Regulator Approves Ronen Ganoun's $47 Million Acquisition of Multi Retail

Israel's Antitrust Commissioner has approved Ronen Ganoun's acquisition of controlling interest in the publicly traded retail company Multi Retail for approximately 173 million shekels (about $47 million). The deal, initially signed in August, will see Ganoun's Group acquire 72.3% of Multi Retail's shares, which operates well-known brands including ACE, Auto Depot, Beithili, and Urban.

The transaction values Multi Retail at roughly 238 million shekels. Ganoun's Group is purchasing shares from the KEDMA fund and Multi Retail CEO Itzik Ozana, with the remaining shares staying with the public. Multi Retail's operations span DIY, automotive, furniture, and online sales.

For Ganoun, who also owns the Zol Stock retail chain, this acquisition significantly expands his group's reach into a public company with nationwide operations in commerce, digital, and logistics. Following the deal's completion, Ganoun's Group plans to strengthen Multi Retail's existing business. Potential strategies include increasing direct imports, improving trade and purchasing terms, enhancing online and data operations, optimizing inventory management, and leveraging the company's scale and national presence.

The group is also exploring a future integration of Multi Retail with Zol Stock. If this merger proceeds, the combined entity would operate in stock, DIY, home goods, automotive, furniture, and online sectors, with an estimated combined revenue of 1.7 billion shekels (about $460 million) and approximately 155 stores across Israel. No decision has been made on this potential merger yet.

David Saban, representing the owners and overseeing retail operations for Ganoun's Group, was instrumental in facilitating the deal and is expected to join Multi Retail's operations post-acquisition. Ronen Ganoun stated that the approval marks a new chapter, emphasizing Multi Retail's strong brands, employees, and potential. He added that his group's extensive experience in retail, trade, import, and logistics will be used to strengthen the existing operations, grow the brands, streamline the company, and offer Israeli consumers a better, more competitive value proposition.