EQVA: Acquisition of Kvinnherad Elektro and Vassnes Group closed

18 Sep 2024 07:46 CEST

18 September 2024: EQVA ASA (OSE: EQVA) (“EQVA”) and Kvinnherad Elektro AS, a
full-service power and automation company, announced a business combination
agreement on 14 May 2024. The transaction has now been closed. The agreement
includes Kvinnherad Elektro’s 51 percent ownership in Vassnes Solutions AS, a
group of leading engineering, welding, power and automation services companies.

After this transaction, Nordic Industrial Solutions (NIS), the newly formed
industrial group owned by EQVA, will be the sole owner of the BKS Group and
Kvinnherad Elektro Group. NIS will become a platform for further expansion and
value creation with EQVA as its main owner.

This move, considered to be of high strategic value, will result in the
establishment of a prominent and fully integrated system supplier within the
piping, power and automation disciplines. The agreement strengthens EQVA and
NIS’s position as a leading supplier for the upcoming significant upgrade and
restructuring of Norwegian industry. After consolidation, NIS will consist of
more than 550 highly qualified employees, of which 270 will be engaged within
the business segment power and automation.

The business combination will significantly increase NIS’s capabilities and
expertise in attractive power and automation markets. It will also increase the
company’s flexibility to undertake major contracts in engineering, green
transition and electrical services.

“Through the establishment of NIS and acquisition of Kvinnherad Elektro and
Vassnes Group, EQVA continues to deliver on its strategy for growth and
broadening of its service offering. This combination enhances NIS’s access to
attractive markets in Western Norway such as the smelting industry, maritime
industry, and offshore industry. We look forward to working with our new
colleagues in both Ølen and Rosendal and will strive to further enhance our
service offering for our valued customers,” said Even Matre Ellingsen, CEO of
EQVA.

Following the transaction, both Kvinnherad Elektro and Vassnes Solutions will
continue to operate under their current brand and management, ensuring a
seamless continuation of their operations.

«We are excited to become part of EQVA. We have a history of close collaboration
with EQVA’s subsidiary, BKS, and we operate in the same region and markets. This
merger gives us an opportunity to increase our market share and strengthen the
competence and quality of our services to both existing and new customers. We
also see potential to undertake larger multidisciplinary projects in the
future," said Kjetil Helvik, general manager of Kvinnherad Elektro.

 
About EQVA:
EQVA ASA is a knowledge-based active owner of engineering, construction and
service companies that contribute to the green transition in maritime, power
intensive and renewable industries. The company is a fully integrated service
and maintenance supplier for the Norwegian land-based and maritime industry.

The group has a well-diversified product and market portfolio, and further
growth will be established through a combination of company-based development
and utilization of synergies between the companies in the group.

Key companies in the group are BKS and Fossberg Kraft, each building on decades
of experience and widely recognized by clients in a broad range of industries.

About Kvinnherad Elektro:
Kvinnherad Elektro, with its over 80 years of experience, is a full-service
supplier for power and automation installations. The company serves customers in
the smelting industry, fish farming, shipyards, transport construction projects,
and households. With a team of 42 employees, including skilled engineers and
installation experts, Kvinnherad Elektro is recognized as a trusted partner in
the power and automation industry.

About Vassnes Solutions:
Vassnes Solutions is a leading group of engineering, welding, and power and
automation service companies. Vassnes Solutions and its three subsidiaries
Vassnes Mechanical AS, Vassnes Power AS and Vassnes Engineering AS deliver
high-quality services to various sectors within the land-based and maritime
industry. The group consists of a total of 160 employees with electrical
engineering, installation, and welding expertise.


For more information, please contact:
Even Matre Ellingsen, Chief Executive Officer. Phone: + 47 990 05 500


This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

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