Engineering and architecture Group Projektengagemang has today entered into
an
agreement to acquire all the shares in Integra Engineering AB (“Integra”),
which
specialises in civil engineering. Through the acquisition,
Projektengagemang
will become one of Sweden’s market leaders in civil
engineering. The acquisition
is another major step towards achieving
Projektengagemang’s growth strategy, the
aim of which is to take leading
positions within profitable markets and areas of
business.
Integra specialises
in civil engineering in both the construction sector and
industry, offering
specialist services within building project management,
building physics,
land-use planning and fire protection planning. The company
employs around 200
people at ten offices in Trollhättan, Göteborg, Karlstad,
Stockholm, Jönköping,
Örebro, Malmö, Linköping, Uddevalla and Visby. In 2017,
Integra achieved sales
of almost SEK 200 million and EBITDA earnings of just
over SEK 34
million.
“The acquisition of Integra is a significant step for us at
Projektengagemang.
Together we will be one of the market leaders in civil
engineering in Sweden. We
share the same views as regards the importance of a
strong culture, in which
cooperation, commitment and an enterprising spirit are
key to achieving success.
We will now work in partnership to continue on our
profitable growth journey,
providing our customers with more comprehensive,
innovative and sustainable
solutions,” commented Projektengagemang’s President
and CEO, Per Hedebäck.
“Projektengagemang’s achievements are very impressive
and it’s going to be
exciting to be a significant part of the group’s continued
development. Here at
Integra it offers us opportunities to expand our business
and it strengthens our
customer offering in terms of both breadth and
expertise. This venture also
gives our employees greater opportunities for
development in the form of new,
exciting assignments and new career paths,”
said Kjell-Åke Johansson, CEO at
Integra.
“Integra provides us with a firm
foundation for continued growth. It is a
company of employees with proven
skills, and it has a strong presence in our
focus regions. We’re confident that
this acquisition will enable us to retain
and recruit more engineers with the
skills we need,” commented Mathias Thorsson,
Head of Projektengagemang’s Civil
Engineering & Infrastructure division.
The purchase price amounts to SEK 250
million. Based on earnings levels in
Integra’s most recent twelve-month period
(September 2017 – August 2018), the
purchase price corresponds to an EV/EBITDA
multiple of 7.1, which is consistent
with historical acquisition levels. SEK
125 million of the purchase price is
being financed via an acquisition credit
with SEB and the remaining portion via
Projektengagemang’s own cash funds.
Following completion of the acquisition,
Projektengagemang will retain a
healthy capital structure, with an anticipated
proforma net debt/EBITDA ratio
of approximately 1.4, which is consistent with
the Group’s financial target in
the medium term, while allowing scope for
continued acquisitions. The
acquisition is expected primarily to create
synergies and growth through
increased revenue and a stronger combined offering.
Integra will be
consolidated into Projektengagemang’s Civil Engineering &
Infrastructure
division. The acquisition is expected to be completed mid
-December
2018.
About Projektengagemang
Projektengagemang, or PE as we are commonly
known, comprises over one thousand
architects, engineers, project managers and
specialists who identify
opportunities, develop concepts and tackle challenges.
Together, we generate
value for our clients and for society in general. PE is
represented in over 35
locations and sales for 2017 totalled around SEK 1.2
billion. PE’s share is
listed on Nasdaq Stockholm under the ticker symbol
PENG.
About Integra
Integra specialises in civil engineering, offering
specialist services within
building project management, building physics,
land-use planning and fire
protection planning. The company was founded in 1999
and now has around 200
employees at offices in ten locations. Net revenue for
2017 amounted to almost
SEK 200 million.
For further information, please
contact:
Per Hedebäck, President and CEO
Tel: +46 10‐516 00 00
Email:
per.hedeback@pe.se
Peter Sandberg, CFO
Tel: +46 10-516 03 67
Email:
peter.sandberg@pe.se
Arvid Linder, PR & Press Officer
Mobile: +46 70 779 58
98
Email: arvid.linder@pe.se
THIS INFORMATION IS SUCH INFORMATION THAT
PROJEKTENGAGEMANG SWEDEN AB (PUBL) IS
OBLIGED TO DISCLOSE UNDER THE EU MARKET
ABUSE REGULATION. THE INFORMATION WAS
SUBMITTED THROUGH THE PROVISION OF THE
ABOVE-MENTIONED CONTACTS FOR PUBLICATION
ON 27 NOVEMBER 2018 AT 10:30 CET.
För
mer information, vänligen kontakta:
Per Hedebäck, VD och Koncernchef
Tel: +46
10‐516 00 00
E-post: per.hedeback@pe.se
Peter Sandberg, Finansdirektör
Tel:
+46 10-516 03 67
E-post: peter.sandberg@pe.se
Arvid Linder, PR & Press
Officer
Mobile: +46 70 779 58 98
Email: arvid.linder@pe.se
About
Projektengagemang
PE employs approximately one thousand architects, engineers,
project managers
and specialists. Together we create value for our customers –
and for society at
large. We are present in over 35 locations and offer
solutions that work here
and now and for future generations. We create for
life. Learn more at www.pe.se.