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 Norway-based Trasé AS – a specialist within construction and maintenance of public transport infrastructure. The planned acquisition will further strengthen Nordic Infrastructure Group’s position in the railway and tramway segments and widen its offering to also cover public road infrastructure.
“Nordic Infrastructure Group is already one of the leading Norwegian players within construction, maintenance and upgrade of railway and tramway infrastructure. To add Trasé to our portfolio of companies will further enhance our offering and enable us to take on even larger projects together,” says Gjermund Sogn, CEO of Nordic Infrastructure Group.
Trasé counts 25 employees that specialize in construction, maintenance and upgrades of railways, tramways and road infrastructure related to public transport. It provides services within groundwork, water and wastewater, cable systems, concrete work and track construction. The company is headquartered at Østerås in Bærum municipality, just outside Oslo.
The majority of Trasé’s projects are located in the greater Oslo region. The company’s largest clients include public infrastructure owners such as the Norwegian Public Roads Administration, Oslo Municipality and municipality-owned public transport operator Sporveien.
“Several billion Norwegian kroner will be invested in public transport infrastructure in the Oslo region over the next decade. With extensive experience from trams, subways, roads and cycle paths in the region, Trasé AS is a highly competitive and attractive supplier here,” adds Gjermund Sogn.
In 2023, Trasé delivered revenue of approximately NOK 33 million, and EBIT of NOK 8 million. The company has delivered positive financial results every year since its inception in 2015, and in some years delivered operating profit margins of between 30-40 percent. Trasé entered 2024 with an order backlog of approximately NOK 93 million.
THE POTENTIAL TRANSACTION
The potential transaction is subject to customary closing conditions, satisfactory due diligence, and final transaction documentation. Signing of the final share purchase agreement and closing of transaction is expected during the 2nd quarter of 2024. Details of the financial terms of the transaction will be shared following signing of a final share purchase agreement between the parties.
Upon completion of the potential transaction, Trasé will become part of Nordic Infrastructure Group, which heads up ININ Group’s Rail Infrastructure investment platform.
