Endur's BMO Entreprenor to acquire Tronfjell Maskin, boosting central Norway presence

BMO Entreprenor AS, a wholly-owned subsidiary of Endur ASA, announced its planned acquisition of 100% of Tronfjell Maskin AS, a specialized construction and infrastructure contractor based in Alvdal, Norway. This acquisition aims to increase BMO's capacity, geographical presence in central Norway, and broaden its service offering, particularly in road and railway construction, groundworks, and environmental remediation. Tronfjell Maskin brings approximately 35 employees and a tailored fleet of machinery.

The acquisition values Tronfjell Maskin at an enterprise value of approximately NOK 60m on a cash- and debt-free basis, excluding leasing liabilities. Tronfjell expects to report FY 2025 revenues of around NOK 125m with an operating result (EBIT) of approximately NOK 10m, implying an EV/EBIT multiple of ~6.0x. The transaction is expected to add approximately NOK 50m to Endur’s existing backlog and is considered highly accretive to the company.

Financing for the acquisition includes a NOK 12.5m, 18-month seller’s credit and NOK 25m in consideration shares in Endur, valued at the 14-day volume-weighted average price on the Oslo Stock Exchange. The consideration shares will be subject to lock-up restrictions. The acquisition is expected to close by the end of January 2026, with all existing owners and key employees of Tronfjell continuing in their current positions.