Penninn acquires Finland’s Tamore

 

9 March 2007 — Helsinki (FIN): Penninn, one of Iceland’s largest office supply companies, has acquired Tamore, a leading contract stationery and office supply distributor in Finland.

 

The previous owner, Moreta Oy, is the holding company of Tamore’s former managing director, Erkki Mattila and his family. Mattila will serve on as an advisor to the new owners.

 

Penninn said it views Tamore as an exciting opportunity to enter the Finnish market and a logical step in the continuing strategic growth of the firm in Scandinavia and the Baltic region, which was initiated in 2006 by Penninn’s acquisition of AN Office, the third largest office supply company in the Baltics.

 

The Tamore deal also brings Penninn and its subsidiaries an added leverage in aspects of procurement and purchasing from international suppliers.

 

Tamore has headquarters and a logistics centre in Vantaa and had a turnover of around €33 million (£43.2 million) in 2006. The company enjoys a strong foothold within major companies and the public sector in Finland, offering all major office supplies brands 6,500 products from 280 suppliers.

 

Tamore also has its own private label, Talex, covering all major products and employs around 120 at Tamore, half of them dedicated to sales.

 

Penninn is one of the largest office supply and office furniture company in Iceland, serving the business community and the general public since 1932. Penninn also operates a nationwide chain of bookstores in Iceland under the names Eymundsson and Mal og menning bookstore.