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ELKO enters Nordic region by acquiring Gandalf

Scandinavia: Latvian broadliner ELKO Grupa has reached an agreement to acquire 85% of shares in Swedish broadliner Gandalf Distribution for an undisclosed amount. "ELKO has been looking for geographical expansion opportunities for some time", said Svens Dinsdorfs, CEO ELKO Group. "Gandalf's business model and operational structure is very similar to our own and thus we feel confident about this acquisition. Gandalf’s team is highly motivated and professional and we feel comfortable about the coming integration process and ensuing synergy. By becoming a part of the ELKO Group, Gandalf will be able to significantly expand its product portfolio and benefit from various competence-sharing initiatives."

Gandalf will become a part of the ELKO Group, but for now will continue to operate under the Gandalf brand. David Nicander will continue to work as the CEO and also remain as a minority shareholder of Gandalf Distribution. "Gandalf has for many years successfully grown together with our customers and partners, and today we have taken a new step towards the next level of distribution. I am personally very proud of the opportunity to become part of the ELKO Group, and all the positive opportunities that this gives us at Gandalf to grow and expand our business in the Nordics", says David Nicander, CEO Gandalf.

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