Haredi Entrepreneur Ronen Ganon Acquires Control of Israeli Retail Group Multi Retail

Haredi businessman Ronen Ganon, owner of the discount chain Zol Stock, has signed an agreement to acquire a controlling 72.3% stake in the publicly traded Multi Retail Group for 173 million shekels, based on a company valuation of approximately 238 million shekels. The deal, which includes brands such as ACE, Urban, Beitili, and Autodepo, is subject to approval by the Israeli Antitrust Authority.

Ganon purchased 70% of the shares from the Kadima fund and an additional 2.3% from CEO Itzik Ohana, leaving 27.3% of the company publicly held. Multi Retail operates a broad retail network across home, automotive, and furniture sectors, with significant online presence and nationwide coverage. The company reported a profit of 12 million shekels in the past year and is on a positive growth trajectory.

Currently holding 50% of Zol Stock alongside partners Adir and Nono (30%) and Sahar Kochavi (20%), Ganon plans to leverage his experience in retail, import, logistics, and inventory management to enhance Multi Retail’s operations. Post-acquisition, the group aims to improve direct imports, trading terms, online activity, data utilization, and inventory management.

There is also consideration of merging Multi Retail with Zol Stock, which could create a retail conglomerate with combined revenues of about 1.7 billion shekels and approximately 155 stores nationwide. David Saban, a key figure in the acquisition process and responsible for retail enhancement in Ganon’s group, is expected to join Multi Retail’s management to support growth and operational improvements.

Ronen Ganon described the acquisition as a starting point to build a more efficient, growing, and competitive retail operation that offers better value to Israeli consumers. The transaction marks a significant move in Israel’s retail sector, combining established brands with a strong retail infrastructure and digital capabilities.