Penninn strengthens Baltic position


30 April 2007 — Vilnius (LH): Penninn, one of Iceland’s largest office supply companies, has acquired the leading contract stationer in Lithuania, Daily Service.


Daily Service, which had a turnover of €23 million ($31.3 million) in 2006, will become part of the Penninn group with the its company name, internal structure, management and business strategy left unaltered.


Having finalised the deal, representatives of former shareholders and Valentinas Milaknis, chairman of former parent company Alna Group and former Daily Service president, have resigned.


"We consider Daily Service as the company that has achieved excellent results, is fast growing and expanding further," said Thordur Kolbeinsson, the newly elected chairman of the Daily Service management board.


"We value the deal settled with Alna and take it as a huge success as well as a perfect basis for further expansion in Scandinavia and Baltic region, which began in June 2006 when Penninn acquired AN Office in Latvia, the third largest office supply company in the Baltics; and in March 2007, when Penninn aquired Tamore a leading contract stationery and office supply distributor in Finland."


Daily Service comprises ten businesses operating in the Baltics. Founded in 1999, the company originally operated under the international franchise Office 1 and has operated by its current name since 2004, when its expansion focused on B2B.


Company Konferencijø ir audiovizualinës sistemos (Conference and Audiovisual Systems) is also a part of the group.


Last year, Daily Service reached a turnover of €23 million turnover, representing a growth of more than ten percent compared with 2005.


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


The financial details of the transaction were not revealed.