2 February 2026: With reference to the stock exchange announcement published on
21 January 2026, EQVA has secured new long-term financing. The terms and
conditions of the bond loan were today approved by the Board of Directors of
EQVA ASA. The financing strengthens the Group's financial platform and opens
strategic opportunities, providing capacity for both organic development within
the Group's companies and for strategic acquisitions.
Today, EQVA has signed an agreement to acquire the mechanical and
electromechanical operations of Einar Øgrey in Farsund. The transaction is of
strategic importance and provides EQVA with increased capacity in both existing
and new complementary service areas, access to highly skilled personnel, local
presence on the Southern coast of Norway, and a broader customer base. For 2025,
the business is expected to generate revenues of approximately NOK 160 million
and EBITDA of approximately NOK 15 million (9%).
"The acquisition of Einar Øgrey Farsund is an important strategic step for EQVA.
The company adds high technical competence, strong customer relationships and a
solid position on the Southern coast of Norway. Together, we strengthen our
capacity within both existing and new service areas and lay a strong foundation
for further growth and value creation," says Olav Koløy, CEO of EQVA.
Transaction details
The transaction is funded through a combination of available acquisition
financing under the bond loan, cash consideration, share consideration, and a
conditional performance-based earn-out.
The agreed upfront enterprise value is NOK 60 million, of which NOK 40 million
will be settled in cash and NOK 20 million will be settled through the issuance
of new shares in EQVA ASA to the sellers. The final equity value at completion
will be determined based on closing accounts and will be subject to customary
net debt and working capital adjustments.
In addition, the sellers may receive a performance-based earn-out linked to
achieved EBITDA for the financial years 2026 and 2027. The earn-out shall in any
event not exceed NOK 60 million and will be settled 50% in cash and 50% in
shares of EQVA ASA. The earn-out is structured to be proportionate to
performance, in order to maintain a consistent implied acquisition multiple
across outcomes.
The subscription price for the share consideration will be determined in
accordance with an agreed VWAP-based pricing mechanism, and is subject to
customary floor and cap mechanisms. The consideration shares will be subject to
a lock-up-period, with 50% being released 12 months after completion, and the
remaining 50% being released 24 months after completion. The consideration
shares are intended to be listed on the Oslo Stock Exchange.
About Einar Øgrey Farsund
Einar Øgrey Farsund a well-established on the Southern coast of Norway with 65
employees, offering engineering and design, mechanical fabrication,
installation, as well as maintenance of mechanical structures and machinery. The
company also has specialist expertise in certification and annual inspection of
lifting equipment, non-destructive testing (NDT), 3D modelling and design, and
3D scanning.
Going forward, the company will strengthen its position as a supplier of
mechanical and electromechanical services to existing customers such as Alcoa,
Aludyne, Eramet, Alloc and Hitachi, while also facilitating expansion into new
market areas. The company will continue to operate under the same brand name and
will have opportunities for synergies and growth together with the other
companies in the EQVA Group.
"Becoming part of EQVA gives us new and exciting opportunities for further
development. We become part of a larger professional environment and a group
with clear ambitions for growth. At the same time, we are very pleased that the
business will continue to operate under the established brand, allowing us to
continue to build on the competence, culture and relationships we have developed
over time," says Arne Marthinsen, Managing Director of Einar Øgrey Farsund.
The transaction is expected to be completed during the second quarter of 2026.
The HVDC operations of Einar Øgrey Farsund will be carved out of the company
prior to EQVA's acquisition of the business.
For further information, please contact:
Olav Hilmar Koløy, CEO EQVA, +47 911 58 829
Arne Marthinsen, CEO Einar Øgrey Farsund, +47 900 46 025
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act. The stock
exchange announcement was published by Ask Haukaas, Head of strategy and
business development in EQVA, at the time and date stated above in this
announcement.