Inin Group AS: Nordic Infrastructure Group acquires fibre optics specialist.

14 Sep 2023 08:00 CEST

14 September 2023 – Inin Group AS’ subsidiary Nordic Infrastructure Group AS
acquire 100 percent of the shares in Be-Ma AS, a niche contractor within fibre
optics, charging stations and related segments.

“BeMa is a profitable company that is operating in high-growth business
segments. We are pleased to add Be-Ma and its team of expert employees to our
group,” says Gjermund Sogn, CEO of Nordic Infrastructure Group.

ABOUT BE-MA
Be-Ma is an independent contractor located at Moelv, Norway. The company
delivers specialised fibre optics services. In addition, Be-Ma offers
groundwork, concrete casting, isolation and cabling related to build-out of
charging stations for electric vehicles (EVs). The company also provides
groundwork services for distribution pillars and foundations.

Established in 2018, Be-Ma has experienced double digit revenue growth every
year since inception, while maintaining healthy profit margins. In 2023, Be-Ma
expect revenues of NOK 40million and an EBIT of NOK 5 million.
Be-Ma has 20 full-time employees and a diverse set of vehicles and machinery
tailored for groundwork and fibre optic installation. For its charging stations
offering, Be-Ma has many large customers including petrol station chains,
manufacturers of electric vehicles and construction companies.

“Fibre optics is a critical part of the rail signalling system that we build in
Norway, we are a leading player within this field today, with BeMa we will
strengthen our position and secure even more capacity within the signalling
segment. In addition, BeMa have a strong position within another fast growing
segment, there are approximately 5,000 fast chargers for EVs in Norway today.
This means that there is an estimated need of 10,000 – 14,000 fast chargers for
lightweight EVs and 1,500 – 2,000 for heavyweight EVs by 2030. Be-Ma is
perfectly positioned to play a key role in this expected market growth,” adds
Gjermund Sogn.

SECOND FIBRE OPTICS ACQUISITION
On 21 June 2023, Inin Group announced that Nordic Infrastructure Group has
signed the final share purchase agreement to acquire 100 percent of the shares
in fibre optics contractor Thuve’n Anlegg & Bane AS. The transaction was closed
in July 2023.

“Both Be-Ma and Thuve’n Anlegg & Bane specialise in construction and
installation of fibre optic infrastructure. In combination, they will be able to
take on larger projects than what they do on their own today, concludes Gjermund
Sogn.

TRANSACTION TERMS
Nordic Infrastructure Group acquires 100 percent of the shares in Be-Ma AS,
which is valued at 5 x guaranteed EBIT for 2023 in the transaction. Be-Ma
expects to deliver EBIT of NOK 5 million in 2023. The total consideration will
be settled with approx. 70 percent in shares in Nordic Infrastructure Group,
which is valued at NOK 330 million in the transaction, and approx. 30 percent in
cash.

The transaction is expected to be completed in September 2023.

(ENDS)

For further information, please contact:
Gjermund Sogn, CEO of Nordic Infrastructure Group, Tel: +47 902 60 053

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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