Ronen Ganon's Zol Stock Group Acquires Control of Multi Retail Group, Eyes Major Merger

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 Kadma Fund. The deal, valued at approximately 173 million shekels, involves purchasing 72.3% of the company’s shares, including those held by CEO Itzik Ohana. The transaction values Multi Retail Group at about 238 million shekels and awaits approval from the Israeli Antitrust Authority.

Multi Retail Group owns several well-known Israeli retail brands, including the discount and DIY giant ACE, the automotive chain Autodepo, and furniture brands Beitili and Urban. The company operates an extensive online commerce division and maintains a broad network of physical stores nationwide. Over the past year, Multi Retail Group reported a notable profit of around 12 million shekels and has shown steady positive growth.

For Ganon, who currently holds a 50% stake in Zol Stock alongside partners Adir Nunno and Sahar Kochavi, this acquisition marks a significant expansion into a large public retail platform. He plans to leverage his expertise in import, logistics, and inventory management to enhance the newly acquired brands. The next strategic step under consideration is a full merger between Multi Retail Group and Zol Stock, potentially creating a retail conglomerate with annual revenues of approximately 1.7 billion shekels.

Dudu Saban, a key figure in the Ganon Group responsible for retail operations improvement, played a central role in facilitating the deal and is expected to join Multi Retail Group’s management post-acquisition to drive growth and operational enhancements. The group emphasizes that their primary goal is to build a more efficient, growing, and competitive retail operation benefiting Israeli consumers.