Altrad, a global leader in industrial services, has announced a voluntary cash offer to acquire all outstanding shares of Beerenberg AS, a prominent Norwegian provider of maintenance and modification services.
This strategic move aligns with Altrad’s ongoing efforts to expand its global footprint and enhance service offerings across various sectors.
The transaction, expected to close by the end of 2024, is contingent upon receiving regulatory approvals and meeting other customary conditions. Altrad’s Co-CEO, Ran Oren, expressed enthusiasm about the potential acquisition, highlighting Beerenberg’s strong management team and impressive industry track record.
“We have admired Beerenberg from a distance for many years and have been impressed by the achievements of the management team and their talented people,” said Oren. “Our objective is to build on this success by adding investment, skilled people, innovative products, and a broader range of services to support their clients’ ambitions.”
Beerenberg, headquartered in Bergen, Norway, has been a key player in the maintenance and modification services sector for 47 years, particularly within the Norwegian Continental Shelf. The company also operates internationally, providing insulating products and a range of services throughout the petroleum industry’s lifecycle.
The acquisition will bring Beerenberg’s 2,350 employees into the Altrad Group, where they will be integrated into Altrad’s extensive global network, which spans more than 55 countries. The move is seen as an opportunity for Beerenberg employees to further develop their careers within a larger, more diverse organization.
Altrad, known for its multidisciplinary services and strong presence in the energy, power generation, oil & gas, and construction sectors, generated sales of €5.3 billion and an EBITDA of €674 million for the fiscal year ending 31 August 2023.
The proposed acquisition underscores Altrad’s commitment to investing in businesses that share its vision and values, further solidifying its position as a leader in the industrial services market.
