Veidekke ASA: Acquiring Grande Entreprenør AS

Veidekke ASA: Acquiring Grande Entreprenør AS

04.10.2017 - 09:21

Veidekke Entreprenør has signed a letter of intent to acquire 80% of the shares in Grande Entreprenør AS in Verdal. "Grande is the leading construction company in Nord-Trøndelag, an exciting market area where Veidekke currently has little construction activity. In recent years, Veidekke has considerably strengthened its position in Trøndelag through both organic growth and a number of acquisitions. Grande is a perfect match with our ambitions and focus in this important region," says Dag Andresen Managing Director of Veidekke Entreprenør.

Since its establishment in 1953, Grande Entreprenør has always been a local construction company with a strong social commitment in Verdal and Nord-Trøndelag, and has been actively involved in developing the local community and the region. With 200 employees, the company has experience in a wide range of construction works as well as expertise in project development and execution. Grande Entreprenør AS attaches importance to being a professional, reliable company, and its annual turnover in recent years has been around NOK 550 million (excl. VAT).

"Veidekke has strengthened its position in central Norway in recent years through the acquisition of Tore Løkke AS (80%) and Reinertsen. With Grande Entreprenør on the team, we will now be able to serve the whole of the new merged county of Trøndelag. We will achieve a combined construction turnover of more than NOK 2 billion in this region, in addition to Veidekke's extensive property development, asphalt and aggregates operations," says Ståle Brovold, District Manager of Veidekke Entreprenør Trøndelag.

"Veidekke and Grande Entreprenør share a common belief in the importance of good craftsmanship in all we do, as well as focusing on employing our own skilled workers and apprentices. We are therefore looking forward to evolving together for the good of our customers, employees and business partners," concludes Brovold.

"The market is developing in an exciting direction, with larger, more complex projects, as well as increasing digitalisation and environmental requirements. Together with Veidekke we will strengthen both our expertise and our market position. Over time we have seen that Veidekke is the nationwide construction company whose business philosophy most closely resembles our own, in respect of core values, corporate culture, work against social dumping, and commitment to developing professional expertise. Now that Norway's largest contractor is becoming our main shareholder, we are confident that Grande Entreprenør can be further developed," says Morten Hynne, General Manager of Grande Entreprenør AS.

The final contract is expected to be signed in January 2018, subject to approval by the Norwegian Competition Authority.

Press photo (from left): General Manager Morten Hynne at Grande Entreprenør, CEO Dag Andresen at Veidekke Entreprenør, COB Kåre Hynne at Grande Entreprenør and District Manager Ståle Brovold at Veidekke Entreprenør Trøndelag.

For more information, contact:
District Manager Ståle Brovold, Veidekke Entreprenør, tel. +47 90 77 28 19, stale.brovold@veidekke.no
General Manager Morten Hynne, Grande Entreprenør, tel. +47 95 24 85 41, morten.hynne@grande-entreprenor.no
Communications Manager Helge Dieset, Veidekke Entreprenør, tel. +47 90 55 33 22, helge.dieset@veidekke.no

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Veidekke is one of Scandinavia's largest construction and property development companies. The company undertakes all types of building construction and civil engineering contracts, develops residential projects, maintains roads, and produces asphalt and aggregates. The company is known for its involvement and local knowledge. Its annual turnover is NOK 30 billion, and around half of its 7,400 employees own shares in the company. Veidekke is listed on the Oslo Stock Exchange and has always posted a profit since it was founded in 1936.

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.