Endúr ASA - BMO to acquire F15 Bergteknik & F15 Anläggning
30 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 F15 Bergteknik AB ("F15BT") and F15 Anläggning AB ("F15A"), through BMO Fjell AS ("BMO Fjell"). F15BT and F15A will operate as subsidiaries of BMO Fjell, joining forces with Norsk Bergsikring AS ("NBS") and Wimo Fjellsikring AS ("Wimo").
F15BT is a niche contractor specializing in vibration-free rock splitting and rockfall protection, while F15A is a spin-off providing related groundworks and civil engineering services. Based in Bålsta, between Uppsala and Stockholm, the companies operate across Sweden and provide vibration-free rock splitting, drilling, bolting and mesh installation, shotcreting, wire sawing and grouting, as well as groundworks, water and sewer infrastructure and mass handling. The companies primarily act as subcontractors to larger Swedish contractors.
Founder and General Manager, Fredrik Nilsson, holds 100% of F15BT and 76% of F15A, while Operations Manager, Christopher Gustafsson, holds the remaining 24% of F15A. Both will remain in their current positions following the completion of the transaction. The companies bring valuable resources and expertise to complement and geographically expand BMO Fjell's existing service offerings and markets. F15BT and F15A will continue to operate as independent companies, but in close partnership with NBS and Wimo, under joint ownership by BMO Fjell.
"We are very pleased to continue investing, and expanding our presence, in an attractive market for rock engineering services in Norway and Sweden", says Aleksander Rød, General Manager of BMO.
The acquisition values the companies at a combined base enterprise value on cash- and debt-free basis, excluding leasing liabilities ("Base EV") of SEK 38.5 million. The companies expect to report consolidated FY 2026 revenues of around SEK ~25 million, with a consolidated operating result ("EBIT") of around SEK ~7 million (28%). In addition to a sound strategic rationale, the acquisition will be highly accretive with an implied EV/EBIT multiple of 5.5x. The acquisition adds approximately SEK ~20 million to Endúr's existing backlog.
The Base EV may be adjusted upwards or downwards by an additional consideration of up to SEK +24/-20 million ("The Additional Consideration"), to be settled by 30 June 2030. Within this range, The Additional Consideration will be calculated as the difference between cumulative and consolidated EBIT for the 2026-2029 period and a target of SEK 28 million, multiplied by 1.4x. This adjustment mechanism ensures an EV/EBIT multiple of approximately 5.5x for an average EBIT during the 2026-2029 period within a range of SEK 3.4-11.3 million.
The acquisition will be partly financed with a SEK 20 million seller's credit, to be settled by 30 June 2030 and offsetable against any negative Additional Consideration. The sellers will also receive consideration shares in Endúr of SEK 8.5 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 every 12 months after closing.
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 certain 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.