Haredi Entrepreneur Ronen Ganon Acquires Control of Multi Retail Group Including ACE Chain

Ronen Ganon, a Haredi entrepreneur and businessman, has signed an agreement to acquire 72.3% of Multi Retail Group's shares from the Kadima Fund for approximately 173 million shekels, valuing the company at around 238 million shekels. The deal, pending approval from the Israeli Antitrust Authority, includes purchasing about 70% of shares from Kadima and an additional 2.3% held by CEO Itzik Ohana, leaving 27.3% of the company publicly traded.

Multi Retail Group owns several leading retail brands in Israel, including the ACE hardware chain, Autodepo, Beitili, and Urban, with a strong presence in DIY, home, automotive, and furniture sectors. The company operates numerous stores nationwide and maintains a significant online business. Over the past year, Multi Retail Group reported profits of about 12 million shekels and is on a positive business trajectory.

For Ganon's group, which already holds 50% of the "Zol Stock" chain alongside partners Adir, Nono, and Sahar Kochavi, this acquisition marks a major step into controlling a public retail platform with established trade, logistics, and digital infrastructure. Ganon plans to enhance existing operations, expand imports, improve trade terms, and strengthen data and online systems. There is also consideration for a future merger between Multi Retail and Zol Stock, potentially creating a retail empire with combined revenues of approximately 1.7 billion shekels and around 155 stores across Israel.

Dudu Saban, a key figure in the acquisition and responsible for retail enhancement in Ganon's group, will join Multi Retail's management to lead growth initiatives. Ganon emphasized that the acquisition is a starting point to build a more efficient, growing, and competitive business that offers better value to Israeli consumers.