Ultra-Orthodox Entrepreneur Buys Retail Giant for $47 Million

Ultra-Orthodox businessman Ronen Ganon has finalized a NIS 173 million (approximately $47 million) deal to acquire controlling interest in Multi Retail Group, a conglomerate that owns several home goods store chains. Ganon, already a co-owner of the Zol Stock retail chain, purchased shares from the KADMA fund and from Multi Retail CEO Itzik Ohana. Following the transaction, Ganon Group now holds 72.3% of the company's shares.

Multi Retail Group operates well-known brands including ACE, Autodif, Beithili, and Urban, in addition to its online commerce activities. The acquisition is expected to lead to significant changes within the company, such as increased direct imports, revised purchasing terms, expansion of online operations, and improved inventory management.

This acquisition may be the first step in a larger strategic move. Ganon is reportedly exploring the possibility of merging Multi Retail's operations with Zol Stock in the future. If this merger materializes, the combined entity would encompass approximately 155 stores across various sectors including discount goods, DIY, home furnishings, automotive, and online retail, with an estimated combined annual revenue of NIS 1.7 billion (approximately $460 million).

"Receiving the supervisor's approval and completing the deal mark the beginning of a new chapter for us," Ganon stated. "We have taken over a group with brands, employees, a national footprint, and significant potential, and now the work begins. We bring extensive experience in retail, trade, import, and logistics, and our goal is to strengthen existing operations, grow the brands, and streamline the group."