Frode Mikal Vågen, Managing Director of ART and Even Matre Ellingsen, CEO of EQVA ASA.
Image: EQVA ASA / Austevoll Rørteknikk AS (ART).
Norwegian industrial group EQVA ASA has announced the 100% acquisition of aquaculture industry supplier Austevoll Rørteknikk AS (ART), in a move which the company says "enhances EQVA’s presence on the west coast of Norway, particularly in pipe installation, maintenance, and specialized fabrication for the aquaculture industry".
In a stock exchange announcement on 3 March, EQVA said it expected the acquisition will enable "notable industrial synergies" and provide EQVA with a stronger foothold in aquaculture and seafood industries, in addition to expanding the group’s customer base and ability to deliver large-scale industrial projects along the Norwegian coast.
Founded in 2011, ART specializes in piping, maintenance, prefabrication, and technical installations for fish farming, seafood processing, and related industries. EQVA incidated that the acquisition would see collaboration with BKS Group, another EQVA-owned company, to execute joint projects.
ART’s experienced management team and employees will stay in place to ensure continuity and drive future growth, EQVA said, noting that the Austevoll-based company has a strong financial record, with an estimated 2024 revenue exceeding NOK 30 million and an EBITDA of approximately NOK 3.5 million.
“Austevoll Rørteknikk is a well-managed company with a strong position in its market," said Even Matre Ellingsen, CEO of EQVA ASA, in a press release.
"This acquisition represents an important step in developing EQVA’s industrial services, and further on executing our growth strategy. We look forward to working with ART’s talented team to create additional value for our customers and shareholders," Ellingsen added.
Frode Mikal Vågen, Managing Director of ART said the company was "very positive about joining EQVA group".
"EQVA brings us strategic resources and a broader market reach that will contribute to the continued development of our company,” Vågen added.
The acquisition will be carried out by EQVA’s wholly owned subsidiary EQVA Industrial Solutions AS (EIS), and the deal is expected to be completed by the end of Q2 2025, pending necessary approvals. After the acquisition, ART will continue operating under its existing brand and leadership, EQVA said.
