Vekra Group to Sell Askja, Dekjahöllin, Landfari and Una in Iceland
The Vekra Group, in which Citadelle is a minority shareholder, announces the sale of Askja, Dekjahöllin, Landfari and Una. Having acquired a stake in Askja in February 2020, the Group has gained valuable strategic insights from this international venture and gained exposure to a unique market that nevertheless shares similarities with the overseas automotive markets of France. This presence in Iceland has allowed the development of strong intercultural experience and an understanding of the specificities of an island market that is particularly advanced in terms of electrifying the car fleet. After six years of a fruitful, growth-oriented partnership, the Citadelle Group is now turning a new page.
Askja’s activities as distributor of the Mercedes-Benz, Kia and Honda brands, along with the companies created with our partners – Dekjahöllin (tires), Landfari (trucks) and Una (XPeng distribution) – will be sold to the British group Inchcape, a global leader in automotive distribution. The completion of the transaction is expected during the third quarter of 2025.
We warmly thank all of the Askja teams for their commitment and professionalism. We wish them every success for the future, alongside Inchcape, in this new phase of development. The Citadelle Group will remain a shareholder in the Vekra holding company, which will retain the real estate assets as well as the short-term rental company Lotus.
A word from Cyril Comte, President of the Citadelle Group:
“In 2018, we sent Johan Petitpres, Commercial Director of the CCIE, to explore the Icelandic automotive market. Our goal was to take a stake in a local distributor to better understand the effects of electrification, as a window into the future of our own market.
In February 2020, on the eve of the Covid crisis, we acquired a stake in Askja. We have learned a tremendous amount from this company, our five partners, this market and this extraordinary country, whose democracy is millennia-old.
Five years later, the sale of Askja and the other companies created with our partners is a success. These companies are now joining Inchcape, a solid and international group that will be able to continue their development. It is with a heavy heart that we close the chapter on this unique experience, carried out with exceptional partners.”
The Citadelle Group thanks all those who contributed to the success of this great adventure and reaffirms its determination to continue its development, strengthened by the experience gained.
