Glimstedt has advised DistIT AB on its EUR 1.2 million acquisition of an 80% stake in Sominis Technology UAB, a Vilnius-based distributor of PC, laptop, smartphone, and tablet accessories. Closing of the deal is contingent on various conditions, including approval from Lithuania's competition authority. Deloitte advised the sellers on the deal.
Sominis's founder and CEO Mindaugas Apanavicius will retain 20% of the company's shares and remain as CEO for the next four years. Apanavicius commented that: "We have an ambitious expansion plan for the coming years and believe that DistIT’s infrastructure, skills and knowledge in the IT distribution business will help us to develop Sominis as a strong partner for our customers and suppliers,"
According to Glimstedt, "Sominis Technology is basically engaged in selling products to other dealers on the European B2B market. It also sells consumer electronics products to a number of leading retail chains in the Baltic States, though on a smaller scale. Sominis Technology will operate as an independent sister company to DistIT’s other subsidiaries, such as Aurora, SweDeltaco and Septon, to ensure synergy and coordination between them, including coordination of decisions regarding assortment and logistics."
"Approximately 80% of Sominis Technology’s sales are in Europe, and we believe that the potential for growth is good," said Siamak Alian, CEO of DistIT. "Sominis Technology’s products complement DistIT’s offer, and Sominis will maintain the organization's profile and name in line with DistIT’s mission.”
The Glimstedt team was led by Senior Associate Karolina Baronaite-Birmonte.
Deloitte did not reply to our inquiry on the matter.