Algol’s story
Algol is a Finnish family business whose roots stretch back to 1894. The company is now led by the fourth generation of the owning family.
Algol’s history
Over 130 years of international trade
Algol has more than 130 years of experience in international trade. Our Group companies import, market and manufacture products for industry and the healthcare sector. In addition, Algol Group companies offer services related to their business areas, such as design services, tailored delivery solutions, and installation, maintenance and training services. We are building a successful and sustainable future for our partners.
1894
Albert Goldbeck-Löwe estaqblishes an agency business
The last Romanov ruler of Russia, Nicholas II, became tsar in St. Petersburg in 1894. In the same year, German-born entrepreneur Albert Goldbeck-Löwe turned his attention from St. Petersburg across the Gulf of Finland to the west. The Grand Duchy of Finland had a strong will to industrialise, and the businessman had the bold idea of establishing an agency business in Helsinki.
His agency business began supplying Finnish industry with metals, industrial chemicals and building materials. The connection between the early years to the present day still exists, as the modern counterparts of these products continue to form an important part of the product range offered by the Algol Group today. Quality and good relations are also valued highly today, just as they were at the start.
1899
Ludolf Bargum is recruited to the company
In 1899, Goldbeck-Löwe’s cousin Ludolf Bargum was hired by the company, and he became a shareholder in 1914. The Bargum family has owned Algol ever since.
the 1920s
The agency business expands into wholesale operations
In the 1920s, the agency business expanded into wholesale operations, leading to a growth in the range of industrial products, the warehousing operations were introduced, and Finnish products were added to the portfolio.
the 1930s
Healthcare business begins
Algol was granted a licence to engage in the pharmacy supply trade.
the 1940s
Post-war reconstruction in Finland
Due to prevailing circumstances, Germany became a key import partner during the Continuation War, and business relations with Germany continued to strengthen after the war. At the same time, Algol Group played a significant role as a major supplier to industry in post-war reconstruction and in the development of trade with the East.
the 1960s
Move to Karamalmi, Espoo
Algol moved its central warehouse to the Karamalmi area of Espoo Finland in the 1960s, followed by its head office and technical trade operations in the late 1980s. The company’s head office is still located at the same address to this day.
the 1990s
New opportunities through internationalisation
Beginning in the 1990s, Algol expanded its operations from Finland to Scandinavia, the Baltics, Russia, Belarus, Ukraine and India. Algol withdrew from Russia in 2022 and from Belarus in 2025. International operations continue to play an increasingly important role in Algol’s businesses.
the 2000s
Expanding into services alongside product sales
In the 2000s, service sales have grown in importance alongside product sales. Today, Algol is recognised not only as an international expert in wholesale trade and distribution, but also as a provider of expert services.
2026
Continuity is a key focus in a family-owned business
The Algol Group is developed with continuity and long-term ownership in mind. The fourth generation of the owning family is represented in the company’s leadership by Chairman of the Board Alexander Bargum and Board Member and Real Estate & Facilities Manager Johannes Bargum.
Algol employs about 500 professionals in nine different countries. As a versatile and multi-branch partner to international trade, Algol promotes a sustainable future.
