Veho is a car distributor in Finland, Sweden, Estonia and Lithuania. The company offers passenger cars and commercial vehicles manufactured by the Daimler Group together with a wide range of services, including mobility services. The experience of Veho customers meets the needs and expectations both in the premium car segment and among commercial vehicle users, for whom quality is important. In 2020, Veho’s turnover was 1.1 billion. The company had 2,200 employees. The company was founded in 1939 as the general representative of Mercedes-Benz and has been family-owned ever since.
With this successful transaction, Veho’s position in the Baltic region will be significantly strengthened. Taking into account the development of the industry in Latvia and the high status and popularity of the Mercedes brand, Veho has long considered Domenikss a strong market player with a well-managed customer and brand-oriented structure. This transaction complements Veho’s Silberauto business acquired in 2019 in Estonia and Lithuania.
After the acquisition, Domeniks will continue to operate as a separate company. Its brand and offices will not change yet.
The parties have agreed not to publish the sale price or any further information related to this transaction. The transaction has yet to be approved by competition authorities.
“This acquisition is a logical step in the implementation of our strategy and is an important event for the entire sector in Northern Europe. Veho is growing as a close partner of the world’s leading car manufacturer Daimler in Finland, Sweden and with this acquisition – also in the Baltic States. Together, we can now create unique services for our customers, provide career opportunities for our employees, as well as growth opportunities for our partners, ”emphasizes Juha Ruotsalainen, CEO of Veho.
“In addition to Mercedes-Benz products, Veho aims to offer our customers good, high-quality service and the best service experience in the entire automotive industry. We will adhere to the high standards that Domeniks has implemented in Latvia, ”says Kari Kauniskangass, Chairman of the Board of Veho.
“I decided to sell SIA Domenikss several years ago, and I am glad that the buyer is Veho Group – a long-term partner of Daimler AG in Finland, Sweden and other Baltic countries. I would like to thank my Domenikss team and especially the current board members for concluding this transaction. Both the Veho Group and Domenix were established and have grown as family businesses, united by similar values and operating principles, the desire for excellence in quality and delivery, so our customers and employees will benefit in the long run, ” comments Benita Danilenko, former owner of SIA Domenikss and chairman of the council. ”
Until the Competition Council has approved the transaction, the parties will refrain from further comments.
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