Endúr ASA has entered into an agreement to acquire BMO Entreprenør AS. Together, the two companies will be an even more complete service provider to the aquaculture industry.
– BMO Entreprenør complements Endúr within maintenance and rehabilitation services. By combining our competence and capacity, we will be able to take on much larger marine construction projects, for example facilities for growth segments such as land-based aquaculture and public marine infrastructure including harbours and quays along the Norwegian coastline, says Hans Petter Eikeland, CEO of Endúr.
BMO Entreprenør is a market leader within maintenance of critical marine infrastructure such as quays, harbours, dams, bridges and other specialized concrete and steel projects to public and private customers in the Norwegian market. The headquartered is in Kongsberg, with regional offices in Askøy and Ålesund on the west coast of Norway. BMO Entreprenør employs approximately 150 employees. In 2019, the company had revenues of NOK 480 million
– BMO Entreprenør is a well-run business with niche competence that complements Endúr’s current marine services portfolio. Particularly its specialist services within quays and harbours, including associated underwater services, are an excellent complementary fit, and will allow Endúr to take on larger projects within core segments enhancing the group’s earnings capabilities, says Eikeland.
In June this year, Endúr announced an ambition to build a NOK 2-2.5 billion revenue company within the next two years, delivering 10-12% EBITDA-margin. The key driver for reaching these objectives is an accretive acquisition and consolidation strategy, which is also welcomed by customers of what is a highly fragmented marine infrastructure supplier market. The first milestone under the new strategy was the merger between Endúr ASA and Oceano AS which was completed on 16 October 2020.
Yesterday Endúr announces the second transaction under its ambitious growth plan; the acquisition of BMO Entreprenør, a market leader within maintenance of critical marine infrastructure such as quays, harbours, dams, bridges and other specialized concrete and steel projects to public and private customers in the Norwegian market.
– Endúr’s ambition of creating the leading marine service provider in Norway is something our entire team has bought into. We believe our marine infrastructure competence will provide particularly useful for the strong growth we are witnessing within land-based aquaculture and the expected increase in public sector investment to close the current maintenance gap at Norwegian ports and harbours, says Jeppe Raaholt, managing director of BMO Entreprenør AS.
BMO Entreprenør will continue to operate under its current brand name. The company is valued at an equity value of NOK 448 million in the transaction, which is expected to be completed during November 2020.