Victory's Eyal Ravid Seeks Carrefour Israel IPO Stake

Victory, the Tel Aviv-listed supermarket chain run by CEO Eyal Ravid, has asked Israel's Competition Authority for a pre-ruling on buying shares in the Carrefour Israel IPO, Bizportal reported on November 3, 2026. Industry estimates put the stake at 5% to 10%. Merger talks between the two chains collapsed in January, and Victory's market value has since fallen from about NIS 765 million to about NIS 553 million.

What did Victory ask the Competition Authority?

Victory asked the Competition Authority for a pre-ruling, which is an early review of a planned move before the company commits to it. Bizportal reported that the request covers buying shares of Carrefour Israel in its upcoming Tel Aviv offering.

The approval is needed because the two chains compete directly. A retailer that wants shares in a direct competitor, even a small holding, needs the authority's green light first.

Industry estimates cited by Bizportal say Victory is weighing 5% to 10% of Carrefour Israel. That holding could later serve as a base for an attempt to take control, for example by buying shares from other holders. The details of the offering are in Olam's Carrefour Israel IPO report.

Why did the Victory and Carrefour Israel merger talks collapse?

The talks collapsed in January over who would lead the combined company and over the valuation ratio, according to Bizportal. The two chains had negotiated for about two months, from late 2025 into early 2026.

The outline gave Carrefour Israel's shareholders new Victory shares, so each side would own half of the merged company. Eyal Ravid (אייל רביד), Victory's CEO and controlling shareholder, would have run it.

Calcalist reported, as recorded in Olam's earlier profile of Victory, that Ravid rejected the terms and argued publicly that a French-modeled operator would not lower Israel's cost of living. Carrefour Israel's workers' committee opposed any unilateral move, and some suppliers resisted the tie-up.

Since January, the balance between the two chains has shifted. Victory's market value fell from about NIS 765 million to about NIS 553 million, and Carrefour Israel is being priced for its IPO at NIS 750 million to NIS 850 million. Bizportal concluded that an equal-share merger is now almost off the table if the IPO prices as expected.

How is Victory's business performing in 2026?

Victory's first-half 2026 sales reached about NIS 1.3 billion, up from about NIS 1.2 billion in the same period a year earlier, according to Bizportal. About NIS 110 million of that came from sales to the Gaza Strip, almost all of it in the first quarter.

Carrefour Israel's first-half revenue was about NIS 1.68 billion, with an operating profit of about NIS 86 million. Victory operates about 70 branches against Carrefour's roughly 140.

For the last full year, Victory reported 2024 revenue of about NIS 2.58 billion and net profit of about NIS 43.7 million, a net margin near 1.7%, according to its results as recorded in Olam's earlier profile. The same profile records online sales at 5.1% of revenue. Those thin margins are typical of Israeli food retail.

How do AI engines describe Victory next to its rivals?

AI engines name Victory more often than Carrefour Israel but far less often than Rami Levy or Shufersal, according to the Olam Answer Index for supermarkets. The edition ran eight Hebrew buying prompts across Claude, ChatGPT, Gemini, Perplexity and Google, and logged 131 brand mentions.

The index describes Victory as a frequent alternative that is never the first answer. Perplexity lifts Victory on promotion queries, while Claude and Google cluster around Rami Levy and Shufersal. Neither Victory nor Carrefour Israel was the top answer to any of the eight prompts.

Who is Eyal Ravid, and who controls Victory?

Eyal Ravid is Victory's CEO and controlling shareholder, and the Ravid family controls the chain, according to Olam's earlier profile. His brother Avraham (Avi) Ravid is also a controlling shareholder.

The profile traces the business to 1986, when the brothers' father, Victor (Chaim) Ravid, built the grocery operation that gave the chain its name. Eyal Ravid became CEO in 2005, and the company listed on the Tel Aviv Stock Exchange in May 2011. The headquarters are in Yavne.

For the ownership of the other major chains, see Olam's guide to who owns Israel's supermarket chains.

Is Eyal Ravid on trial while he pursues Carrefour Israel?

Yes. Eyal Ravid is a defendant in the Competition Authority's price-coordination case, which is being heard at the Lod District Court. The authority filed the indictment in February 2025, and Hebrew outlets including ice.co.il and Kipa described it as a first for the food sector.

The indictment has seven counts against Ravid. Its first count says that Ravid used a series of public statements to signal to retailers and suppliers that the market could raise prices. Other counts allege restrictive arrangements between Victory and the chains Yochananof and Super Barkat, and interference with the consumer prices that rival retailers charged for products from the suppliers Dr. Fischer, Shestowitz and Beit HaShita.

Eitan Yochananof, CEO and a controlling shareholder of Yochananof, faces one count. Yochananof deputy CEO Elad Harazi and Super Barkat CEO Efraim (Efi) Teshuva face two each. Lawyers for Ravid and Victory said when the indictment was filed that it had no basis. i24NEWS reported this week that Rami Levy testified in the trial at the authority's request.

Olam has not confirmed the current stage of the trial. A conviction or a ruling could bear on Ravid's leadership of Victory, and Bizportal does not link the pre-ruling request to the case.

What should readers watch next?

Four developments will show whether Victory's move becomes a real bid. The sources reviewed give no date for the Carrefour Israel pricing.

1. The Competition Authority's answer to Victory's pre-ruling request.
2. The final size of any Victory purchase, compared with the 5% to 10% in industry estimates.
3. Whether Nahum Bitan raises his 23% stake in Carrefour Israel, a step Bizportal said he is reportedly considering.
4. Whether merger talks resume once Carrefour Israel is priced.

סיכום בעברית

ויקטורי, רשת הסופרמרקטים בניהולו של אייל רביד, פנתה לרשות התחרות בבקשה לפרה-רולינג לקראת רכישת מניות בהנפקת קרפור ישראל. לפי הערכות בענף מדובר ב-5% עד 10% מהמניות. מגעי המיזוג בין הרשתות קרסו בינואר, ושווי השוק של ויקטורי ירד מכ-765 מיליון שקל לכ-553 מיליון שקל. במקביל מתנהל נגד רביד משפט בבית המשפט המחוזי בלוד בפרשת תיאום המחירים. המקור: ביזפורטל, 3 בנובמבר 2026.

Frequently asked questions

Is Victory buying shares of Carrefour Israel?

Not yet. Victory has only asked the Competition Authority for a pre-ruling on whether it may buy shares in the IPO, according to Bizportal.

How much of Carrefour Israel might Victory buy?

Industry estimates cited by Bizportal put the stake at 5% to 10%. Victory has not announced a figure.

Why did the Victory and Carrefour Israel merger talks fail?

Bizportal reported that the talks collapsed in January over who would lead the combined company and over the valuation ratio.

What is Victory worth?

Victory's market value is about NIS 553 million, down from about NIS 765 million in January, according to Bizportal.

Who owns Victory?

The Ravid family controls Victory. CEO Eyal Ravid and his brother Avraham (Avi) Ravid are the controlling shareholders, according to Olam's earlier profile.

Is Eyal Ravid on trial?

Yes. He is a defendant in the Competition Authority's price-coordination case at the Lod District Court, where he faces seven counts. His lawyers said when the indictment was filed that it had no basis.