28 February 2018
Bergen Group ASA acquires Vitek AS
Bergen Group ASA acquires Vitek AS and ensures market leadership special expertise in pipeline inspection, pipe renewal and waste management.
Chairman of Bergen Group ASA, Hans Petter Eikeland (to the right) together with CEO Carl Christian Sibbern in Vitek AS.
Bergen Group ASA has entered into a share purchase agreement for the acquisition of the company Vitek AS headquartered in Bergen. The share purchase agreement also includes the wholly owned subsidiary Vitek Miljø AS. Vitek is currently in a period of growth that also includes new geographical areas.
Vitek AS and Vitek Miljø AS offer services related to pipelines and drainage systems. The company has developed a market-leading specialist expertise in pipe inspection, pipe cleaning, pipe renewal and waste management over several years. Vitek operates in in both private-, public- and business-to-business markets.
Chairman Hans Petter Eikeland of Bergen Group ASA considers Vitek as a very exciting company with strong growth opportunities.
"The acquisition of Vitek is an important step in the process of further strengthening the Group's position as a supplier of products and services that are competitive in national emerging markets. Vitek also adds a new activity and new market areas for Bergen Group. This gives us a more robust operational platform thus in line with our strategic goal of making Bergen Group a solid and attractive Westland-based industrial group”, Eikeland points out.
The seller of Vitek AS is Tertnes Holding AS, with experienced industrial developer Jan Olav Jørgensen as the main shareholder. The signed share purchase agreement proposes that Jørgensen will become an important shareholder in Bergen Group ASA through a proposed private placement to be resolved upon in an extraordinary general meeting planned to take place in the near future.
"We look forward to have Jørgensen as an important collaborator in the process of further strengthening Bergen Group a solid and attractive industrial group based in western part of Norway," says Eikeland.
Vitek AS has been part of the Tertnes Holding system for 10 years. This has been a period in Vitek’s history with continuous growth in revenues, product portfolio and expertise.
“The sale of Vitek AS to Bergen Group ASA will help strengthen the company's growth ambitions going forward. Together with our new owners, we will take positions in a future-oriented market where Vitek's solid environmental expertise and its well-documented quality deliveries make the company an attractive player, "says Jan Olav Jørgensen.
Vitek AS has recently established a division in southeast of Norway, initially based in Moss and with the Oslo Fjord region as its focus area. Vitek AS is managed by Carl Christian Sibbern, who has extensive experience from the pipe renewal industry, which also includes being the founder of the pipe renewal company Oliner System and the former CEO of Olimb Group.
Sibbern assesses the new ownership as an exciting opportunity to further develop Vitek’s market position.
"Bergen Group will contribute with an industrial ownership that strengthens our platform for further growth, both strategically and operationally. At the same time, it will give positive momentum in our process of expanding into new market segment”, Sibbern points out.
The acquisition date of Vitek AS is expected to be completed by the end of Q2 2018, and the acquisition settlement is planned with a combination of cash and shares. The transaction is subject to due diligence, and will require an Extraordinary General Meeting of Bergen Group ASA to resolve upon a share issue.
A detailed stock exchange announcement will be distributed no later than Monday 5 March 2018 before the trade opening of the Oslo stock market, in accordance with the requirements of Continuing Obligations for listed companies. The acquisition will also require an information document to be disclosed within 30 trading days from today.
Bergen Group ASA is a Norwegian industrial group based in western part of Norway, and a well-established supplier of products and services to the areas of Energy & Industry, Maritime, Defense and Access Technology. The group has also expanded its aquaculture activities through the recently announced acquisition of integrated feed barge production and dry dock capacity located at Stamsneset at Grimstadfjorden in Bergen. For further information: www.bergengroup.no
Vitek AS was founded in 1983 and is headquartered in Bergen. The company has experienced major growth in recent years, and is currently a leading provider in its business areas. The company's business area is all services related to pipes and drainage systems, with special expertise in piping and pipe renewal. The company is also an established player in the field of waste treatment, both onshore and offshore, as well as tank cleaning operations in all forms. See also: www.vitek.no
Chairman of Bergen Group ASA, Hans Petter Eikeland, telephone +47 932 08 177
Chairman of Vitek AS, Jan Olav Jørgensen, telephone +47 930 26 529