Car market, Estonia, Mergers and take-overs, Transport

International Internet Magazine. Baltic States news & analytics Thursday, 02.07.2020, 15:33

Veho sells Citroen operations in the Baltics

BC, Tallinn, 20.11.2019.Print version
Veho is selling its Estonian subsidiary Veho Eesti AS to Auto-Bon Oy which is part of Bassadone Automotive Nordic -group. The buyer imports Citroën to the Baltics and is a Citroën and Honda retailer in Estonia. The acquisition is a logic step in Veho’s strategy, which focuses on the growth through Mercedes-Benz products in Finland, the Baltics and Sweden.

Veho has signed an agreement with Auto-Bon Oy on selling its Estonian subsidiary Veho Eesti AS. Established in 1939, Veho is a Finnish automotive company that also operates in Sweden and the Baltics. The company was founded as a partner for Mercedes-Benz vehicles – and the brand is still at the core of our operations. Our operations consists of versatile mobility services and transportation solutions ranging from passenger cars to heavy trucks. In 2018, our turnover was EUR 1.2 bn, of which more than a fifth came from Sweden and the Baltics. Our company has been owned by the same family since its founding.

Through its dealership network, Auto-Bon Oy imports, markets and sells Citroën and Peugeot passenger cars and vans, spare parts, accessories and related services to consumers in Finland. Auto-Bon Oy is a subsidiary of Bassadone Automotive Group.

Veho Eesti was founded in 1992. The company imports Citroën passenger and commercial vehicles in Estonia, Latvia and Lithuania, as well as provides retail and service for Citroën in Estonia. In addition, the company retails Honda in Tallinn. In 2018, Veho Estonia had a turnover of EUR 74 mln and 121 employees at the end of the year.

The parties have agreed not to publish the purchase price or other acquisition-related details. The acquisition is subject to approval by competition authorities.

"The acquisitions published during 2019 are a logical step in the implementation of our strategy. This deal makes it possible for us to focus on our Silberauto acquisition in the Baltic countries," says Kenneth Nyman, Director of Baltic Operations.






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