Mid Europa will emerge as the majority shareholder with MCI and the two founding shareholders of Pigu and HHG retaining significant stakes in the combined Group. The transaction, which is subject to antitrust approval, is expected to complete in Q2 2021.
With several million registered customers across four countries, over 2,000 merchants onboarded on Pigu’s proprietary marketplace platform over the last year, as well as a unique portfolio of online shopping destinations such as pigu.lt, kaup24.ee, hansapost.ee, 220.lv, xnet.lv, and hobbyhall.fi, the combined Group is expected to lead the development of the region’s rapidly growing digital economy by offering the best-in-class value proposition and online shopping experience for its customers and merchants alike.
Maciej Kowalski, Senior Partner MCI said: “It was our first investment in the Baltic countries, completed with a big success. We admire the diligence and ingenuity of Pigu team that became the undisputed leader of e-commerce sector in the region. We perceive the Baltic countries as one the most interesting areas for investment in Central and Eastern Europe.”
Kerim Turkmen, Partner of Mid Europa, said: “The acquisition of Pigu and HHG demonstrates Mid Europa's continued focus on supporting established e-commerce leaders in the CEE region. The combined Group follows a similar path of accelerating investment into innovation and customer experience, and we believe it will mark a new chapter in the development of e-commerce in the Baltic region.”
Dainius Liulys, Co-Founder and CEO of Pigu, who will serve as CEO of the combined Group, said: “The combination of Pigu and HHG creates a true regional leader and represents a unique opportunity for us to accelerate e-commerce growth in the Baltics and Finland. We are putting together two incredibly talented teams and expect to leverage our joint fulfilment and technology infrastructure as well as highly complementary product selection to further improve the online shopping experience for our customers. I am glad to have such an experienced and strong partner as Mid Europa and look forward to lead the combined Group through its next phase of growth.”
