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Endur ASA

Endúr ASA: Potential acquisition

By 29.01.2021November 21st, 2023No Comments

29 January 2021 – Endúr ASA (“Endúr”) is currently engaged in advanced and exclusive negotiations regarding a new potential acquisition within the marine infrastructure sector. If successful, the acquisition will be Endúr’s third under its new strategy. Endúr has recently acquired the two highly profitable companies, BMO Entreprenør AS and Artec Aqua AS.

If successful, the new acquisition will be signed prior to end of February 2021. Subject to final agreement, Endúr will acquire 100% of the shares in the target company, whose current shareholders will commit to reinvest 35% of the total consideration in shares in Endúr with lock-up provisions. A preliminary transaction price has been agreed, valuing the target company at an enterprise value of approximately NOK 450 million, based on an expected EBITDA-result of approximately NOK 95 million for the last twelve months, representing an EV/EBITDA multiple of 4.7x (all figures based on local GAAP reporting and hence subject to changes arising from reclassification of i.a. leasing costs when converted to IFRS). The target company has been a leading player in the marine infrastructure segment for many years and has an annual revenue (CAGR) of more than 10% over the last four years.

“This acquisition is an excellent fit for our growth strategy within marine infrastructure. Endúr’s proforma revenues for 2020 will exceed NOK 2 billion following the acquisition, allowing us to deliver on our 2022 revenue targets significantly ahead of time. In addition, the target has consistently delivered strong margins combined with steady growth”, says Hans Olav Storkås, CEO of Endúr.

The final transaction price and completion of the acquisition are subject to final agreement, board approval in Endúr, approval by the general meeting of Endúr and that Endúr has obtained sufficient financing of the cash part of the acquisition. Endúr aims to finance the cash consideration with long-term debt in the form of bank or bond loans on competitive terms from one or more third parties.

Arctic Securities is acting as financial advisor and Wikborg Rein Advokatfirma AS is acting as legal advisor to Endúr in connection with the acquisition.

For further information, please contact:
Media
Hans Olav Storkås, CEO of Endúr, tel: +47 901 22 744

Øivind Horpestad, Chairman Endúr, tel: +47 910 00 626

Investors
Lasse B. Kjelsås, CFO of Endúr, tel: +47 908 49 772
Øivind Horpestad, Chairman Endúr, tel: +47 910 00 626

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