Endúr ASA – HAB acquires parts of Topaas & Haug
27 March 2025 – HAB Construction AS (“HAB”), a wholly owned subsidiary of Endúr ASA (“Endúr”), has acquired parts of the bankruptcy estate of civil engineering contractor Topaas & Haug AS (“Topaas & Haug”).
Topaas & Haug (“The Company”) was established in Bærum municipality outside Oslo in 1954. The Company specializes in groundworks, such as excavation, drainage, trenching and blasting, road construction and municipal infrastructure projects, water and wastewater infrastructure, and concrete and civil structures.
HAB has acquired parts of The Company’s operating assets from the bankruptcy estate for NOK 8.5 million. This includes plant and equipment, lease agreements, and a number of contracts for on-going customer projects, which are already being continued and executed. The acquired projects represent an order backlog of approximately NOK 20 million.
“Topaas & Haug is a well-reputed contractor, known in the industry for delivering high quality work. Our plan is to apply our proven methodology for pricing, project management and cost control. Through this, we see a clear potential to improve profitability, as we have demonstrated in similar situations before”, says Jeppe Raaholt, CEO of Endúr.
“This acquisition is a good strategic fit for HAB. It strengthens our presence in the Oslo region and adds experienced people, solid customer relationships and an attractive project portfolio. We are pleased to already have the projects up and running and to welcome new colleagues into the organization,” says Christian Tanum, General Manager of HAB.
Nine employees from Topaas & Haug joined the Endúr group today, including General Manager Kristian Haug – the grandchild of The Company’s co-founder.
The Topaas & Haug name will be retained as part of a newly established legal entity, which will become a wholly owned subsidiary of HAB. Kristian Haug will continue to lead The Company.
Topaas & Haug’s soil production operation in Asker is not part of the transaction.
(ENDS)
For further information, please contact:
Jeppe Raaholt, CEO Endúr, tel: +47 976 69 759
About Endúr ASA: 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.