ELKO Group Invests in Joint Venture with TT Micro to Grow Business in the Nordics
Swedish broadliner Gandalf Distribution AB, part of ELKO Group, forms a joint venture with the Norway-based distributor TT Micro AS. The goal of the joint venture is to pool the resources of the two companies and adding ELKO Group expertise to further drive success in the Nordic market of the brands distributed. Gandalf Distribution AB, part of ELKO Group will invest in TT Micro AS and thus deepen the cooperation.
“Gandalf's main asset has always been our people so we are looking forward very much to be able to join forces with the skilful and talented team of TT Micro and learn from each other”, said David Nicander, CEO at Gandalf.
Established in Oslo, Norway in 2001, TT Micro AS is a leading distributor and retail channel supporter for consumer products, creator of popular brands like Pinell and Tiny Audio as well as volume distribution of cell phone accessory giant Cellularline among other brands. “The joint venture is the optimal way forward for us to be able to provide even better service to the resellers with focused expertise and a close to market approach”, added Ole Morten Skymoen, CEO at TT Micro.
Gandalf Distribution AB is a leading IT and consumer electronics product distributor in the Nordics and it has been a part of ELKO Group since 2017. Since joining ELKO, Gandalf expanded its business in the Nordic area with fast organic turnover growth adding a part to the ELKO Group’s turnover exceeding €1.7B in 2020. “The exciting joint venture with TT Micro will be the perfect stepping stone for ELKO to further grow business in the Nordics”, concluded Johan Cheng Falkström, Sales and Marketing Director at Gandalf.