Ronen Ganon Acquires Control of Israeli Retail Chains Ace, Auto Depot, and Beitili

Ronen Ganon, co-owner of the discount store chain Zol Stock, is taking control of Multi Retail Group, a publicly traded company that owns the Israeli retail chains Ace, Auto Depot, and Beitili. The deal, announced overnight, involves Ganon purchasing 72.3% of the shares from the controlling private equity fund Kedma and Multi Retail's CEO, Itzik Ozna, for 173.5 million shekels. This represents a 60% premium over the stock's market price.

Multi Retail Group operates in three retail sectors: home and vehicle improvement through Ace, Auto Depot, and Check Up stores nationwide; home design and furniture via Beitili and Urban brands; and an online platform, Ace Online, for home and vehicle products. The company’s market value had dropped 47% over the past year to 150 million shekels, but this transaction values it at 240 million shekels.

Ganon already holds 50% of Zol Stock stores and has real estate interests. Kedma, managed by partners Uri Einan, Gilad Halevi, and Gilad Shavit, is one of Israel’s largest and most successful private equity funds. Upon deal completion, Einan, Tal Grara, and Shavit will resign from Multi Retail’s board, and Ganon will appoint three new directors.

The acquisition is subject to approval by the Israeli Antitrust Authority and the global Ace brand within 90 days, with a possible extension. This move marks a significant consolidation in Israel’s retail sector, particularly in home and automotive improvement markets.