Managing (holding) company ERMI Group acquired 100 percent share control of Estonian company Bauhof Group from MyInvest Estonia. This has completed the purchase transaction as well as granted all rights to control this company according to previously signed agreement.
After the purchase transaction was completed, a network of decoration, garden goods and construction materials stores Ermitažas operating in Lithuania, has finally merged with analogous and largest trade network in Estonia Bauhof, thus becoming the third largest DIY sector store network in Baltic States.
It is reported that Bauhof Group purchase has been financed by equity capital of ERMI Group and loans of company Vilniaus prekyba. It is planned that in order to continue the formation of ERMI Group, it will acquire UAB Ermitažas shares from Vilniaus prekyba this year. To implement the plans of further ERMI Group development in Baltic States, it was decided to increase the authorised capital of the company that reached €10.5 million.
The representatives of previous shareholder MyInvest Estonia retired from the Supervisory Board and Board of the Bauhof Group company; General Director of ERMI Group Marijus Kriščiūnas, Director of Commerce Agnė Voverė, Director of Finance Birutė Fokienė have been elected as members of the Supervisory Board of Bauhof Group and members of the Board remained the same: Company Director Irina Raudsepp, Sales Director Enn Lamp and Director of Finance Indrek Veevo.
“Integration of Ermitažas and Bauhof Group is definitely a positive shift in DIY company sector of Baltic States. It will benefit the customers as it will further expand our range, provide more favourable conditions for the purchase of products and share the experience between companies in satisfying the needs of customers,” said Marijus Kriščiūnas, General Director of the managing company ERMI Group.
According to M. Kriščiūnas, Bauhof Group has been a leader in Estonian sector of decoration, garden goods and construction materials. Last year it became the largest DIY trade network in Estonia in terms of turnover. In addition, both Bauhof Group and Ermitažas are well known suppliers of construction companies and masters expanding the field of wholesale trade in parallel. That allows to increase sales volume stable and purposefully. Both companies also develop e-commerce services. Popularity of their e-shops www.ermitazas.lt and www.bauhof.ee grows constantly.
In M. Kriščiūnas opinion, it is also pleasing that the employees of the newly merged Lithuanian and Estonian companies are very positive about the transaction. They accept this challenge as possibility to improve, work and pursue a career in an international company, as well as use positive experience of both countries.