Haredi Businessman Ronen Ganon Acquires Retail Empire for $47 Million

Haredi businessman Ronen Ganon, originally from the world of yeshivas in Safed, has acquired a controlling stake in Multi Retail, the company operating the ACE, Auto-Depot, Beithili, and Urban retail chains, in a deal valued at approximately NIS 173 million ($47 million).

The acquisition, approved by the Antitrust Commissioner, makes Ganon a significant player in Israel's retail sector. The deal values Multi Retail at around NIS 238 million ($65 million).

Ganon, 51, married with five children and ten grandchildren, resides in Safed. He previously transitioned from religious studies to business, starting with real estate in Safed after exposure to American Haredi businessmen during the Second Lebanon War. His business interests now include real estate and retail.

He also holds a 50% stake in the Zol Stock chain, acquired last year. Ganon has ambitious plans to transform ACE into an "Israeli Costco" and aims to double its number of branches to 50. If his vision is realized, the combined retail operations could encompass around 155 branches with an annual turnover of approximately NIS 1.7 billion ($460 million).

Ganon sees Safed as a developing hub for the Haredi community and is involved in construction projects there. This move into managing large, established retail chains marks a new chapter for him, expanding beyond his previous focus on real estate and smaller retail networks.