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Viva Wine Group has reached an agreement to acquire Norway’s Target Wines for a deal worth roughly Nkr43m ($4.2m).

The Swedish group is set to strike the deal through its subsidiary Norwegian Beverage Group towards the end of the opening quarter of its fiscal 2024.

Target Wines, with its subsidiaries Aanes Wines, Vini Porto and Domaine Wines, is “expected to contribute an EBITA of Nkr6-7m and a turnover of Nkr18-20m in 2024”, according to Viva Wine Group. The Norwegian company produces brands such as Giovanni Barcelli and Marco Pontarelli.

Elin Ellan, CEO of Target Wines, said: “We are happy to see that the biggest wine group in the Nordic countries have found interest in our companies and brands. It’s comforting to know that the brands we have spent much time and energy in developing now are in the skilful hands of the most professional player in the Nordics. We wholeheartedly believe that the brands developed by us will continue their growth with Viva Wine Group.”

CEO at Viva Wine Group Emil Sallnäs said that the acquisition of Target Wines is “in line with Viva’s strategy to continue growing our Nordic business and Target Wines and their market leading portfolio of own brands is a perfect fit to our existing business”.

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“It will nicely supplement our already strong consumer offering and helping propel our successful growth journey even further,” he added.

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In November, Viva Wine Group merged two of its Swedish subsidiaries to create an importer-distributor called Morningstar Brands. Two Stockholm-based alcohol importers – Chris Wine and Spirits and Winemarket Nordic – were combined from the start of the month.

In its third-quarter results last year, Viva Wine Group’s net sales increased 5.6% to Skr952m ($91.4m). Organic growth increased 4.5%, while adjusted EBITA decreased 11.1% to Skr77m. Operating profit decreased 60.8% to Skr45m.