Ace Global Sells Israeli Franchise to Zol Stock Owners for $46 Million
Translated & summarized from Israel Hayom by baba
Ronen Ganon, owner of the "Zol Stock" chain, has acquired the Israeli franchise rights for Ace Global for NIS 173 million. Ace Global reduced its minimum store requirement to 21, matching the current number of active branches. The new owners plan to expand the brand and may merge Ace's parent company, Multi Retail, with Zol Stock. This potential merger could create a large retail group with significant revenue and store presence.
The story in 5 lines · by baba
- Ronen Ganon's group acquired Ace Israel franchise rights for NIS 173 million.
- Ace Global lowered its minimum store requirement to 21 for the franchise transfer.
- The new owners plan to expand the Ace brand by opening more stores.
- The deal involves acquiring 72.3% of Ace's parent company, Multi Retail.
- A potential merger with Zol Stock could create a NIS 1.7 billion retail group.
Ace Global has approved the transfer of its Israeli franchise rights to a group led by Ronen Ganon, owner of the "Zol Stock" retail chain. The deal, valued at NIS 173 million (approximately $46 million) based on a company valuation of NIS 238 million, marks a significant retail transaction for the year. Ace Global initially required a minimum of 25 stores but reduced this to 21, aligning with the current number of active Ace branches in Israel. The new owners, however, plan to expand the brand by opening additional stores soon.
Ganon's group is acquiring 72.3% of Multi Retail, the parent company that holds the Ace, Autodif, Beithili, and Urban brands. This stake includes 70% from the Kaddma fund and 2.3% from outgoing CEO Itzik Ohana, with the remaining shares staying with the public. Ganon holds a 50% stake in Zol Stock, alongside partners Adir Wano (30%) and Sahar Kochavi (20%).
Future plans may involve merging Multi Retail with Zol Stock, potentially creating a retail group with combined annual revenue of approximately NIS 1.7 billion and around 155 stores nationwide. For Ganon, this acquisition represents entry into controlling a public retail platform with established trade, digital, and logistics infrastructure. The group intends to focus on enhancing existing operations, increasing direct imports, improving trade and purchasing terms, and strengthening its online and data capabilities.
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