Inin Group’s subsidiary Nordic Infrastructure Group AS has agreed to the principal terms of an agreement to acquire 100 percent of the shares in railway contractor Banefjell AS.
“Banefjell’s key market is south-west Norway, so this is a complementary geographical expansion that strengthens our position as a national railway contractor, thereby enabling us to take on more and larger projects,” says Gjermund Sogn, CEO of Nordic Infrastructure Group.
About Banefjell AS
Banefjell is an experienced railway contractor that delivers a wide range of services including operations and maintenance, track and sleeper replacement, concrete rehabilitation, signaling and electrical work, and salvage operations. Its main clients are Bane NOR and VY Gruppen, who Banefjell supports on the southern railway line (Norwegian: “Sørlandsbanen) in Norway.
The company was established in 2013 and has generated steady revenue growth since inception. In 2022, the company delivered revenue of NOK 103 million with an operating profit (EBIT) of NOK 7 million. The company has a healthy balance sheet with close to zero debt. Banefjell has delivered positive financial results every year it has been in operation.
Banefjell is headed by managing director Henning Løvås, who is also one of the two main shareholders of the company.
Transaction
Signing of the final share purchase agreement and completion of the transaction is subject to customary closing conditions, due diligence, and final transaction documentation. Signing of the share purchase agreement and closing is expected to occur between the third and fourth quarter 2023. Details of the financial terms of the transaction will be shared following signing of a final share purchase agreement between the parties.
