• CMS Distribution now addresses customers in Scandinavia through partnership with Swedish distributor
December 6th, London – CMS Distribution Ltd, the value added distributor has built on its partnership with Scandinavian distributor Newgen Distribution AB by acquiring a majority stake in the business.
Newgen’s founder shareholders Axel Diurson and Max Ellberg will stay on with the business as joint managing directors, and retain the remaining share capital.
Newgen supplies key retailers in the region with a range of products. Sales in 2016 are expected to exceed SEK 130 million (£11.3m) up 100% on the previous year.
CMS Distribution acquired a minority stake in Newgen as part of its acquisition of fellow distributor Widget earlier this year. That stake has now been increased to over 50%, making Newgen a subsidiary of CMS Distribution Ltd.
Frank Salmon, CEO of CMS Distribution said “We are delighted to increase our involvement with the Scandinavian markets. CMS wants to become a significant player in continental Europe, opening up more opportunities for our suppliers and offering the benefits of scale to our customers.”
Newgen will be managed separately from CMS Distribution BV, the group’s 100% owned subsidiary in continental Europe, which is based in Eindhoven, Netherlands.