Trygg Vei AS / Garda Sikring
Erik Borgersen Holding AS, a private investment company, has sold Trygg Vei AS to Garda Sikring for an undisclosed consideration.
Trygg Vei AS is a Norwegian top tier contractor of new building and maintenance and repair (M&R) services for road restraint systems to transportation infrastructure. Customers are typically national, county and municipal road authorities and large infrastructure contractors. The company was established in 1998 and has a remarkable track record of high profit margins and revenue growth.
Garda Sikring is a group of seven regional companies that deliver and install permanent and temporary perimeter security solutions such as various types of fences. Garda had a turnover of approximately US$35 million in 2016 with an EBITDA margin of 15%. The Norwegian private equity fund Longship owns 70% of the company.
Oaklins’s team in Norway advised the seller in this transaction which was driven by the need for generational succession. We received several good inputs from Oaklins’ teams in Europe, but decided in the end to enter into a deal with a Norwegian group.
Cavendish played an invaluable role throughout a complex transaction and in particular getting the transaction across the finishing line.
This deal provides an excellent platform for the Levolux business to continue its overseas expansion. As well as the compelling strategic fit, Alumasc provides an excellent home for the Levolux brand and team. We are delighted with the outcome and the support extended to us by Cavendish.
This has been a highly complex transaction involving 10 jurisdictions. Cavendish has held our hands throughout the process, providing a dedicated team who have done a superb job; this has greatly reduced interruptions to our businesses whilst adhering to the original timetable. Cavendish has achieved a very successful sale at a fair price to a buyer who will enjoy significant strategic value from the purchase.
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