Endúr ASA acquires BMO Entreprenør in land-based aquaculture push
Oslo, Norway-based marine services group Endúr ASA has acquired BMO Entreprenør AS, a provider of maintenance and rehabilitation services for marine infrastructure projects in Norway.
Kongsberg, Norway BMO Entreprenør AS specializes in the construction of quays, harbors, dams, bridges and other specialized concrete and steel projects. BMO Entreprenør AS Managing Director Jeppe Raaholt said the company has also building up its portfolio of land-based aquaculture projects.
“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 harbors,” Raaholt said.
BMO Entreprenør had NOK 480 million (USD 52 million, EUR 44 million) in revenue in 2019, and was given an equity value of NOK 448 million (USD 48.5 million, EUR 41 million) in the transaction, which is expected close in November 2020.
The acquisition is part of a growth strategy announced in June 2020 by Endúr CEO Hans Petter Eikeland, who said he hoped to build his company up to NOK 2 billion to NOK 2.5 million (USD 216.6 million to USD 270.8 million, EUR 183.2 million to EUR 229 million) by 2023.
“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,” he said. “The acquisiton of BMO Entreprenør is therefore an important step towards the ambition of building up Endúr to become the leading supplier of marine services in Norway within 2022.”
BMO Entreprenør will continue to operate in the market under its current brand name, according to a press release.
“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 harbors and quays along the Norwegian coastline,” Eikeland said. “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 harbors, including associated underwater services, are an excellent complementary fit.”
Photo courtesy of Endúr ASA