Private equity firm Kedma Capital has announced the sale of its controlling stake (70%) in Multi Retail (TASE: MRG), which holds the Ace, Auto Depot, and Betili retail chains, at a valuation of NIS 240 million to Ronen Ganon, owner of the discount retail chain Zol Stock. Multi Retail CEO Itzhak Uzana, who has been twelve years in the post, is expected to sell his shares in the company as well, for NIS 5.5 million, so that altogether Ganon will buy 72% of Multi Retail for NIS 173.5 million. In late 2016, Kedma Capital bought the Ace chain (now Multi Retail) from Electra Consumer Products, which made a NIS 95 million gain after buying the chain four years earlier when Ace was under a stay of proceedings.