Veidekke strengthens its position in the Bergen region

Veidekke has signed a letter of intent to take over 100 per cent of Constructa Entreprenør AS to form a stronger Bergen construction contractor. The takeover is an important strategic move that will strengthen Veidekke’s position in Bergen, one of Veidekke’s main markets. Following the merger, Veidekke Bygg in Bergen will have almost 350 employees and NOK 1.8 billion in revenue.

“The takeover of Constructa Entreprenør is an important move to strengthen our position in Norway’s second largest city. We have a long and good history in Bergen, and view this as an important move to expand offerings to our customers in an attractive market along with our partners. We know Constructa Entreprenør well, and they are strong in several market segments and complement our business in a good way. The merger will form the basis for a strong Bergen construction contractor, says Hans Olav Sørlie of Veidekke Bygg. 

Constructa Entreprenør AS was founded in 2007 by Thor Småbrekke and Kari Saarisilta. They, together with chairman Mons Aase, comprise the majority owners of the company. The company has around 140 employees, of which 85 are skilled workers, and has annual revenues or around NOK 750 million.

“Veidekke is a preferred choice as a new home for us, and will be able to manage the Constructa legacy in a good way. Constructa Entreprenør has talented employees in both the official and skilled worker capacities, and as integrated in Veidekke we will be able to increase competitiveness and execution capacity in the Bergen region,” says CEO of Constructa, Thor Småbrekke.

“Constructa Entreprenør has a culture that is a good fit with our own. We always seek to create value with our customers and partners, and we invest heavily in our own, permanent skilled workers,” Hans Olav Sørlie concludes.

The current owners of Constructa Entreprenør will continue as key employees of the new Veidekke Bygg Bergen, and the integration of employees and the company in general will start as soon as possible.

The agreed purchase price corresponds to a company value of around NOK 200 million on a debt-free basis.  In 2021 Constructa Entreprenør had revenues of NOK 726 million, an operating profit (EBIT) of NOK 49 million and a positive interest-bearing position of NOK 184 million as of 31 December. Settlement will be in the form of cash and shares in Veidekke ASA.

Completion of the purchase will take place as soon as possible, and is expected to be completed in the autumn, but is further conditional on due diligence and that the transaction is approved by the competition authorities. 

For more information please contact:
CFO Jørgen Wiese Porsmyr, +47 907 59 058
EVP, Building Construction Norway Hans Olav Sørlie, +47 917 44 923
Communications manager Helge Dieset, +47 90 55 33 22

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Veidekke is one of Scandinavia's largest contractors. In addition to undertaking all types of building and civil engineering assignments, the group also maintains roads and produces asphalt and aggregates. Veidekke emphasises stakeholder involvement and local experience. Its annual turnover is approximately NOK 38 billion, and half of its 7,800 employees own shares in the company. Veidekke is listed on the Oslo Stock Exchange, and has posted a profit every year since its inception in 1936.