Veidekke has entered into an agreement to acquire 90.1% of the shares of Billström Riemer Andersson AB (BRA), thus strengthening its competitive ability in the Gothenburg area.
BRA has in the ten years since it was established in 2007 seen strong growth. The company currently has revenues of SEK 1.4 billion and employs 200 associates, of which half are skilled workers. BRA is mainly involved in the construction sector, but also has expertise in civil engineering and property development. The focus of the company is recurring customers, and the company prioritizes developing projects from an early stage in partnership with the customers.
"Both the expertise and customer portfolio of BRA fits our current operations like a glove, and will strengthen our focus in the evolving Gothenburg region," says Jimmy Bengtsson, CEO of Veidekke in Sweden.
By buying 90.1% of the shares, Veidekke will become the main owner. BRA will continue to operate as an independent company, while also exploiting economies of scale and the increased competitive ability inherent in being part of a larger corporation.
"With Veidekke as owner we are poised to take an even larger share of the market. Veidekke's involving method of working and expertise in VDC, installation and logistics are examples of areas that will be a strength in the market," says Magnus Riemer, CEO of BRA.
Completion of the acquisition will take place no later than ten days after approval from the Swedish competition authorities. The parties have agreed to not disclose the purchase price.
For more information, contact:
Jimmy Bengtsson, CEO Veidekke Sweden, tel.: +46 705 37 9110, jimmy.bengtsson@veidekke.se
Magnus Riemer, CEO Billström Riemer Andersson AB, tlf: +46 761 19 49 50, magnus.riemer@brabygg.se
Kristina Andreasson, Head of Communication Veidekke Sweden, tlf: +46 72-516 99 63, kristina.andreasson@veidekke.se
Jørgen Michelet, Finance Director, tel.: +47 917 43 856, jorgen.michelet@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. Revenue is almost NOK 32 billion, and half of the 8,000 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.
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