Ganon Group Acquires Multi Retail Group, Expanding Its Retail Empire

The Israeli Antitrust Commissioner has officially approved the acquisition of Multi Retail Group by Ganon Group, a significant move that expands Ganon's presence in the retail sector. The deal, valued at NIS 173 million based on a company valuation of approximately NIS 238 million, sees Ganon Group taking control of the public company that operates well-known retail chains including ACE, Autodif, Beithili, and Urban, as well as their online operations.

Ganon Group acquired shares from the KADMA fund and from Multi Retail CEO Itzik Ohana. Following the completion of the transaction, Ganon Group will hold 72.3% of the company's shares, with the remainder held by the public. The acquisition marks a substantial expansion for Ronen Ganon, a co-owner of the Zol Stock chain.

Post-acquisition, Ganon Group plans to focus on strengthening Multi Retail's existing operations. Key initiatives will include increasing direct imports, improving trade and procurement terms, enhancing online and data capabilities, optimizing inventory management, and leveraging the company's national reach. The group is also exploring a potential future integration of Multi Retail's operations with its own Zol Stock business.

If this integration proceeds, the combined entity could encompass stock, DIY, home goods, furniture, and automotive sectors, generating an estimated combined revenue of NIS 1.7 billion and operating around 155 stores across Israel. However, this integration is currently under consideration and no final decision has been made.

Ronen Ganon stated that the approval marks the beginning of a new chapter, emphasizing the strong brands, excellent employees, and significant potential of Multi Retail. He added that Ganon Group aims to strengthen existing operations, grow the brands, streamline the company, and offer Israeli consumers better value and increased competition.