Onninen sold to Kesko
The Onvest Group has sold its electrical wholesale company Onninen to Kesko today at a selling price of EUR 369 m.
Kesko is a trading company in sectors such as construction and DIY materials and made a turnover of EUR 9.07 bn in 2014.
Onninen is a leading electrical wholesaler in Scandinavia and the Baltic region together with Russia, employing approx. 3,000 people, 1,200 of them in Finland. In 2014 Onninen made a turnover of EUR 1.52 bn.
Onninen was founded in 1913 and is now in its fourth generation, so that it was important for the current owners to sell their business to an established Finnish company.
The sale now has to be approved by the anti-cartel authorities, and a conclusion is expected in the 1st half year 2016.
Onninen’s Russian outlet and its steel business as well as its building service ARE are excluded from the sale.
Kesko is hoping the purchase will yield synergies for its own programme, if only because building and renovation is becoming more and more technical and is therefore assigned to professionals.