Endúr Sjøsterk AS («Sjøsterk»), a wholly owned subsidiary of Endúr ASA («Endúr»), has today completed the purchase of 100% of the shares in Hav Elektro AS («Hav Elektro») from Norwegian Energy Consult AS («The Seller»).
Hav Elektro is an electrical contractor, servicing businesses within maritime, aquaculture and industrial sectors. The company is located at Nestun in Bergen, Norway, and expects to report FY 2024 revenues and EBIT in range of NOK 40-45 million and approximately NOK 3 million, respectively.
The acquisition closes today and is settled with a cash payment of NOK 10,6 million. In addition, The Seller has granted a seller’s credit of NOK 3,75 million. The seller’s credit is due to payment on 30 June 2025 and may be offset against any guarantee-claims grounded in the share purchase agreement («SPA»).
In addition to servicing its existing business and client portfolio, including a framework contract for Lerøy Seafood, Hav Elektro may serve as an in-house supplier of electrical works to Endúr’s existing group companies. These services represent a key input to Sjøsterk’s feed-barge production and Endúr Maritime’s ship mainentance and upgrade projects, both companies also operating from Bergen, Norway.
«We are delighted to welcome Hav Elektro to the Endúr family. This acquisition represents another milestone for Sjøsterk in particular. Our feed barge production has been increasingly profitable after strategic initiatives in form of investments in increased production capacity and the establishment of in-house pipe, water and sewage resources. Hopefully, insourcing of electrical services will further increase our competitive edge», says an enthusiastic Svein Ådland, Managing Director of Sjøsterk.
(ENDS)
For further information, please contact:
Media
Jeppe Raaholt, CEO of Endúr, tel: +47 976 69 759
Investors
Einar Olsen, CFO of Endúr, tel: +47 924 01 787
