In a historic move, Danish retail giant Salling Group (owner of Føtex, Bilka, and Netto) has acquired the Baltic grocery chain Rimi. Salling Group will pay ICA Gruppen EUR 1.3 billion (9.7 billion DKK) – the largest deal in the group’s nearly 120-year history. This acquisition marks a strategic expansion into the Baltic region, where Rimi operates 314 stores across Estonia, Latvia, and Lithuania.
Salling Group’s strategy
The deal, pending regulatory approval, grants Salling Group full ownership of Rimi Baltic. With this transaction, the retailer’s portfolio will expand to nearly 2,100 stores across six countries, employing over 68,000 people. Rimi recorded a 2024 revenue of EUR 1.9 billion and a pre-IFRS operating profit of EUR 74 million.
This acquisition is a cornerstone of Salling Group’s Aspire’28 strategy, launched in the fall of 2024. The strategy is designed to build a more robust enterprise with diversified, strong business areas across international markets. By integrating Rimi’s modern stores, advanced e-commerce platform, and efficient distribution centers, Salling Group aims to unlock significant synergies and reinforce its leadership in both the Nordic and Baltic regions.
Who is Rimi? Baltic grocery leader
Rimi Baltic, until now owned by the Swedish ICA Gruppen, is one of the leading retail chains in the Baltics, renowned for its modern store formats and innovative customer service. According to its official website, Rimi Baltic is committed to delivering high-quality products and a superior shopping experience across Estonia, Latvia, and Lithuania.
As the second-largest player in the region, Rimi holds a significant market share—estimated to be around 25-30%—in the competitive Baltic grocery sector. This strong market presence underpins its reputation as a trusted retail brand and a vital asset for Salling Group’s expansion.
About the acquisition
Reflecting on the deal, Salling Group’s CEO Anders Hagh stated:
“We are very proud of the agreement we have entered into with ICA regarding the acquisition of Rimi, which is the largest deal in Salling Group’s almost 120-year history.”
He further emphasized:
“The ties between Denmark and the Baltic are strong, and the similarities between us and Rimi are many both in business and values.”
ICA Gruppen’s CEO Nina Jönsson added:
“We will now focus our business on the Swedish market. I am pleased that Rimi Baltic can continue its journey with a new owner who has ambitions to grow internationally.”
Market impact and Salling Group’s international footprint
Salling Group now extends its reach across multiple European markets. Prior to the deal, the group already operated a strong presence in Denmark, Germany, and Poland. With the addition of Rimi Baltic’s operations, Salling Group’s network now spans six countries: Denmark, Germany, Poland, Estonia, Latvia, and Lithuania. This broadened footprint reinforces the group’s competitive position and creates new opportunities for cross-border synergies.
The acquisition is set to reshape the grocery retail landscape in the Baltic region. Rimi Baltic’s established market position and loyal customer base offer Salling Group a solid platform to drive further growth. The integration of 314 stores—spanning hypermarkets, express outlets, and supermarkets—will not only enhance operational efficiencies but also enable targeted investments in store modernization and logistics innovations.
