AF Gruppen ASA

AF closes Helgesen Tekniske Bygg AS acquisition

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Reference is made to the stock exchange announcement dated 27 August 2018, where AF Gruppen announced a signed a letter of intent regarding Helgesen Tekniske Bygg AS.

LAB AS, a subsidiary of AF Gruppen (AFG) has today entered into a final agreement to acquire 70 per cent of the shares in Helgesen Tekniske Bygg AS (HTB), and has simultaneously implemented the acquisition of these shares. Employees will continue to own the remaining 30 per cent of the shares in HTB.

HTB is a well-run company with an excellent track record since being established as a company in 1987. The company’s business involves guiding building projects from concept to completion, and they work closely with customers throughout the project development phase. The main focus is on industrial and warehouse buildings, shopping centres and office buildings. HTB has around 50 employees and has recorded average revenues over the past three years of NOK 335 million, and has an operating margin of 6.5 per cent.

Enterprise value (100 per cent) for Helgesen Tekniske Bygg AS is valued at NOK 140 million. The settlement for 70 per cent of the shares will consist of 189,723 shares in AF Gruppen ASA at a share price of NOK 126.50 per share and cash. A part of the cash settlement will be granted as a sellers’ credit through to 2020.Guarantees have been issued in respect of future performance.

The cash payment that forms part of the settlement is financed through AF Gruppen’s current liquid holdings.

-  We are very happy to have Helgesen Tekniske Bygg on our team. The company has delivered good results over time and has a culture and core values that coincide with LAB’s and AF Gruppen’s. This acquisition is in accordance with our strategy to grow profitably in Western Norway, through continuing to build on LAB’s strong position in the region, says Morten Grongstad, CEO of AF Gruppen.

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AF Gruppen ASA
AF Gruppen ASA
Innspurten 15
0603 Oslo

+47 22 89 11 00https://afgruppen.com

AF Gruppen is a leading contracting and industrial group. The purpose of our business is to create value for our customers, owners, employees and society at large. We are proud of our good financial results, but every bit as important are the non-financial values that we create every day. A safe working environment for our employees and sub-contractor personnel, new services that help solve society’s environmental challenges and ethical business operations that create security for our customers. This in turn provides us with the opportunity to create additional value for our owners.

www.afgruppen.com

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