7/5/2007 8:00 AM Ahlsell acquires market leading Latvian distributor of electric installation products
Ahlsell has signed an agreement to acquire SIA Profs, the largest distributor of electric installation products in Latvia. SIA Profs is also active in the Heating & Plumbing and Tools & Machinery segments. The company has 180 employees and an annual turnover of approximately SEK 450 million.
"Ahlsell is establishing operations in Latvia through a strategic acquisition of the largest Latvian distributor of electric installation products. Profs is a rapidly growing company, active in product areas well suited for Ahlsell's product range. Establishing the Group in Latvia has been a part of our overall strategy for a while. Accomplishing this goal through acquiring the largest trade company in the sector is gratifying and opens for further expansion opportunities" says Göran Näsholm, CEO and President of Ahlsell.
Girts Vilcins, current Managing Director and co-owner, will remain in his current position.
The acquisition is subject to an approval from the Latvian Competition Authority before closing.
For further information, please contact Göran Näsholm, President and CEO, on +46 708 23 71 00 or Camilla Weiner, CIO, on +46 734 04 70 62
.Ahlsell is the largest trading company within installation products, tools and machinery in Scandinavia, the Baltic States and Russia. Ahlsell offers professional users a wide range of goods and peripheral services within the product segments of Heating & Plumbing, Electricity, Tools & Machinery, Construction, Refrigeration and DIY (Do-it-yourself). The Group has an annual turnover of about 2.5 billion Euro and some 5,000 employees.