Ganon Group Acquires Multi Retail for $173 Million, Plans Integration

Ganon Group has officially taken control of Multi Retail Group, the parent company of well-known brands such as ACE, Autodif, Beithili, and Urban, following approval from the Competition Authority. The acquisition, finalized in August for NIS 173 million (approximately $47 million USD), gives Ganon Group a 72.3% stake in Multi Retail, which was valued at around NIS 238 million (approximately $65 million USD). Ganon Group purchased shares from the Kedma fund and CEO Itzik Ohana, with the remaining shares held by the public.

Behind the scenes, Ganon Group is already evaluating changes to Multi Retail's operations, including procurement, import strategies, and inventory management. These adjustments could eventually impact consumers through shifts in product selection, availability, and pricing, though the exact effects remain uncertain at this early stage.

The deal significantly expands Ganon Group's retail footprint, led by Ronen Ganon, a co-owner of Zol Stock. A potential future integration between Multi Retail's brands and Zol Stock is being considered. If realized, this combined entity would operate across diverse sectors including discount retail, DIY, home goods, automotive, furniture, and online sales.

This integration could create a retail powerhouse with an estimated annual revenue of NIS 1.7 billion (approximately $460 million USD) and a network of around 155 stores nationwide. However, Ganon Group emphasizes that no decision has been made regarding the integration of operations or brands, and it is too early to predict the tangible impact on consumers in terms of product offerings or prices.