Totalbetong to acquire Gann Tre, boosting construction capacity

Endúr ASA's wholly owned subsidiary, Totalbetong AS, announced the planned acquisition of 100% of Gann Tre AS shares. The acquisition, valued at an enterprise value of approximately NOK 42 million, aims to increase Totalbetong's in-house construction capacities by integrating Gann Tre, a building contractor specializing in industrial and residential real estate. Gann Tre, with around 60 employees, has an established regional presence in Rogaland.

Gann Tre expects to report FY 2025 revenues of around NOK 130 million with an operating result (EBIT) of approximately NOK 11 million. The acquisition is expected to be highly accretive with an implied EV/EBIT multiple of around 3.8x and 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 by a NOK 11.3 million, 18-month seller's credit and NOK 15 million in consideration shares in Endúr. Existing owners and key employees, including Gann Tre's general manager Skjalg Espedal, will remain in their current positions. The transaction is expected to close by the end of January 2026.