OSE-listed NRC Group ASA (NRC Group) has entered into a definitive agreement for the acquisition of Gunnar Knutsen AS (GK) for an enterprise value of NOK 199 million on a cash and debt free basis
NRC Group will acquire 100% of the shares in GK. The enterprise value is NOK 199 million on a cash and debt free basis and assuming a normalized level of working capital and will be settled in a combination of cash and shares in NRC Group. The seller has guaranteed an aggregate EBIT for the second half of 2018 and FY19 of at least NOK 45 million.
"Infrastructure development projects are increasingly subject to environmental regulations, requirements and expectations. We are committed to operate in the most sustainable manner with the competence and capacity needed to provide a full range of services, from planning and project management to the actual physical work of decommissioning, remediation and waste logistics," says Øivind Horpestad, CEO of NRC Group.
GK is one of Norway's leading companies within transportation of loose materials for the building and construction industry in Norway. The company had a revenue of NOK 234 million in 2017 with an EBITDA of NOK 33 million.
Aabø-Evensen & Co has acted as legal advisor to NRC Group in connection with the acquisition.