Letter of intent to acquire Stenseth & RS signed
AF Gruppen has signed a letter of intent to acquire 80 per cent of Stenseth & RS Holding AS.
Stenseth & RS consists of Stenseth & RS Entreprenør AS which was founded in 2002, as well as Stenseth & RS Anlegg and Stenseth & RS Ressurs which were established in 2017. The company is a concrete contractor with a total of 300 employees. In 2020, the company recorded turnover of NOK 470 million and achieved an operating margin (EBIT) of 7.8 per cent. The company supplies a range of concrete works in the building and construction sector, including formwork, reinforcement, and casting of all types of concrete works. Additionally, the company is a market leader in the casting and surface treatment of floors.
“Stenseth & RS is a robust company with a great management team and extensive expertise, a broad customer spectrum and a track record of delivering good results over the long term. Concrete is a crucial input factor in both construction and civil engineering, and we are experiencing increasing demand in several projects. We are keen to enhance our position and capacity in our own core areas of expertise which we consider to be growing in importance going forward in order to find greener, more sustainable solutions,” says Geir Flåta, EVP for Civil Engineering and Offshore at AF Gruppen.
The agreed valuation of 100 % of the shares in the company is NOK 220 million on a debt-free basis. Settlement is expected to consist of shares in AF Gruppen ASA and cash. The purchase is contingent upon a further due diligence process and that the transaction is approved by the competition authorities. It is expected that the transaction will be completed in Q1 2022.
Geir FlåtaVP Civil Construction and OffshoreTel:47 994 01 email@example.com
About AF Gruppen ASA
AF Gruppen is a leading contracting and industrial group that was formed by an entrepreneurial spirit and execution capabilities. The group has 5,500 employees and revenue reached NOK 27 billion in 2020. AF Gruppen is listed on Oslo Stock Exchange (AFG).
We provide a broad range of services with seven operational business areas: Civil Engineering, Building, Betonmast, Property, Energy and Environment, Sweden and Offshore.
Subscribe to releases from AF Gruppen ASA
Subscribe to all the latest releases from AF Gruppen ASA by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from AF Gruppen ASA
AF Gruppen makes changes to Corporate Management Team9.8.2022 08:45:00 CEST | Press release
AF Gruppen makes changes to the Corporate Management Team. Ida Aall Gram is leaving the company to become CEO of Aspelin Ramm. Sverre Hærem is leaving the group management, but will be available to the company. Anny Øen and Lars Myhre Hjelmeset join the Corporate Management Team with responsibility for Finance and Offshore.
To build a new apartment project in Sandefjord1.7.2022 15:23:03 CEST | Press release
Strøm Gundersen Vestfold, a subsidiary of AF Gruppen, has entered into an agreement with Moods Eiendom to build the apartment project Fjeldvig in Vesterøyveien in Sandefjord. The contract is a turnkey contract and has a value of NOK 133 million excl. VAT.
To build the basement in the A block in the Government Quarter30.6.2022 16:13:42 CEST | Press release
Stenseth & RS Entreprenør, a subsidiary in AF Gruppen, has entered into a contract with HENT to build the basement in the A block in the Government Quarter in Oslo city centre.
To develop new industrial area outside Narvik for Nordkraft30.6.2022 12:40:30 CEST | Press release
Målselv Maskin & Transport, a company in AF Gruppen ASA, has entered into an agreement with Nordkraft Prosjekt AS on construction work for the development of a new industrial area in Kvanndalen outside Narvik. The contract will be carried out as a turnkey contract, and it is valued at NOK 162 million, excluding VAT.
Nominated for another assignment at a new hospital in Drammen29.6.2022 09:38:15 CEST | Press release
AF Gruppen has been nominated by Helse Sør-ØST RHF as a contractor for the execution of the interior work of the bed building. The work is performed as a main contract. The contract has a value of 158 MNOK excl. VAT.
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom