Ace, or in its new name, Multi-Rail: competition commissioner approved its acquisition of the retail furniture chains Beitili, Urban and IDDesign

Ace, or in its new name, Multi-Rail - which owns the Ace, Auto Depot and Ace Electric chains - announced that the competition commissioner, Michal Cohen, has approved its acquisition of the retail furniture chains Beitili, Urban and IDDesign. In doing so, the Commissioner is giving its hand to further merging that will reduce the existing competition in the furniture products.
Multi-Rail will pay the seller of Iko Designs (a subsidiary of Carmel Holdings, which is owned by the Eitani family) about NIS 100 million, and apart from the chains, it will own the furniture factory that serves the activity.
Multi-Rail, led by CEO Itzik Ozana, operates in the field of home design and maintenance, and also sells furniture and electrical appliances for the home and car products. The chain employs about 1,000 employees and operates 32 stores. They will be joined by 32 branches of the furniture, housewares and lighting chains (11 Beitili branches , 17 Urban branches and 4 ID Design branches) and the chains' websites.
Most of the amount, NIS 90 million, will pass after the due diligence is completed, upon completion of the transaction. The company estimated that it would not be required to make any significant additional investments beyond the purchase amount.
The controlling owner of the Multi-Rail Group is Keren Kedma, which holds approximately 64% of the company's capital. 3% of the shares are held by CEO Ozana, 17% are held by the institutional and the rest (16%) are held by the public.