Inin Group AS’ subsidiary Nordic Infrastructure Group AS AS acquire 100 percent of the shares in Be-Ma AS, a specialized company operating in fiber optics, EV charging stations, and related fields.
“Be-Ma is a profitable company that is operating in high-growth business segments. We are pleased to add Be-Ma and its team of expert employees to our group,” says Gjermund Sogn, CEO of Nordic Infrastructure Group.
ABOUT BE-MA AS
Be-Ma is an independent contractor located at Moelv, Norway. The company delivers specialised fibre optics services. In addition, Be-Ma offers groundwork, concrete casting, isolation and cabling related to build-out of charging stations for electric vehicles (EVs). Moreover, the company provides groundwork services for distribution pillars and foundations.
Established in 2018, Be-Ma has experienced double digit revenue growth every year since inception, while maintaining healthy profit margins. In 2023, Be-Ma expect revenues of NOK 40million and an EBIT of NOK 5 million. Be-Ma has 20 full-time employees and a diverse set of vehicles and machinery tailored for groundwork and fibre optic installation. For its charging stations offering, Be-Ma has many large customers including petrol station chains, manufacturers of electric vehicles and construction companies.
“Fibre optics is a critical part of the rail signalling system that we build in Norway, we are a leading player within this field today, with BeMa we will strengthen our position and secure even more capacity within the signalling segment. In addition, BeMa have a strong position within another fast growing segment, there are approximately 5,000 fast chargers for EVs in Norway today. This means that there is an estimated need of 10,000 – 14,000 fast chargers for lightweight EVs and 1,500 – 2,000 for heavyweight EVs by 2030. Be-Ma is perfectly positioned to play a key role in this expected market growth,” adds Gjermund Sogn.
SECOND FIBRE OPTICS ACQUISITION
On 21 June 2023, Inin Group announced that Nordic Infrastructure Group has signed the final share purchase agreement to acquire 100 percent of the shares in fibre optics contractor Thuve’n Anlegg & Bane AS. The transaction was closed in July 2023.
“Both Be-Ma and Thuve’n Anlegg & Bane specialise in construction and installation of fibre optic infrastructure. In combination, they will be able to take on larger projects than what they do on their own today, concludes Gjermund Sogn.
TRANSACTION TERMS
Nordic Infrastructure Group acquires 100 percent of the shares in Be-Ma AS, which is valued at 5 x guaranteed EBIT for 2023 in the transaction. Be-Ma expects to deliver EBIT of NOK 5 million in 2023. The total consideration will be settled with approx. 70 percent in shares in Nordic Infrastructure Group, which is valued at NOK 330 million in the transaction, and approx. 30 percent in cash.
The transaction is expected to be completed in September 2023.
