Emerging markets distributor ELKO has acquired the remaining shares in Sweden-based distributor Gandalf, while promising to expand the business further across the Nordics.
ELKO announced on Thursday that it acquired the remaining 15 per cent of the distributor at the end of August, becoming its sole shareholder.
The acquisition comes as ELKO promises to ramp up its coverage of the Nordics in the next three years.
Gandalf distribution has delivered a revenue CAGR of 19 per cent until Q2 2019, with the Nordics now representing six per cent of ELKO's group sales.
The hardware distributor acquired an initial 85 per cent stake in Gandalf in June 2017, marking its first physical presence in the Nordics.
CEO Svens Dinsdorfs claims ELKO has since added new vendors to the Gandalf operation including Intel, Ubiquity, Razer, Kingston, MSI and Microsoft.
"This groundwork has prepared us for the further growth of Gandalf's operations over the following three years, not only in Sweden, but across the Nordic region," he said.
"Accordingly, acquiring 15 per cent of shares and achieving full operational integration is a logical and easy decision to make. Gandalf's team has proven to be highly motivated and professional - we are looking forward to many more opportunities, achievements and mutual growth."
Gandalf continued operating under its own brand after ELKO acquired a stake in 2017. However, ELKO claims "further integration will take place in the near future" as it becomes the sole owner.
The move marks ELKO's second acquisition of 2019 after buying up $300m-turnover white goods player Absolut in Russia. It has since centralised its inventory in Russia into Absolut's facility.
Founded in Riga, Latvia, ELKO has 17 offices across mainly central and eastern Europe, but operates in 30 countries.
Some say performance, others say money but it may be systems and processes that carry the day
Vendor said to be pondering move to bolster consumer unit, with PE firms also in the frame
Top European VAR Cegeka expands its Dynamic 365 business, four months after being awarded Microsoft elite membership
Channel bosses open up on why Nordic end users are willing to spend a premium, why the public sector is king, and the successes and failures of public cloud in a privacy-focused region