Owner of Zol Stock acquires Ace, AutoDepot and Betili from Kedma fund at a 60% premium

Businessman Ronen Ganon is acquiring the 69.9% stake held by the Kedma investment fund in Multi Retail, the company operating the Ace, AutoDepot, Ace Electric, Betili, Urban, and IDdesign chains, for approximately 166 million shekels. The deal reflects a valuation of 238 million shekels for Multi Retail, a 60% premium over its current Tel Aviv Stock Exchange market cap of 149 million shekels.

Ace currently operates 11 DIY branches, 7 AutoDepot branches, and 11 combined locations. Betili, a furniture and home goods chain, manages 16 stores (6 franchised), while Urban operates 10 stores. Ganon, who holds a 50% stake in the discount chain Zol Stock (acquired in September 2025 from Yohananof), may move to merge the operations into a 155-branch chain with a turnover of 1.7 billion shekels.

Beyond retail, Ganon is active in residential and commercial real estate, including the Nofei Bereshit neighborhood in Safed and the Binyamin commercial center in Beit She'an. His portfolio also includes the Shei Market chain, the HaKatzavim butcher chain, and the Eretz HaGalil winery. For Ganon, this acquisition represents a strategic shift toward operating a public company with established logistics and a broad customer base.

Multi Retail reported improved first-quarter results, with revenue rising to 174 million shekels (from 165 million in the same quarter last year) and a net profit of 1.6 million shekels (compared to a 4.9 million shekel loss). The company has reached a break-even point by closing loss-making home design stores and streamlining its logistics operations.