NYAB has concluded the acquisition of Dovre Group's businesses within Norwegian Consulting and Global Project Personnel.
The move is set to enhance NYAB's presence as a provider of engineering, construction, and maintenance services, particularly in the infrastructure and energy sectors in the Nordics.
The transaction encompasses Dovre Group's Consulting business in Norway and its Project Personnel business, which operates across North America, Asia-Pacific, and the Middle East.
The acquired businesses employ more than 600 individuals, a majority of whom are engineers and white-collar workers.
This acquisition is a significant step in NYAB's growth strategy and its focus on delivering engineering and project management services across the Nordics, as well as seizing growth opportunities in new markets.
The preliminary purchase price for the acquisition, on a cash and debt-free basis, is €30.1m ($31m), based on the estimated adjusted earnings before interest and taxes of €4.3m for fiscal year 2024.
After adjustments for net cash and net working capital of the acquired entities, the total estimated consideration is €35.3m.
NYAB CEO Johan Larsson said: “We officially welcome the new businesses into the NYAB family. This acquisition aligns with our growth strategy by strengthening our position in attractive market segments and enhancing our ability to deliver comprehensive solutions to a broader customer base across a larger geography.”
“The acquisition presents opportunities for value creation, leveraging the strengths in our combined operations.”
The funding for this transaction has been sourced from a mix of external debt financing and available cash reserves.
Dovre Group former CEO Arve Jensen said: “We are excited to join forces with NYAB and leverage their impressive track record of profitable growth and deep industrial knowledge.
“Together, we will strengthen our service offerings and explore new growth opportunities. The acquisition provides a pathway to further expansion in Norway, and we look forward to utilising our expertise to strengthen NYAB’s capabilities in all geographies.”
