19 December 2025 – Total Betong AS (“Totalbetong”), a wholly owned subsidiary of Endúr ASA (“Endúr”) is happy to announce it’s planned acquisition of 100% of the shares of Gann Tre AS (“Gann Tre” / “The Company”). Gann Tre will operate as a subsidiary of Totalbetong, providing increased in-house construction capacities.
Gann Tre is a building contractor based in Nærbø, Norway. The Company focuses on new buildings and rehabilitations of industrial and residential real estate. The Company’s experienced management team and owners remain actively involved in it’s daily operations. The Company’s project portfolio includes turnkey constructions, carpentry and timber structures, for both public and private clients. With a solid regional presence in Rogaland and approx. 60 employees, The Company brings valuable resources and expertise to complement Totalbetong’s existing service offering.
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“Having collaborated with Gann Tre on multiple projects, we know the company and it’s management extremely well and see a strong operational fit with Totalbetong“, says Kurt Helland, General Manager of Totalbetong.
“This transaction secures continuity for our customers and employees. We are happy to partner with Totalbetong, being both a solid owner and a trusted contractor”, adds Skjalg Espedal, General Manager of Gann Tre.
Gann Tre has delivered carpentry and subcontracting services to several of Totalbetong’s projects and a formalization of this already existing relationship will strenghten both companies, without changing their current market positions. Gann Tre will continue to operate as an independent company.
The acquistion values Gann Tre at an enterprise value on cash- and debt-free basis, excluding leasing liabilities (“EV”) of NOK ~42 million. The Company expects to report FY 2025 revenues of around NOK ~130 million, with an operating result (“EBIT”) of around NOK ~11 million. In addition to a sound strategic rationale, the acquisition will be highly accretive with an implied EV/EBIT multiple of ~3.8x. The acquisition adds approximately NOK ~225 million (net of eliminated revenue from contracts with Endúr companies) to Endúr’s existing backlog.
The acquisition will be partly financed with a NOK 11.3 million, 18-month seller’s credit. The sellers will also receive considerations shares in Endúr of NOK 15 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 6 month after closing. All existing owners and key employees of Gann Tre, including Skjalg Espedal, will continue in their current positions.
“As our recently announced acquistion of Tronfjell Maskin, this transaction is also right at the core of Endúr’s strategy of compounding investments in accretive transactions, using one of our already successful subsidiaries as a platform”, says Jeppe Raaholt, CEO of Endúr.
A signed share purchase agreement is in place and the acquisition is expected to close by the end of January 2026, with completion being subject to certain customary conditions.
Advokatfirmaet Bull acted as legal counsel to Endúr.
For further comments, contact:
Media:
Kurt Helland, General Manager of Totalbetong: +47 982 41 857
Jeppe Raaholt, CEO of Endúr: +47 976 69 759
Investors:
Einar Olsen, CFO of Endúr: +47 924 01 787
(ENDS)
About Endúr
Endúr ASA (OSE: ENDUR) is a leading supplier of construction and maintenance projects and services for infrastructure, including facilities for land-based aquaculture, quays, harbours, dams, bridges and other specialized concrete and steel projects. The company and its subsidiaries also offer a wide range of other specialized project and marine services. Endúr ASA is headquartered in Lysaker, Norway. See www.endur.no.
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