“Inter IKEA Group”, which includes Sweden’s “IKEA of Sweden”, has acquired furniture retailer “IKEA” retailers in Baltic States.
The deal includes three full-size “IKEA” stores in Riga, Vilnius and Tallinn, five small customer service locations in the Baltic States, as well as an e-commerce and digital retail development company.
The company does not reveal the price paid for the deal.
“IKEA” manager in Latvia Pēteris Grīnbergs mentioned in an interview to LETA that the change of owners will not change anything in the company’s internal structure, adding that the company will continue its normal development strategy.
“Inter IKEA Group” Retail Concept Manager Dennis Balslev mentioned in an interview to LETA that it was important for “Inter IKEA Group” not to change the current management structure, as it has been successfully working for several years, but there will be changes in the board. “Only the composition of the Board will change in the company. A new board will be appointed to support the current management of the company,” he said.
Information available on “Firmas.lv” shows that “FE Baltic”, registered in the Netherlands, became the sole owner of “IKEA” manager in Latvia “Paul Mason Properties” and real estate manager “Verus Praedium” in December this year.
The company states that the acquisition was carried out by the Dutch “Inter IKEA Retail Holding”, a subsidiary of the Dutch “Inter IKEA Systems”. “Inter IKEA Systems” is an IKEA franchisor and owner of the IKEA brand.
Inter “IKEA Group” also includes Sweden ‘s “IKEA of Sweden”, “IKEA Supply AG” and other related companies. “Inter IKEA Holding” is a holding company of the “Inter IKEA Group”.
Jon Abrahamsson Ring, CEO of Inter IKEA Group, notes that the acquisition of IKEA retail companies in the Baltic States will help the company to further develop the company’s concept and strengthen the franchise system.
“Over the course of twelve years, we have expanded into markets and currently have eight customer service locations under our control and are preparing a ninth – IKEA small store. The acquisition will open up even more new opportunities for us to strengthen the brand and concept, as well as to further promote joint growth and provide added value to customers in the Baltic States,” says Inga Filipova, Head of Retail at IKEA in the Baltic States.
“IKEA” was founded in 1943.