For NIS 173 million: Ganun Group takes over ACE, Beitili and more

The Competition Authority approved the Ganun Group's acquisition of control over Multi Retail, which operates the ACE, Autodepo, Beitili, and Urban chains. The deal, valued at NIS 173 million, grants Ganun 72.3% of the company's shares. Consumers may feel changes in purchasing, imports, and product variety, but it is too early to know how these will translate into prices.

The Competition Authority approved the acquisition of control over Multi Retail Group by the Ganun Group, valued at NIS 173 million. The Ganun Group, owned by Ronen Ganun (co-owner of Zol Stock), now holds 72.3% of Multi Retail shares, the public company that operates the ACE, Autodepo, Beitili, and Urban chains. The deal was signed in August at a company valuation of approximately NIS 238 million and included the purchase of shares from Kadma Fund and CEO Itzik Ohana. The remaining shares remain held by the public. The move is expected to lead to changes in the management of the chains, including increased direct imports, improved procurement and trade conditions, inventory management, and strengthening online operations. For the consumer, these changes may later affect product variety, availability, and prices, but it is too early to know how they will actually translate. One of the measures being considered is a future connection between Multi Retail and Zol Stock. If implemented, this would create a retail group operating in stock, DIY, home, automotive, furniture, and online sectors, with a potential revenue of about NIS 1.7 billion and approximately 155 stores. However, at this stage, there is no final decision on connecting the companies.