Bellman Group acquires Ivarssons Entreprenad
Bellman Group AB (“Bellman Group”) has today signed an agreement to acquire Ivarssons Entreprenad i Göteborg AB, (“Ivarssons Entreprenad”), an excavation and civil engineering company mainly operating in the Gothenburg region. Ivarssons Entreprenad already collaborates with some of the Group's subsidiaries in projects related to Västlänken and the acquisition further strengthens Bellman Group's position in the Gothenburg region.
The purchase price amounts to SEK 98.5 million, of which SEK 31.3 million consists of shares in Bellman Group (corresponding to 3.02 percent of the shares in Bellman Group) and SEK 67.2 million in cash.
Ivarssons Entreprenad performs all types of ground and civil engineering work and is also specialized in areas such as deep shafts and marine-related assignments with a focus on stability-enhancing measures and erosion protection. The machine park contains about 50 track and wheel machines with a range of up to 30 meters. The company employs 40 experienced employees and sales for the 2019/2020 financial year amounted to SEK 60.3 million with pro forma adjusted EBITDA amounting to SEK 23.3 million.
With the acquisition of Ivarssons Entreprenad, Bellman Group takes another step in the strategy to create a comprehensive supplier to the construction industry with unique opportunities to be a partner to other contractors in, for example large infrastructure projects, such as Västlänken.
"We are very pleased that Ivarssons Entreprenad, with its recognized competent staff, wants to join our group and we look forward to a continued exciting collaboration, especially in the Gothenburg region," says Håkan Lind, CEO of Bellman Group.
Ivarsson's Entrepreneur history dates to 1958 when the current owners' grandfather, John Ivarsson, started the machine contracting business. Since 1988, the company is owned by Mårten and Mikael Ivarsson, both of whom will remain with the company. Mikael Ivarsson will also be part of Bellman Group's Group Management from 2021.
“We are convinced that through the sale of Ivarsson's Entreprenad to Bellman Group, we have found the best owner for our company. Mårten and I will continue to run and expand the company, but now together with the other subsidiaries in Bellman Group and at the same time receive the support required in the form of financial stability and support for central administration, processes, IT support, etc.”, says Mikael Ivarsson.
This disclosure contains information that Bellman Group is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 11-12-2020 15:00 CET.
For more information, please contact:
Håkan Lind, CEO
+46 (0) 70 669 8028
Roger Axelsson, CFO
roger.axelsson@bellmangroup.se
+46 (0) 70 874 5041
About Bellman Group
Bellman Group is a civil engineering group that operates in rock blasting, excavation, haulage, and mass handling in Sweden, primarily in the Stockholm and Gothenburg regions. The Group consists of Bellmans, which is a company active in machinery brokerage and haulage, Uppländska, which performs rock blasting operations, VSM, which carries out excavation work with large machinery, Samgräv, which is active in haulage, machine brokerage, mass handling and operation of own landfills, and SÅCAB which is active in haulage and also owns a landfill south of Stockholm.
In 2019, net sales for the Group were SEK 1.8 billion. Bellman Group, with registered offices in Solna, Sweden, has approximately 400 employees and 1,000 subcontractors. The parent company’s corporate bonds are listed on Nasdaq Stockholm. Bellman Group is a group of strong growth with an explicit acquisition strategy.