OP Corporate Bank and Luminor Bank refinance ELKO Grupa’s growth in the Nordic markets
ELKO Grupa continues to pursue its growth strategy, with acquisitions and expansion in the Nordic markets playing a significant role. To partially refinance previous investments and provide the financial flexibility needed for further development, OP Corporate Bank and Luminor Bank have jointly provided ELKO Grupa with long-term financing of EUR 6.3 million.
The financing is related to ELKO Grupa’s previous investments in the Finnish and Swedish markets. Through its subsidiary Gandalf Distribution AB, ELKO Grupa acquired a 78.95% stake in Renewed AB, a Swedish electronics circularity and refurbished devices company, in March 2025. In January 2026, it acquired a 60% stake in Bat.Power Oy, a Finnish importer and wholesaler of consumer electronics.
“ELKO Grupa’s development strategy is based on two interconnected goals: growth and efficiency. Mergers and acquisitions (M&A) are one of the most important tools for achieving these goals, as they enable us to strengthen our market position more quickly, leverage the expertise of local companies and expand our offering to customers. We are currently focusing particularly on the Nordic markets, where we see both growth potential and opportunities to create synergies with our existing business. At the same time, we continue to evaluate several opportunities in other markets, and our priority is to identify transactions that strengthen the Group’s competitiveness and create added value in the long term,” says Svens Dinsdorfs, Director of ELKO Grupa.
Bat.Power Oy operates in the import and distribution of consumer electronics, offering products including televisions, mobile accessories and small household appliances. The company serves Finnish retailers, professional customers and the public sector. Renewed AB, meanwhile, operates in the electronics circularity and refurbishment segment, offering refurbished smartphones, tablets, smartwatches, laptops and accessories. This segment complements ELKO Grupa’s traditional distribution business by enabling the company to tap into the potential of electronics reuse and respond to growing demand for more sustainable technology solutions.
“ELKO Grupa is one of the Latvian companies successfully expanding its operations internationally, and these investments demonstrate the company’s ambition to continue growing in the Nordic markets. We are pleased to expand our cooperation with a long-standing customer and support its development in the promising and rapidly growing refurbished electronics segment. The financing will provide the company with the flexibility it needs both to carry out investments and to support further business growth,” says Elmārs Prikšāns, General Manager of OP Corporate Bank plc Latvian Branch.
To partially refinance the investments made to expand its operations, OP Corporate Bank and Luminor Bank have each provided ELKO Grupa with a long-term loan of EUR 3.15 million.
In addition to the long-term financing, OP Corporate Bank plc has increased ELKO Grupa’s overdraft limit by USD 7.4 million, while Luminor Bank has increased its overdraft limit by EUR 6.5 million.
The additional financing is intended to cover seasonal working capital needs and finance day-to-day operations.
About ELKO Grupa
ELKO Grupa is one of the region’s largest distributors of IT and consumer electronics products and solutions, representing more than 400 manufacturers. The company provides a broad range of products and services to more than 10,000 retailers, local computer manufacturers, system integrators and companies across various industries in 14 European countries.