27 June 2006 — Reykjavik (IS): Iceland’s Penninn has acquired Aigas Nams, Latvia’s largest office supply company, along with its subsidiaries in Lithuania and Estonia.
The acquired company will now be one of the largest office supply companies in the Baltic region and will operate under the corporate name AN Office.
Key executives of Aigas Nams, CEO Girts Timinieks and Sales Director Andrejs Sivaks, were partners in the acquisition and will continue in their positions. The Icelandic investors believe the take-over will deliver "robust growth" as well as providing a start-up presence in the Nordic market.
The deal also means increased leverage for both Penninn and AN Office in procurement and purchasing, as well as extended offers for current and potential customers in new product lines.
AN Office is among the top three office suppliers in the Baltic region. The company has high brand recognition and a strong corporate customer base in Estonia, Latvia and Lithuania. AN Office has built up a wide procurement network, consisting of more than 150 suppliers all over Europe.
More than one third of AN Office’s sales are derived from the company’s on-line sales channel, working hand in hand with the stores, direct sales and a strong distribution network, in the Baltic countries.
Penninn is one of the largest office supply and office furniture companies in Iceland, serving the business community and the general public since 1932.
