Icelandic consortium acquires radio/TV and electronics chain Merlin

(2005.09.19)

An Icelandic consortium comprising investment company Árdegi, Milestone Investment Company and Baugur Group has acquired Merlin, a radio/TV and electronics chain in Denmark, from FDB

An Icelandic consortium comprising investment company Árdegi, Milestone Investment Company and Baugur Group has acquired Merlin, a radio/TV and electronics chain in Denmark, from FDB, the Co-operative Retail and Wholesale Society of Denmark for an undisclosed sum. Baugur Group has previously acquired the Danish department stores Illum and Magasin as well as a stake in the Danish property investment company Keops.

Paul Mollerup, managing director of FDB says the wholesale society has known for a while that it was not the right owner of Merlin and that FDB is pleased to present a buyer with retail experience from the same industry "who wants to develop the stores and create better future prospects for the staff."

The Icelandic consortium plans to reduce Merlin's costs by reorganising logistics and distribution. The aim is to expand the chain. Sverrir Berg Steinarsson, the owner of Árdegi says he believes more customers can be attracted to Merlin by creating better stores with a higher level of service and improved offers. The news is reported by national daily newspaper Berlingske Tidende and on the FDB website.

Merlin, which is headquartered in Odense, has 48 stores and employs 700 people. The chain specialises in 5 product areas: photo, radio/TV, computers, communication and software. In 1996, Merlin established the Electronic World store chain, the first consumer electronics megastore in Denmark. In August this year, Electronic World was sold to Elgiganten as reported by Invest in Denmark news.

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last updated: 2005.09.18