SGN Group completes the acquisition of the sport retailer Sportia, wants to become a leading player in Swedish sports retail.

SGN Group, a Finnish family business acting as a wholesale holding company, announced it had acquired a 100% stake in the Swedish sports chain Sportringen AB. The transaction, which has the financial details undisclosed, completes the one from December 2014, when SGN Group bought 68% of Team Sportia AB.

SGN Group, founded in 1933 and led by CEO Sam Nieminen, wants to set up a new large sports business group in Sweden, SGN Sporting, comprising around 370 sports stores.

As a result of this transaction, SGN Sport becomes the second largest sports retailers in Sweden with a turnover of approximately EUR 450M.

The new business group will be headed by Claes Meldgaard. He will continue as Managing Director of Team Sportia AB until spring 2018, when Sportringen CEO Lars Palmgrene will also be the CEO of Team Sportia AB. Members of the Board of Directors of Sportringen AB Sandro Arcari, Krister Johnsson and Hans Hedefur , who own half of the shares in Sportringen, will continue in the company's board of directors and management, securing and developing the company's future. These people will continue to work in Team Sportia's board.