17 April 2015 Audiomania acquired Penaudio, finnish loudspeaker manufacturer

One of the most famous premium loudspeaker developers in Europe, Penaudio (Finland) has become a part of “Audiomania” company group. The preparations for the deal began in 2014 and were complete in April, 2015. The owner of 50.2% of the stock is now World Audio Distribution LLC, part of the “Audiomania” company group.

By the time the deal was made, Penaudio’s manufacturing was partially moved from Finland to Audiomania’s factory in Riga, the same place where Arslab loudspeakers are being manufactured for the last few years.

The CEO of Audiomania, Artem Faermark had this to say: “We have been developing this brand’s sales in Russia since 2005. And the decision of purchase fits in our vision of Penaudio brand’s prospects in our country and the world. The deal will only strengthen them, as we intend to invest in its growth and further progress on the Russian and international market. The company’s founder, Sami Penttilä, remained the owner of minor stock, as well as the designer of all loudspeakers and the brand’s inspirer, what I call the soul of the company”.

“I am glad that our partnership with “Audiomania” turned out so professional, exciting, and friendly.” – remarked Sami Penttilä, the founder of Penaudio. “It was amazingly interesting for me to look for growing possibilities for my business both in Finland and outside of it, but for all this time, uncertainty was tearing me apart. Uncertainty that vanished as we started working it out together with “Audiomania”. For the first time in my life, I had an opportunity to become a part of the business which has every chance to grow to international level. And the proof of that is the constantly growing sales and the quality of Penaudio loudspeakers since the moment of purchase.”

Audiomania was founded in 1997 as HiFi retailer. Now the company is the leader on the market of quality home & personal audio solutions. Audiomania is listed in Kommersant’s top 100 Russian e-commerce companies chart and has been awarded with «Best Hi-Fi Site» award by Russian “HiFiNews” online magazine for five consecutive years.