Inin Group to acquire site preparation contractor

27 Jun 2024 08:22 CEST

27 June 2024 – Inin Power AS, a subsidiary of Inin Group, has today signed the
share purchase agreement to acquire 100 percent of the shares in Skyttermoen
Anlegg AS – a profitable and growing contractor that specialises in site
preparation work, which is complementary to several of Inin Group’s other
businesses.

Skyttermoen Anlegg will become part of Inin Group’s Power Distribution platform.


Laje AS, which is a focused infrastructure construction and service company
within the energy infrastructure, telecom and electrification sector, is
currently the biggest company on this platform.

“Laje relies on reliable excavation contractors to support its power
infrastructure work, so we will be looking to capitalize on the obvious
synergies between the two companies. Skyttermoen Anlegg is already a well-run
and highly profitable company on its own, so this is an opportunity for both
businesses to create even more value together,” says Øivind Horpestad, CEO of
Inin Group.

ABOUT SKYTTERMOEN ANLEGG

Skyttermoen Anlegg is a specialist site preparation contractor which provides
services within excavation work, drainage, cable trenches, High-voltage
networks, land development and project development.
The company is based in Hamar, Innlandet county, Norway, which is the same
geographical region as Laje and other Inin Group subsidiaries are located.

Skyttermoen Anlegg was established in 2006 and the company has delivered revenue
growth and positive operating results every year since inception. In 2023, the
company delivered revenue of NOK 69 million and an operating profit (EBIT) of
NOK 15 million.

“Skyttermoen Anlegg has over several years proven that it is capable of
delivering operating profit margins between 15 and 25 percent. We look forward
to bringing them into Inin Group,” adds Øivind Horpestad.

TRANSACTION DETAILS

As part of the share purchase agreement, Inin Power AS, which is the holding
company of Inin Group’s Power Distribution platform, acquires 100 percent of the
shares of Skyttermoen Anlegg AS for a total consideration of NOK 83 million on a
cash and debt free and fully diluted basis.

The consideration will be settled 60 percent in cash and 20 percent in shares in
Inin Power AS and 20 percent in shares in Inin Group. Half of the cash-based
consideration will be settled at closing of the transaction, and the other half
after Skyttermoen Anlegg’s annual accounts for 2024 have been approved. The
second part of the cash settlement is based on Skyttermoen Anlegg achieving a
guaranteed EBIT of NOK 16 million in 2024

The transaction is expected to be completed in the third quarter of 2024.

(ENDS)

For further information, please contact:
Øivind Horpestad, CEO of Inin Group, Tel: +47 910 00 626

About Inin Group AS
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 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. For more information, please
visit: www.inin.no

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