TALLINN - Estonian holding company MM Grupp is selling its shareholding in Biomarket, a retailer and wholesaler of eco-products.
MM Grupp's stake will be bought by another shareholder of Biomarket, Priit Mikelsaar, and the value of the transactions will not be disclosed.
Member of the management board of MM Grupp Kristel Volver said that the owners have been contributing to the development of the business in recent years and they are pleased that Biomarket has grown into the largest retail chain of eco-products in Estonia.
"The group's investment focus for the near future is on expanding its core businesses and, thus, it seemed like the right time to exit Biomarket. We wish Priit and his team success in the continued growth of Biomarket," Volver added.
"Biomarket has undergone a significant developmental leap with the help of MM Grupp and I am grateful that I was offered the opportunity to buy their stake in the business," Mikelsaar said.
MM Grupp, which was called UP Invest at the time, entered the business of Biomarket as an investor in summer 2018.
The Biomarket retail and wholesale chain of eco-products consists of 10 stores.