Endúr ASA - BMO to acquire Notech
26 October 2026 - BMO Entreprenør AS ("BMO"), a wholly owned subsidiary of Endúr ASA ("Endúr"), is happy to announce its planned acquisition of 100% of the shares in Notech AS ("Notech"/"The Company").
Notech is a mechanical steel contractor, supplying fabricated steel products, services and personnel to infrastructure, industrial and offshore markets. The Company operates workshop and office facilities in Larvik and Sandefjord, Norway, respectively, and employs approximately 80 people. Notech has been a highly valued and trusted partner to BMO for many years, providing engineering and steel bridges for BMO's numerous successful bridge replacement projects for Bane NOR. Notech has also supplied steel structures for major construction projects undertaken by HAB Construction. The acquisition secures continuity in critical delivery capacity, creates opportunities for expanded collaboration on fabricated steel products for Endúr's other subsidiaries, and provides further exposure to stable and profitable markets and clients within infrastructure, industry and offshore.
Founder and General Manager, Dag Abrahamsen, holds 100% of Notech and will remain in his current position following the completion of the transaction. Notech will continue to operate as an independent company, but in close partnership with BMO.
"We are incredibly excited to secure an even closer and longer-term partnership with an organization and people we know to be highly skilled, profitable and loyal. Notech is a quality company in every respect", says Aleksander Rød, General Manager of BMO.
The acquisition values The Company at a base enterprise value on cash- and debt-free basis, excluding leasing liabilities ("Base EV") of NOK 120 million. The Company expects to report FY 2026 revenues of around NOK ~185-195 million (FY 2025: NOK 204.8 million), with an operating result ("EBIT") of around NOK ~20 million (FY 2025: NOK 39.1 million) and a margin of ~10-11% (FY 2025: 19.1%). In addition to a sound strategic rationale, the acquisition will be highly accretive with an implied EV/EBIT multiple of 6x. The acquisition adds approximately NOK ~50 million to Endúr's existing backlog.
The Base EV may be adjusted upwards or downwards by an additional consideration of up to NOK +35/-20 million ("The Additional Consideration"), to be settled by 30 June 2029. Within this range, The Additional Consideration will be calculated as the difference between cumulative EBIT for the 2026-2028 period and a target of NOK 60 million, multiplied by 2x. This adjustment mechanism ensures an EV/EBIT multiple of 6x for an average EBIT during the 2026-2028 period within a range of NOK 16.7-25.6 million.
The acquisition will be partly financed with a NOK 20 million seller's credit, to be settled by 30 June 2029 and offsetable against any negative Additional Consideration. The seller will also receive consideration shares in Endúr of NOK 40.1 million, valued at the shares' volume weighted average price ("VWAP") on The Oslo Stock Exhange for the last 15 trading days leading up to this announcement. The consideration shares will be subject to lock-up restrictions, being released with 1/3 at each of 12, 18 and 24 months after closing.
"We are pleased with the compelling strategic and financial rationale behind this investment. The transaction is another clear example of our stated ambition to continue growing through accretive M&A, which will remain a defining feature of Endúr going forward, on both short and long term", says Jeppe Raaholt, CEO of Endúr.
A signed share purchase agreement ("SPA") is in place and the acquisition is expected to close during Q4 in 2026, with completion being subject to approval from The Norwegian Competition Authority and certain other customary conditions.
Advokatfirmaet Bull acted as legal advisor to Endúr.
For further comments, contact:
Media: Aleksander Rød, General Manager of BMO: +47 994 61 454 Jeppe Raaholt, CEO of Endúr: +47 976 69 759
Investors: Einar Olsen, CFO of Endúr: +47 924 01 787
(ENDS)
About Endúr: Endúr ASA (XOSL: ENDUR) is a leading Scandinavian contractor headquartered in Lysaker and listed on the Oslo Stock Exchange. The company specializes in critical infrastructure, including bridges, quays, tunnels, and dams. Operating as a disciplined serial acquirer (compounder), the group utilizes a decentralized model that grants subsidiaries high autonomy to preserve their technical expertise and local market positions. Endúr drives long-term value through strategic platform acquisitions and targeted bolt-ons in fragmented niche markets.