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.
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Energo has revenues of more than & euro; 10 million and over 50 employees. The company is predominantly active in the Construction and Installation market and specialized in the wholesaling of cables.
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Before the acquisitions of Energo and Kolorits, Hagemeyer operated in Latvia through its subsidiary SIA Elektroskandia, which has annual revenues of & euro; 10 million and about 40 employees.
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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.”