Kesko to buy Swedish solar systems wholesaler Zenitec

Finnish retail group Kesko (HEL:KESKOA) has agreed to acquire solar power systems wholesaler Zenitec Sweden Ab to strengthen its position in the building and technical trade market in Northern Europe.

Kesko is carrying out the deal through its subsidiary Onninen. The value of the investment remained undisclosed.

Zenitec Sweden offers solar power systems to technical wholesale customers. The business, which has 20 employees, booked sales of about EUR 13 million (USD 13.9m) in 2022.

"The acquisition expands our role in the renewables market in Sweden and further strengthens Onninen’s role in advancing the green transition,” said Jorma Rauhala, president of Kesko’s building and technical trade division.

Onninen serves technical wholesale business customers, offering heating, plumbing and air conditioning (HEPAC), electrical, refrigeration and energy products. It has around 130 Onninen Express stores and Onninen points of sale across Europe.

(EUR 1 = USD 1.070)

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