Baugur Group buys one third in Apple IMC Skip to content

Baugur Group buys one third in Apple IMC

Icelandic investment company Baugur Group recently acquired one third of Bjarni Ákason’s holdings in Human ehf., which operates Apple IMC in Iceland.

Ákason is managing director and founder of Humac, which owns and operates 19 Apple stores in the Nordic countries. “I never planned to sell my share, but I guess you could say they gave me an offer I couldn’t refuse,” Ákason told Fréttabladid.

According to Fréttabladid’s sources, Ákason’s stake was worth ISK 0.5 billion (USD 7.7 million, EUR 5.7 million). It was bought by Grafít, a company owned by Hannes Smárason and Thormódur Jónsson, who sold it almost immediately to Baugur Group.

Ákason said he expected to continue as the managing director of Humac. “I’m also the best in the Apple business in Scandinavia,” he said.

Humac was founded in 2003 and its first annual turnover was ISK 200 million (USD 3.1 million, EUR 2.3 million). This year’s turnover is estimated to be ISK nine billion (USD 139.4 million. 102.6 million).

“It is very good to get an ambitious company like Baugur into Humac. The goal must be to continue growing,” Ákason concluded.

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