AF Gruppen acquires Betonmast with management in Betonmast.

AF Gruppen has, through Betonmast Holding, a company of which is 66% owned by AF Gruppen and 34% by the management and former shareholders of Betonmast, acquireD 100% of the shares in Betonmast. As a result of the transaction, BetonmastHæhre will change its name to Hæhre & Isachsen Gruppen. It is expected that the transaction will be concluded in October 2019. The deal value is NOK2.075bn ($230.7m) The Betonmast group has approximately 1 000 employees and comprises a total of 16 companies in the Betonmast Norway, Betonmast Property and Betonmast Sweden segments. “Betonmast has seen impressive growth since starting up in 2006 and is a well-run company with competent employees and management, interesting projects, strong growth and good profitability and a healthy order backlog. AF Gruppen has a long term and industrial goal with ownership, and we intend to be an active owner. The transaction will strengthen our position in the Norwegian and Swedish construction markets,” Morten Grongstad, AF Gruppen CEO.