(Monday, January 30, 2006) - B. Gaon Holdings and Shlomo Zbeda today completed their acquisition of ACE Marketing Chains (ACE Israel) and Office Depot Israel. As part of the deal, a company controlled by Zbeda acquired the company that controls ACE Israel and Office Depot Israel. B. Gaon will buy 50% of ACE Israel and Office Depot Israel for $29 million.
B. Gaon chairman Benjamin D. (Benny) Gaon said, "In recent years, the group decided to focus on three main sectors, which today account for more than 95% of its activity and investment: retail trade, financial services, and water infrastructure. B. Gaon has invested in companies in these areas."
Gaon added, "The acquisition of ACE Israel strengthens the company's presence in the retail field, and makes it a leader in this area. The partnership with Zbeda provides a significant advantage and great potential." He further stated that the Gaon-Zbeda group planned to develop and expand the two Israeli chains' business in Israel and overseas, including entering new markets.
ACE Cash Express, Inc. is a leading retailer of financial services.