Businessman Ronen Ganon Acquires Control of Multi Retail Group for 174 Million Shekels

Kadma Capital, the controlling shareholder of Multi Retail Group, which operates retail chains including ACE, Beitili, Autodepo, ACE Electric, Urban, and ID Design, along with the company's CEO Itzik Ozana, have agreed to sell their entire holdings to businessman Ronen Ganon. The transaction, valued at approximately 173.5 million shekels, transfers 72.3% of the company's shares and voting rights to Ganon's exclusive ownership. The sale price per share was set at 9.098 shekels, subject to adjustment if a dividend is declared before completion.

Following the deal, a full change in the company's board of directors will occur. Three current directors, Uri Einan, Tal Grara, and Gilad Shavit, will resign upon completion, and the controlling shareholder has committed to support the appointment of three new directors proposed by Ganon. Additionally, the management services agreement between the company and Kadma Capital, in place since 2017, will end at completion without any exit fees or penalties, with all payments up to that point already settled.

The company reported the agreement to the Tel Aviv Stock Exchange and the Israel Securities Authority on Tuesday evening. This ownership change marks a significant shift in control for Multi Retail Group, which oversees several prominent retail brands in Israel.