Oslo-listed marine services group Endúr ASA has entered into an agreement to acquire BMO Entreprenør AS. Together, the company becomes an even more complete supplier within marine infrastructure such as ports and harbours.
“BMO Entreprenør complements Endúr within maintenance and rehabilitation services. Through 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 provider of maintenance and rehabilitation services for marine infrastructure projects in Norway. The company 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.
Headquartered in Kongsberg, Norway, 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,” says Hans Petter Eikeland.
(from left to right): Øivind Horpestad, chairman of Endúr ASA, Jeppe Raaholt, managing director of BMO Entreprenør, and Vidar Pettersen, majority owner and founder of BMO Entreprenør.
Ambition to become the leading marine infrastructure player
In June this year, Endúr announced an ambition to build a NOK 2-2.5 billion revenue company within the next two years. 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 acquisiton of BMO Entreprenør is an important step towards the ambition of building up Endúr to become the leading supplier of marine services in Norway within 2022.
“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 in the market under its current brand name.
BMO Entreprenør is valued at an equity value of NOK 448 million in the transaction, which is expected to be completed during November 2020.
Source: Endúr ASA, BMO Entreprenør AS