CMS Distribution acquires majority stake in Newgen

CMS, a Co Mayo-based technology products distribution and manufacturing business owned by Frank Salmon, has acquired a majority stake in Swedish firm Newgen. No financial details of the deal were disclosed.

CMS Distribution acquired a minority stake in the company as part of its acquisition of fellow distributor Widget earlier this year. The trade-only Kiltimagh-headquartered firm said it had upped its stake in Newgen to over 50 per cent.

Newgen supplies key retailers in Scandinavia with a range of products. Company sales in 2016 are expected to exceed €13.3 million, up 100 per cent on the previous year.

The company will continue to be managed separately from CMS Distribution, the group said.

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“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,” said Mr Salmon.

Established in 1988, CMS Distribution is a specialist distributor supplying business and consumer technologies. The company employs over 270 across seven locations in Ireland, the UK, the Netherlands and Sweden, and is forecasting revenues in excess of £300 million(€355m) for 2016.