EE: Charlot enters Lithuanian market through acquisition.

By bne IntelliNews October 15, 2010
Estonian office supplies retailer Charlot entered Lithuanian market through acquisition of Lithuanian company Office Guru. Other Lithuanian competitors do not expect significant market redistribution, Lithuanian business daily Verslo Zinios reports. The value of the deal is not disclosed, while Charlot acquired 51% of the shares in Office Guru from investment company Investera. Kuno Pindmaa, CEO and owner of Charlot, indicated that expansion to Lithuania is part of the company's three year plan. Office Guru revenues stood at LTL 4.0mn (EUR 1.2mn) in 2009, and the company is dealer of US company Office Depot in Lithuania.

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