Ronen Ganoun Acquires Control of Multi Retail, Parent of Ace and Beithili

Israel's Competition Authority has approved Ronen Ganoun's acquisition of controlling interest in Multi Retail, the parent company of well-known chains including Ace, Auto Depot, Beithili, and Urban. The deal, initially signed in August, will see Ganoun's group purchase approximately 72.3% of Multi Retail's shares for about 173 million shekels. The transaction values Multi Retail at roughly 240 million shekels, representing a significant premium over its stock market valuation at the time of the initial agreement. Multi Retail operates 54 stores nationwide across home and car improvement, home design, and online retail sectors.

The acquisition follows a period of volatility for Multi Retail. After its IPO in 2021 at a valuation of 400 million shekels, the company's stock value declined significantly, partly due to the acquisition of Beithili, Urban, and IDdesign. The company has since undergone restructuring, including consolidating headquarters and reducing staff. Despite a recent dip in revenue, the company reported improved profitability in its latest financial statements, with net profit rising substantially year-over-year.

Ronen Ganoun, who also recently acquired a 50% stake in the Zol Stock chain, views this as a major expansion of his retail operations. His group is reportedly considering integrating Multi Retail with Zol Stock in the future, a move that could create a combined entity with approximately 1.7 billion shekels in annual revenue and around 155 stores, though no decision has been made yet.

Ganoun expressed optimism about the acquisition, stating that it marks the beginning of a new chapter for the group. He highlighted Multi Retail's strong brands, dedicated employees, and national presence, and pledged to strengthen existing operations, grow the brands, optimize the group, and offer better value to Israeli consumers, leveraging his extensive experience in retail, trade, import, and logistics.