Tarmo Laanetu, one of the owners of Confido parent company KT Holding, said that while the group has been growing briskly, Confido remains in the active growth phase and needs an investor with a strong financial background.

Linnamäe said that he has been keeping an eye on Confido's development. "My joining the circle of owners makes it possible to fuel the company's ambitious plans," the businessman said.

Once the deal goes through, Linnamäe will own 70 percent, Laanetu 20 percent and Kadi Lambot 9 percent of the company.

The consolidated sales revenue of Confido Healthcare Group in 2021 came to €24.22 million and EBITDA to €957,000.

70 percent of Confido's recent majority stakeholder KT Holding belongs to Swedish company Pharmaswed AB owned by Tarmo Laanetu and Swedish businessman Oskar Svensson who has not been prominent in Estonia. Questions as to Svensson's true role in the pharmaceuticals wholesale business that is ruled by companies owned by Margus Linnamäe have been asked in the press before.

In June, Risto Laur, head of Südameapteek franchise holder Pharma Holding OÜ, bought the chain from KT Holding that saw Svensson leave the circle of owners.

MM Grupp, owned in majority by Margus Linnamäe, also owns pharmaceuticals wholesaler Magnum and the Apotheka pharmacies trademark, in addition to around 180 legal entities, including the Pet City animal goods stores and clinic, Postimees Grupp with its TV networks, Apollo movie theaters and bookstores, several restaurant chains and Apple retailers IM Arvutid and Valge klaar.

--

Follow ERR News on Facebook and Twitter and never miss an update!