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November 7, 2007

Hagemeyer Acquires Another Firm in Latvia

Dutch distributor Hagemeyer has acquired SIA Energo, an electrical distributor in Latvia. The acquisition of Energo, through Hagemeyer’s fully-owned Finnish subsidiary Elektroskandia Oy, follows on the acquisition of Kolorits, announced earlier this week.
 
Energo has revenues of more than €10 million and over 50 employees. The company is predominantly active in the Construction and Installation market and specialized in the wholesaling of cables.
 
Before the acquisitions of Energo and Kolorits, Hagemeyer operated in Latvia through its subsidiary SIA Elektroskandia, which has annual revenues of €10 million and about 40 employees.
 
“We are very happy with the acquisition of Energo,” says Rudi de Becker, CEO of Hagemeyer. “This acquisition, on top of last week’s acquisition of Kolorits, gives us a leading position in the growing electrical wholesale market in Latvia and strengthens our leading position in the Baltic countries.”

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