SWEDEN: V&S enters Norwegian market with JV
Vin & Sprit, the Swedish drinks company, has acquired a 50% stake in the Norwegian importer Amundsen AS, through a joint venture that will see the Norwegian operation market and distribute all V&S products in the country.
The Norwegian company, which will keep its name, already handles V&S's Danish portfolio, Danish Distillers. The deal will see Amundsen's turnover almost double and a number of new staff will be recruited to handle the increased size of the business.
Peter Lagerblad, CEO of V&S, said: "We are very happy to concentrate the distribution of all our brands on the Norwegian market with one company which is well established. We will have a very good basis for further expansion in Norway. Through this move the last piece of the puzzle falls into place, and we now have a strong organisation in all the Nordic companies."
Financial details of the deal were not disclosed but the Amundsen family will maintain the other 50% of the business.
Ivar Amundsen, chairman of Amundsen AS, said: "We are very happy to have established this partnership with a professional, long-term industry player with a strong focus on the Nordic market. Both for our existing and our new brands, as well as for our team, this joint venture will provide a solid base for future growth and the strengthening of our market position."
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