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Beskrivning
| Land | Sverige |
|---|---|
| Lista | First North Stockholm |
| Sektor | Industri |
| Industri | Anläggning & bygg |
NYAB is pleased to announce the successful completion of its previously communicated acquisition of Dovre Group's businesses within Norwegian Consulting and Global Project Personnel. This strategic acquisition strengthens NYAB's position as a leading provider of engineering, construction, and maintenance services in the infrastructure and energy sectors in the Nordics, providing a robust platform for further expansion into Norway and new geographies.
"We officially welcome the new businesses into the NYAB family. This acquisition aligns with our growth strategy by strengthening our position in attractive market segments and enhancing our ability to deliver comprehensive solutions to a broader customer base across a larger geography. The acquisition presents opportunities for value creation, leveraging the strengths in our combined operations", said Johan Larsson, CEO of NYAB AB.
The transaction includes Dovre Group Plc's Consulting business in Norway and its Project Personnel business in Norway with operations also in North America, Asia-Pacific and the Middle East. The business consists of more than 600 employees, the vast majority of whom are engineers and white-collar workers.
Arve Jensen, former CEO of Dovre Group Plc, will head the acquired businesses at NYAB. "We are excited to join forces with NYAB and leverage their impressive track record of profitable growth and deep industrial knowledge. Together, we will strengthen our service offerings and explore new growth opportunities," said Jensen. "The acquisition provides a pathway to further expansion in Norway, and we look forward to utilizing our expertise to strengthen NYAB's capabilities in all geographies."
The completion of this acquisition marks a significant milestone in NYAB's strategic expansion and commitment to providing high-quality engineering and project management services in the Nordics and to capitalise on emerging opportunities for growth in new regions.
Purchase price and financing
The acquisition's agreed preliminary purchase price on a cash and debt free basis is EUR 30.1 million, based on estimated adjusted EBIT (as of September 2024) in FY24 of EUR 4.3 million. Adjusted for the net cash and net working capital position of the acquired businesses, the estimated total consideration amounts to EUR 35.3 million, which is financed through a combination of external debt financing and available cash funds. The final purchase price will be determined in March 2025 when the 2024 audits of the acquired businesses will have been completed.
In connection with finalizing the acquisition, NYAB has agreed to refinance an existing overdraft facility and a term loan with its finance provider alongside a bridge loan. The new facilities consist of a revolving credit facility of SEK 300 million (approximately EUR 26 million) with a maturity of three years, a term loan of SEK 105 million (approximately EUR 9 million) with a maturity of three years and quarterly repayments, as well as a bridge loan of EUR 20 million that is to be repaid no later than the end of 2025.
Financial covenants, including an equity ratio exceeding 50% and net debt to EBITDA lower than 2x, correspond to the terms and conditions of the previous agreement signed in December 2022, which is replaced by the new facilities.
Contacts
Johan Larsson, CEO, NYAB AB, +46 70 182 50 70, johan.larsson@nyabgroup.com
Klas Rewelj, CFO, NYAB AB, +46 70 626 54 24, klas.rewelj@nyabgroup.com