12 November 2026 – Endúr ASA (“Endúr”) is happy to announce its planned acquisition of 100% of the shares in Romarheim Entreprenør AS, including its subsidiaries (“Romarheim”/”The Company”).
Romarheim is a civil contractor undertaking complex construction projects within energy, infrastructure and industry. The Company specializes in groundworks, water and sewage infrastructure, drilling, blasting and mass handling for projects such as transformer stations, power grids, hydropower facilities, roads and tunnels. Based in Alversund outside Bergen, Norway, The Company has a workforce of approximately 125 people. The acquisition further strengthens Endúr’s infrastructure investment strategy by adding a strong, proactive project organization, new market positions and complementary geographical coverage. Romarheim will join as a new platform company and part of Endúr’s Rehabilitation & Intersections segment.
Trygve Andås, General Manager of Romarheim, and other key employee shareholders will remain in their current positions and become shareholders in Endúr through consideration shares issued as part of the transaction settlement. The Company will retain its workforce, brand, premises and business model, with full continuity in its customer and supplier relationships. At the same time, the acquisition is expected to create attractive opportunities for project collaboration with Endúr’s other platform companies, while The Company will continue to operate as an independent and autonomous entity.
“Romarheim stood out as a high-priority acquisition target, providing an attractive service offering, project portfolio and market exposure, driven by a front-footed and commercially oriented management and organization with a proven track record for creating rapid growth and strong profitability”, says Jeppe Raaholt, CEO of Endúr.
The acquisition values The Company at a base enterprise value on a cash- and debt-free basis, excluding leasing liabilities (“Base EV”), of NOK 700 million. The Company’s projected consolidated FY 2026 revenues are approximately NOK 1,100 million (FY 2025: NOK 933 million), with an operating result (“EBIT”) of approximately NOK 102.5 million (FY 2025: NOK 81 million) and a margin of approximately 9.3% (FY 2025: 8.7%). The Base EV implies an EV/EBIT multiple of approximately 6.8x against a target average annual EBIT of NOK 102.5 million for the period 2026-2028. The acquisition adds approximately NOK 900 million to Endúr’s existing backlog.
The Base EV may be adjusted upwards by up to NOK 200 million or downwards by up to NOK 135 million (“The Additional Consideration”), to be settled by 30 June 2029. Within these limits, The Additional Consideration will be calculated as the difference between average annual EBIT for FY 2026-2028 and a target of NOK 102.5 million, multiplied by 7.0x. The adjustment mechanism provides multiple protection for average annual EBIT during FY 2026-2028 in the approximate range of NOK 83-131 million.
The acquisition will be partly financed with a NOK 135 million seller’s credit, to be settled by 30 June 2029 and offsettable against any negative Additional Consideration. The sellers will also receive consideration shares in Endúr valued at NOK 247.5 million, based on a 15-trading-day volume weighted average price (“VWAP”) on the Oslo Stock Exchange, leading up to this announcement. The consideration shares will be subject to lock-up restrictions, with one-third released at each of 12, 18 and 24 months after closing.
“We look forward to continue developing Romarheim together with Endúr. With our significant ambitions for sustained growth and an expansion, Endúr stood out as a particularly attractive partner for the next stage of our journey”, says Trygve Andås, General Manager of Romarheim.
A signed share purchase agreement (“SPA”) is in place and the acquisition is expected to close by the end of this year’s last quarter, with completion subject to approval from The Norwegian Competition Authority (No: “Konkurransetilsynet”) and certain other customary conditions.
Endúr was assisted by Danske Bank and EY as financial advisors and Wikborg Rein as legal advisor.
For further comments, contact:
Media:
Jeppe Raaholt, CEO of Endúr: +47 976 69 759
Investors:
Einar Olsen, CFO of Endúr: +47 924 01 787
