Ronen Ganon takes control: The new discount empire set to include 155 branches in Israel
Starting his career in real estate, Ronen Ganon has moved aggressively into the retail sector in recent years. As the owner of 50% of Zol Stock and founder of the Shai Market chain, Ganon has now signed a deal to acquire control of Multi Retail, marking a major expansion of his business empire.
Until a few years ago, Ronen Ganon's name was not primarily associated with large retail chains in Israel. His business activity focused on income-producing and residential real estate, but in recent years he has expanded his reach into the retail world, orchestrating one of the most prominent deals in the industry.
Ganon, 51, has signed an agreement to acquire control of Multi Retail Group, the company that operates ACE, AutoDepot, Beitili, and Urban. As part of the deal, Ronen Ganon Holdings is set to acquire 72.3% of the company's shares from the Kedma Capital fund and Multi Retail CEO Itzik Ozana for approximately 173.5 million shekels. The deal's completion remains subject to conditions and regulatory approvals, including that of the Competition Commissioner.
This acquisition is the latest milestone in Ganon's retail strategy. His holding group spans real estate, meat production, and retail. One of his most significant investments is his 50% stake in the Zol Stock chain, alongside Adir Vonunu (30%) and Sahar Kochavi (20%).
Entry into Zol Stock served as a key platform for Ganon's expansion. Parallel to this, he established the neighborhood supermarket chain Shai Market. In an interview with ice last year, he explained that the chain's business model focuses on entering the neighborhood market with lower prices by securing properties with relatively low rental costs.
Ganon, who comes from a real estate background, emphasized that property selection is central to his business model, as rental costs directly impact overhead and final consumer prices. At the time, he announced plans to open 15 branches within a year. Shai Market has already opened locations in Hatzor HaGlilit and Givat Ze'ev, with future plans including Jerusalem and Safed.
Ganon's retail expansion has also been driven by business collaborations, including work with the Sapir Group. Partners describe Ganon as a businessman who frequently operates through strategic partnerships.
Acquiring control of Multi Retail places Ganon at the center of one of Israel's most well-known retail groups. If the deal is finalized, the group will explore potential synergies between Multi Retail and Zol Stock. According to company data, the combined operations could reach an annual revenue of approximately 1.7 billion shekels and encompass about 155 stores nationwide.
This move could integrate Zol Stock's activities with brands in the home, automotive, and furniture sectors. The group noted that potential strategies include expanding direct imports, improving purchasing efficiency, strengthening online presence, and optimizing inventory management.
Ganon defined the deal as another stage in the group's development. He noted that Multi Retail brings well-known brands, nationwide coverage, and existing infrastructure, and that the intention post-acquisition is to explore further development and synergies between the various businesses.
