N.I Group acquires Banefjell AS and SLAM Jernbaneteknikk for NOK 108.3m

OSLO, NORWAY: ININ Group’s subsidiary Nordic Infrastructure Group AS (N.I Group) has today signed the share purchase agreements to acquire 100 percent of the shares in Norwegian railway contractors Banefjell AS, and SLAM Jernbaneteknikk AS.

“The acquisition of Banefjell strengthens Nordic Infrastructure Group’s position in south-west Norway, and will enable us to jointly take on larger project scopes together. We look forward to combining our capacity and specialist railway competence to win more work together,” says Gjermund Sogn, CEO of Nordic Infrastructure Group.

Banefjell is an experienced railway contractor that delivers a wide range of services including operations and maintenance, track and sleeper replacement, concrete rehabilitation, signalling and electrical work, and salvage operations. Its main clients are Bane NOR and VY Gruppen, who Banefjell supports on the southern railway line (Norwegian: “Sørlandsbanen) in Norway.

The company was established in 2013 and has generated steady revenue growth since inception. In 2023, the company delivered revenue of NOK 125 million with an operating profit (EBIT) of NOK 14 million. The company has a healthy balance sheet with close to zero debt. Banefjell has delivered positive financial results every year it has been in operation.

Banefjell is valued at NOK 77 million in the transaction. The acquisition will be settled 45 percent in Nordic Infrastructure Group shares and 55 percent in cash in three different tranches.

SLAM Jernbaneteknikk is a provider of high / low voltage and signalling services within the construction, maintenance, troubleshooting and control of railway technical systems. The company also provides safety-related work for railways.

SLAM Jernbaneteknikk is headquartered at Roverud in Kongsvinger municipality, Innlandet county, Norway. In 2023, the company generated revenue of approximately NOK 36 million and EBIT of approximately NOK 6.7 million. The company has 20+ employees.

“There is a substantial and growing demand for signalling technicians and specialist signalling competence. SLAM Jernbaneteknikk offers exactly this. By becoming part of Nordic Infrastructure Group, we are becoming the leading player within this field in Norway,” says Gjermund Sogn, CEO of Nordic Infrastructure Group.

SLAM Jernbaneteknikk is valued at approximately NOK 31.3 million in the transaction, which will be settled 65 percent in Nordic Infrastructure Group shares and 35 percent in cash, paid in three tranches.
ININ Group is a listed investment company operating as an industrial owner with investments in companies within infrastructure and industry services niches in the Nordics.

The group aims to create value by identifying investment opportunities within profitable niches with potential for development, consolidation and growth, working in collaboration with the platform companies to deliver sustainable growth and superior profitability.

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