AF Gruppen strengthens focus on Bergen
LAB AS, a subsidiary of AF Gruppen (AFG), has signed a letter of intent with Helgesen Tekniske Bygg AS (HTB) to acquire 70 per cent of the shares in the company.
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 recorded average revenues over the past three years of NOK 335 million, and has an operating margin of 6.5%. The company has 46 employees and its head office is located in Valestrandsfossen, just outside of Bergen. Through the acquisition of HTB, LAB and AF will complement their product line in Western Norway. Structural growth in Western Norway through continuing to build on LAB’s strong position is in accordance with both LAB and AF’s strategy.
The agreed enterprise value for 100 per cent of HTB AS on a cash and debt-free basis is NOK 140 million. Settlement is expected to consist of shares in AF Gruppen ASA and cash.
The company will become a subsidiary of LAB AS, in which AF Gruppen has been the main shareholder since Q1 of 2015.
The transaction is subject to due diligence and approval by the Board of Directors. Completion on the transaction is expected to take place during Q4 of 2018.
Morten GrongstadCEO+47 991 53 email@example.com
Henning OlsenEVP Building Norway+47 917 41 firstname.lastname@example.org
Sverre HæremCFO+952 45 email@example.com
Om AF Gruppen ASA
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.
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