RIGA - Icelandic office supply company Penninn has bought Aigas Nams, Latvia's largest stationery supplier, and its subsidiaries in Lithuania and Estonia. The price of the transaction was not disclosed.
The Icelandic investors said in a press release this week that they consider AN Office, which operates Aigas Nams, as a significant platform in the Baltics, one that will ensure steep growth in the region and in the Nordic market as well. The deal will also ensure Penninn and AN Office a better position in procurements and purchasing, as well as extended offers for current and potential customers in new product lines, said the statement.
Aigas Nams manager Girts Timinieks and sales director Andrejs Sivaks were partners to this acquisition and will continue at their positions at the company.
Timinieks declined to reveal the sum of the deal but said that the company planned several additional activities 's for example, sales of office furniture, which could be launched in the fall.
He also said that the new shareholders have plans to expand activities in the Scandinavian countries and possibly purchase a company there.
Timinieks said that by mid-August it would be clear whether the company will operate under its current name.
Aigas Nams was founded in 1995. In 2003 it opened a subsidiary, Fopi, in Estonia and in 2004 a subsidiary, AN Office, in Lithuania.
Aigas Nams last year generated 7.8 million lats (11.1 million euros) in sales, which is 13.4 percent more than in 2004, and earned 32,500 lats in profit as opposed to losses in 2004.
