari, and Ben Orion, specializes in investment in medium-size family companies. M Pines will retain its family character even after the acquisition. Founder Moti Pines, who has headed it for four decades, will serve as president of the company and will advise on the transition, while his daughter, Natalie Pines, who has filled senior management roles in the company, will become CEO, and her sister Bar Pines will be deputy CEO.

For Israel Legacy Partners, this is the fifth deal since it was founded in 2021 with a fund totaling NIS 750 million. In its portfolio are logistics and services company Mentfield, work tools importer LK Tools and Equipment, Hamashbir Agriculture, and Paragon Barnea, a developer of systems to prevent smoke and fire damage.

“Vehicle spare parts is an attractive field that is constantly growing,” said Legacy partner Ben Orion. “We are delighted with the partnership with the Pines family, and we shall work together with them and the company’s employees to maintain its status in the market and to expand its business both organically and through mergers and acquisitions.”

As mentioned, the acquisition of control in M Pines comes after UMI reported last month that it had agreed to buy the controlling stake in Hamaagar-Car Spare Parts Center and the business of Hamaagar Leasing from the Caduri family for NIS 350 million.

Hamaagar is also a family company. It was founded by Naim Caduri, who immigrated to then Palestine in the early 1940s from Iraq, and provided services to vehicles of representatives of the British mandate authorities. As time went by the next generation entered the business, and the company expanded into additional fields such as vehicle sales, spare parts sales, car leasing, and real estate.

Concentrated, highly profitable sector

The acquisition of the business by public company UMI provides an insight into the importation and distribution of vehicle parts in Israel, a highly profitable business, sometimes even more so than sales of the vehicles themselves. Hamaagar-Car Spare Parts Center’s revenue for the first nine months of 2025 totaled NIS 163 million. Its operating profit was NIS 27 million, a high17% of turnover, and its net profit was NIS 21 million.

The spare parts market in Israel is very concentrated, with wide margins all along the supply chain. According to a report released in 2022 by the State Comptroller and the Competition Authority, there are differences of tens and even hundreds of percentage points between prices of original parts and of alternatives, and between prices paid by private consumers and those paid by repair garages and insurance companies. The report also found that prices of spare parts in Israel were hundreds of percentage points higher than prices overseas.

Published by Globes, Israel business news – en.globes.co.il – on February 4, 2026.

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