Swedish-born Estonian businessman Peter Hunt, who owns the Wendre textile company, has branched out to Finland, buying one of the nation's leading textile manufacturers, Finlayson.
The deal involves factories in Finland and Russia, stores in the Baltics and Russia and the Familon trademark, while the Finlayson shops in Finland will remain in the hands of the previous owner of Finlayson.
Hunt said it will help his textile business cement its position in the region in the production area and enter the retail market.
Hunt brought Estonian bed and mattress manufacturer Tarmel Furniture at the end of May, which he says he will expand. He is the owner of Wendre, one of Europe's largest textile producers, employing more than 1,000 people with factories in Estonia, Poland and China. The company posted turnover of more than 100 million euros last year, exporting to 41 countries and selling to many large stores such as IKEA, Argos, Jysk, Metro and Carrefour.
Hunt also owns a golf course in Pärnu and recently bought the troubled Kuressaare golf course after the city had attempted to sell off the company for the past few years.