Brodsky Group closing in on Alliance purchase

Jan. 17, 2003

The Harvey Brodsky Group LLC is "very close" to finalizing its acquisition of a 51% stake in Hadera, Israel-based Alliance Tire Co.

"I'm 90% certain it's going to happen," says Harvey Brodsky, who heads up the company, which is composed of several investors.

The deal could close as soon as next Wednesday. "If it doesn't happen by Jan. 31, we pull the plug."

Brodsky and partners spent several days in Philadelphia, Pa., this past week hammering out details.

"There are a few issues we'll have to resolve...but we are progressing nicely," he says.

The Brodsky Group will invest $50 million in Alliance; one-fifth of that sum will be injected into the company "either as a shareholders loan, or an addition to the investment in (Alliance's) equity," Alliance officials told this past fall.

Brodsky, the long-time managing director of the Tire Retread Information Bureau (TRIB), says the Alliance deal will have no effect on TRIB or his activities with the non-profit organization.