ERMI Group Holding Was Completed to Form
On December 20th ERMI Group acquired 100 percent of the shares of the company Ermitažas from its shareholder Vilniaus Prekyba and fully took over its control. The management structure of the holding company EMRI Group has been finalized and it became the owner and manager of one of the largest 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,” told Marijus Kriščiūnas, CEO of ERMI Group.
The share capital of ERMI Group was increased by EUR 25.7 million to EUR 36.2 million. After the increase of the share capital Vilniaus Prekyba remains the sole shareholder of ERMI Group.
In August this year, ERMI Group acquired Bauhof, the largest chain of decoration, garden goods and construction materials stores in Estonia. Combined, Ermitažas and Bauhof network is the third biggest in the DIY store market in the Baltic States.
“Merging companies into a group provides a lot of valuable experience for our teams and they are happy to work together. We look forward to welcoming our buyers next year with an expanded range of products and attractive promotions,” says M. Kriščiūnas.
Ermitažas (www.ermitazas.lt) is one of the largest trade network of decoration, garden goods and construction materials in Lithuania. Sales revenue of Ermitažas in 2017 has reached EUR 85.7 million with net profit of EUR 2.2 million. Ermitažas owns 10 stores in Lithuania and has 690 employees.