Marine services group Endúr has entered into an agreement to acquire BMO Entreprenør, a provider of maintenance and rehabilitation services for marine infrastructure projects in Norway.
Headquartered in Kongsberg, Norway, with regional offices in Askøy and Ålesund on the west coast, BMO Entreprenør employs approximately 150 employees. In 2019, the company had revenues of NOK 480 million.
“BMO Entreprenør complements Endúr within maintenance and rehabilitation services,” said Hans Petter Eikeland, chief executive of Endúr. “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 harbours and quays along the Norwegian coastline,” he added.
In June this year, Endúr announced an ambition to build a NOK2-2.5 billion revenue company within the next two years. The key driver for reaching these objectives is an accretive acquisition and consolidation strategy, which the company believes will be welcomed by customers of what is a highly fragmented marine infrastructure supplier market.
“We believe our marine infrastructure competence will prove 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 harbours,” commented Jeppe Raaholt, managing director of BMO Entreprenør.
BMO Entreprenør will continue to operate in the market under its current brand name and the deal is expected to complete during November 2020.