Ganon Group Acquires Controlling Stake in Multi Retail Group for NIS 173 Million

Israeli businessman Ronen Ganon, head of the Ganon Group and co-owner of the Zol Stock retail chain, has signed an agreement to acquire a controlling stake in the publicly traded Multi Retail Group from the Kadima Fund. Multi Retail owns several brands including ACE, Autodepo, Betili, and Urban, with a nationwide presence and online operations. The deal involves purchasing 70% of the shares held by Kadima and an additional 2.3% from CEO Itzik Ohana, giving Ganon Group a total of 72.3% ownership, while the remaining 27.7% will remain publicly held. The transaction was valued at NIS 173 million, implying a company valuation of approximately NIS 238 million. Completion is subject to approval by the Israeli Antitrust Authority.

Multi Retail reported profits of NIS 12 million over the past year. For Ganon Group, this acquisition marks entry into a public retail platform with established brands, a broad customer base, and strong commercial, digital, and logistical infrastructure. Currently, Ganon owns 50% of Zol Stock alongside partners Adir and Nono (30%) and Sahar Kochavi (20%). Ganon’s experience in growing Zol Stock’s retail, procurement, import, logistics, and inventory management operations will be leveraged to enhance Multi Retail’s performance.

Dov Saban, a Ganon Group representative responsible for retail operations improvement, facilitated the deal and is expected to join Multi Retail’s management post-completion to support growth. The Ganon Group plans to focus on improving Multi Retail’s existing operations by expanding direct imports, enhancing trade terms and procurement, strengthening online and data capabilities, and optimizing inventory management. There is also consideration of merging Multi Retail with Zol Stock, potentially creating a retail group with combined revenues of about NIS 1.7 billion and approximately 155 stores nationwide. This merged entity would operate across stock, DIY, home, automotive, furniture, and online sectors.

Ronen Ganon stated, "This deal is a starting point. Multi Retail brings strong, well-known brands, significant reach, and a platform with great potential. Together with my partners, we bring years of experience in retail, trade, import, and logistics. Our goal is to build a more efficient, growing, and competitive operation that offers Israeli consumers better value. After completion, we will explore opportunities to integrate our activities and create additional value."