“This is an important step – and the right step – for both Veidekke and Constructa. We complement each other in a number of fields, and share cultural values, including our commitment to permanently employed craftsmen and skilled workers. We will now be able to expand the services we offer to our customers together with our partners,” says Hans Olav Sørlie, Executive Vice President of Veidekke Bygg.
The parties’ letter of intent was first announced in August 2022. Due diligence has been completed and the acquisition has been approved by the Norwegian Competition Authority.
“Bringing together these two strong units under a single umbrella at Veidekke will enhance competitiveness and execution throughout the Bergen region. Veidekke was our preferred choice for a new home for our company, and we are excited about what the future holds,” says Thor Småbrekke, CEO of Constructa Entreprenør AS.
Work to integrate the companies and their employees will constitute the next step of the process. Thor Småbrekke and Kari Saarisilta, as well as the other owners of the company, will become skey employees in the Veidekke Bygg Bergen operation.
“We have long been familiar with Constructa, and we know they are strong in a number of market segments. They complement our business well, and we have been able to confirm this during a smooth and orderly process over the course of this autumn. We are now looking forward to embarking on the integration process and bolstering our position in Bergen. Ongoing projects and development projects will continue as before, and we will continue our well-functioning cooperation with our customers and partners,” says Hans Olav Sørlie.
Constructa Entreprenør AS was founded in 2006 by Thor Småbrekke, Kari Saarisilta and Bjørn Heimdal. The company has around 140 employees, of which 85 are skilled workers, and has annual revenues of around NOK 750 million.
The merger means that the Veidekke Bygg unit in Bergen will now have some 350 employees and a turnover of approximately NOK 1.8 billion.
The agreed purchase price for 100% of the shares is NOK 365 million. 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 2021. Settlement will be in the form of cash and shares in Veidekke ASA.