Endúr ASA - BMO to acquire F15 Bergteknik & F15 Anläggning
2026-10-30 07:00:00
30 October 2026 - BMO Entreprenør AS ("BMO"), a wholly owned subsidiary of Endúr
ASA ("Endúr"), is happy to announce its planned acquisition of 100% of the
shares in F15 Bergteknik AB ("F15BT") and F15 Anläggning AB ("F15A"), through
BMO Fjell AS ("BMO Fjell"). F15BT and F15A will operate as subsidiaries of BMO
Fjell, joining forces with Norsk Bergsikring AS ("NBS") and Wimo Fjellsikring AS
("Wimo").
F15BT is a niche contractor specializing in vibration-free rock splitting and
rockfall protection, while F15A is a spin-off providing related groundworks and
civil engineering services. Based in Bålsta, between Uppsala and Stockholm, the
companies operate across Sweden and provide vibration-free rock splitting,
drilling, bolting and mesh installation, shotcreting, wire sawing and grouting,
as well as groundworks, water and sewer infrastructure and mass handling. The
companies primarily act as subcontractors to larger Swedish contractors.
Founder and General Manager, Fredrik Nilsson, holds 100% of F15BT and 76% of
F15A, while Operations Manager, Christopher Gustafsson, holds the remaining 24%
of F15A. Both will remain in their current positions following the completion of
the transaction. The companies bring valuable resources and expertise to
complement and geographically expand BMO Fjell's existing service offerings and
markets. F15BT and F15A will continue to operate as independent companies, but
in close partnership with NBS and Wimo, under joint ownership by BMO Fjell.
"We are very pleased to continue investing, and expanding our presence, in an
attractive market for rock engineering services in Norway and Sweden", says
Aleksander Rød, General Manager of BMO.
The acquisition values the companies at a combined base enterprise value on
cash- and debt-free basis, excluding leasing liabilities ("Base EV") of SEK 38.5
million. The companies expect to report consolidated FY 2026 revenues of around
SEK ~25 million, with a consolidated operating result ("EBIT") of around SEK ~7
million (28%). In addition to a sound strategic rationale, the acquisition will
be highly accretive with an implied EV/EBIT multiple of 5.5x. The acquisition
adds approximately SEK ~20 million to Endúr's existing backlog.
The Base EV may be adjusted upwards or downwards by an additional consideration
of up to SEK +24/-20 million ("The Additional Consideration"), to be settled by
30 June 2030. Within this range, The Additional Consideration will be calculated
as the difference between cumulative and consolidated EBIT for the 2026-2029
period and a target of SEK 28 million, multiplied by 1.4x. This adjustment
mechanism ensures an EV/EBIT multiple of approximately 5.5x for an average EBIT
during the 2026-2029 period within a range of SEK 3.4-11.3 million.
The acquisition will be partly financed with a SEK 20 million seller's credit,
to be settled by 30 June 2030 and offsetable against any negative Additional
Consideration. The sellers will also receive consideration shares in Endúr of
SEK 8.5 million, valued at the shares' volume weighted average price ("VWAP") on
The Oslo Stock Exhange for the last 15 trading days leading up to this
announcement. The consideration shares will be subject to lock-up restrictions,
being released with 1/3 every 12 months after closing.
A signed share purchase agreement ("SPA") is in place and the acquisition is
expected to close during Q4 in 2026, with completion being subject to certain
customary conditions.
Advokatfirmaet Bull acted as legal advisor to Endúr.
For further comments, contact:
Media:
Aleksander Rød, General Manager of BMO: +47 994 61 454
Jeppe Raaholt, CEO of Endúr: +47 976 69 759
Investors:
Einar Olsen, CFO of Endúr: +47 924 01 787
(ENDS)
About Endúr:
Endúr ASA (XOSL: ENDUR) is a leading Scandinavian contractor headquartered in
Lysaker and listed on the Oslo Stock Exchange. The company specializes in
critical infrastructure, including bridges, quays, tunnels, and dams. Operating
as a disciplined serial acquirer (compounder), the group utilizes a
decentralized model that grants subsidiaries high autonomy to preserve their
technical expertise and local market positions. Endúr drives long-term value
through strategic platform acquisitions and targeted bolt-ons in fragmented
niche markets.
ndúr drives long-term value\
through strategic platform acquisitions and targeted bolt-ons in fragmented\
niche markets.\