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Lithuanian Ermi Group acquires 100 per cent of Ermitažas

Ermitažas is one of the largest home improvement retail networks in Lithuania.

Ermitažas is one of the largest home improvement retail networks in Lithuania.

The Lithuanian Ermi Group has now acquired 100 per cent of the Ermitažas retail chain. The transaction constitutes a restructuring within the retail group Vilniaus Prekyba, which previously held the shares in Ermitažas and continues to be the sole shareholder in the Ermi Group. The share capital of the Ermi Group has been increased by EUR 25.7 mio to EUR 36.2 mio.

With this complete takeover the Ermi Group has become the operator of one of the biggest DIY store chains in Lithuania. "By forming a strong holding company that is ready for new challenges we meet 2019 with vigour. We plan to strengthen our positions and expand both in Lithuania and abroad," said Marijus Kriščiūnas, CEO of Ermi Group.

Ermitažas is one of the largest trade networks of decorating items, garden goods and construction materials in Lithuania. Its sales revenue reached EUR 85.7 million in 2017, with a net profit of EUR 2.2 million. Ermitažas operates ten stores in Lithuania and has 690 employees. In August 2018 Ermitažas merged with Bauhof, the largest trade network in Estonia, thus becoming the third largest DIY store network in the Baltic states in terms of turnover.

| 2 January 2019


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