French industrial giant Altrad has made an offer a deal to snap up Norway’s Beerenberg (OSLO:BBERG) AS.
Earlier this year, Altrad bought Aberdeen-headquartered energy services firm Stork. This was in addition to Sparrows, another north-east firm, in 2022, as well as Crawley-based DoosanBabcock.
Altrad said it made an “unregulated voluntary cash offer” of NOK 41.5 per share for Beerenberg in a deal which is “likely to conclude towards the end of 2024” – subject to the regulatory approvals and closing conditions.
It comes less than a year after Beerenberg listed on the Oslo Børs with a NOK 442 million market cap and an opening share price of NOK 18.
Altrad said the deal marks “another exciting milestone in Altrad’s development, whereby it invests in businesses that share its excitement, vision and values and a desire to add enhanced value to its clients”.
Altrad Group’s co-CEO Ran Oren said: “We have admired Beerenberg from a distance for many years and have been impressed by the achievements of the management team and their talented people.
“Our objective is to add to this success by adding investment, skilled people, innovative products, and a broader range of services to support their clients’ ambitions.”
Beerenberg brings 2,350 people into the Altrad Group.
Beerenberg chairman Geir Magne Aarstad said: “Since we listed Beerenberg less than a year ago, the company has delivered strong performance and value creation to its shareholders.
“The company has now received an offer from Altrad to consolidate, enabling the company to develop in a global group. The offer price of NOK 41.5 per share represents more than a doubling of the value since the IPO.”
Arild Apelthun, CEO of Beerenberg added: “Altrad is a leading global player in the industrial services sector, principally in the SIPM (scaffolding, insulation, painting, mechanical) activities, and Altrad and Beerenberg will together create a global platform with a strong competitive edge to meet the requirements of Beerenberg’s clients.
“Altrad will provide further resources and expertise to support a positive future
development for Beerenberg and its employees. If completed, the offer will
enable Beerenberg to continue to growth and develop its business as a private
company.”
Altrad was founded in 1985 by billionaire “king of scaffolding” Mohed Altrad, who indirectly owns 97% of Altrad.
Over the past few years Altrad has made 14 acquisitions adding €2bn in sales and some 20,000 employees.
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