EQVA ASA acquires Austevoll Rørteknikk AS

OSLO: EQVA ASA has entered into an agreement to acquire 100% of the shares in Austevoll Rørteknikk AS (ART).

The acquisition will be executed by EQVA’s wholly owned subsidiary, EQVA Industrial Solutions AS (EIS), and aligns with EQVA’s growth strategy within industrial services and the aquaculture segment.

The acquisition strengthens EQVA’s presence on Norway’s west coast, particularly in pipe installation, maintenance, and specialized fabrication for the aquaculture industry. ART boasts a solid customer base, including fish farming, seafood processing, and related industries. This strategic acquisition is expected to contribute to significant industrial synergies.

“Austevoll Rørteknikk is a well-managed company with a strong market position. This acquisition represents an important step in developing EQVA’s industrial services and executing our growth strategy. We look forward to working with ART’s talented team to create additional value for our customers and shareholders,” said Even Matre Ellingsen, CEO of EQVA ASA.

“We are very positive about joining the EQVA group. EQVA brings us strategic resources and a broader market reach that will contribute to the continued development of our company,” commented Frode Mikal Vågen, Managing Director of Austevoll Rørteknikk AS.

The transaction will be funded partly by existing cash within the group and partly by shares in EQVA ASA. The shares will be subject to a lock-up period, with 50% being released after 12 and 24 months from the date of the acquisition completion. The shares will be listed on the Oslo Stock Exchange. The acquisition is expected to be accretive for EQVA and its shareholders.

The transaction is anticipated to be completed by the end of Q2 2025, subject to certain conditions and necessary approvals. ART will continue operating under its current brand and management.

Founded in 2011, Austevoll Rørteknikk AS specializes in piping services, maintenance, prefabrication, and specialized installations for the aquaculture and related industries. The company has a solid financial track record, with an estimated 2024 revenue of more than NOK 30 million and a 2024 EBITDA of approximately NOK 3.5 million (unaudited). Headquartered in Austevoll, Vestland, ART operates throughout Norway.