The Multi-Retail Group, which owns the ACE and Autodipo chains, announced this morning that the acquisition of the Betili, IDdesign and Urban chains, from the Carmel Holdings Group, has been completed. The total value of the transaction is NIS 100 million. The Multi Retail Group paid approximately NIS 90 million on the date of completion of the transaction, and the balance in the amount of approximately NIS 10 million will be paid after one year from the date of completion.
Itzik Ozana, CEO of the Multi-Retail Group, said: “We will work to continue identifying attractive investment opportunities with a strategy based on a wide range of professional services in the home field. The deal reflects the company’s vision to be a leading player in Israel in the home world, which also includes the furniture market currently estimated in Israel at NIS 7 billion. “
The Beitili, IDdesign and Urban chains are engaged in the production, import and marketing of furniture, housewares and lighting, and together operate 32 branches, a furniture factory and Marlog. NIS and a net profit of 6 million.