Alna Group completed sale transaction of its Daily Service group. The new owner of Daily Service offices‘ supply group is the Penninn, an Icelandic investor, which already owns similar companies in Iceland, Latvia, Estonia, and Finland. The Baltic Investment Fund also sold its portfolio of Daily Service stock.

„We are very proud of the work we completed when establishing Daily Service.  Throughout almost eight years we have created a strong group of companies operating in all three Baltic States.  Currently, Daily Service is the largest office supply network in the region,” - told Mr. Valentinas Milaknis, the Chairman of the Board of Alna Group. According to Mr. Milaknis, the decision to sell Daily Service to a strategic investor is a part of Alna Group’s long-term strategy to concentrate over its core competence and to expand its activities in the fields of information technologies and telecommunications.

Subsequent to the acquisition of Daily Service, the Penninn is not planning any major changes in the group’s structure and operations. The group of companies will operate under the same name and it will be run by the same managers, its strategy and activities will remain unchanged.  Upon completion of the sale transaction ex-shareholders’ representatives along with Mr. V. Milaknis, the President of Daily Service, have resigned from the Board. 

 Daily Service is an effective and rapidly developing company, which has achieved excellent results.  “The agreement we have reached with Alna Group, is considered by us a great success and a good foundation for further work and expansion in the Baltic sea region. Evidently, affiliation to a large international network will be useful to Daily Service clients and employees”, said Mr. Thordur Kolbeinsson, the new Chairman of the Board of Daily Service. The Penninn has offered the best bid and outrivaled several other buyers.  

The parties agreed not to divulge the value of this transaction. The buyer’s financial advisers were Behrens Corporate Finance, whereas Icebank of Iceland financed the deal.

The Penninn was established in 1932 in Iceland. The Penninn started its activities as a producer of office equipment, later it expanded its business in supply services and investment areas.

Daily Service was established in 1999 and in the beginning it operated under Office 1 international franchise.  Daily Service has been operating under current name as of 2004, when it focused its development on business clients’ segment and the company acquired other office supply companies in Latvia and Estonia.  Daily Service also owns a subsidiary Konferencijų ir Audiovizualinės Sistemos (Conferences’ and Audiovisual Systems). Daily Service franchise network unites 10 companies which operate in the Baltic States.

Last year, Daily Service’s turnover totaled LTL 70,5 million, which is over 10 percent more compared to 2005, when the company’s annual turnover reached LTL 63 million.

Alna Group companies operate in Lithuania, Poland, Latvia, and Estonia. Alna Group main companies are as follows, Alna Intelligence (IT consulting and services company), Alna Business Solutions (design and implementation of ERP solutions), Alna Software (customized software solutions provider). Currently, Alna Group employs a team of more than 400 specialists. In 2006, Alna Group’s revenue related to information technology activities totaled LTL 91,4 million.