Endúr buys Norwegian contractor Romarheim in $73M deal
What's the deal? Marine infrastructure group Endúr ASADealroom has a profile for this one. Try Dealroom → has agreed to acquire 100% of Norwegian civil contractor Romarheim Entreprenør AS in a deal valuing the company at US$84.6M. Romarheim, based in Alversund near Bergen, employs around 125 people and handles groundworks, drilling, blasting and mass handling for power grids, hydropower, roads and tunnels.
What are the terms? The base enterprise value implies an EV/EBIT multiple of about 6.8x against target average annual EBIT of US$12.4M for 2026–2028. The price can rise by up to US$24.2M or fall by up to US$16.3M, settled by June 30, 2029, based on EBIT performance.
How is it financed? The deal includes a US$16.3M seller's credit and US$29.9M in Endúr consideration shares, tying part of the payout to future results. The shares carry lock-up restrictions, released in thirds at 12, 18 and 24 months after closing.
What's the strategic rationale? Romarheim will join as a new platform company in Endúr's Rehabilitation & Intersections segment, expanding its reach beyond its traditional marine and critical-infrastructure base. The acquisition adds roughly US$108.8M to Endúr's backlog, against Romarheim's projected 2026 revenue of about US$133M.
What stays the same? Romarheim keeps its workforce, brand, premises and business model, operating as an independent unit. General Manager Trygve Andås and other key employee shareholders will remain in their roles and become Endúr shareholders.
What they said: "Romarheim stood out as a high-priority acquisition target, providing an attractive service offering, project portfolio and market exposure," said Jeppe Raaholt, CEO of Endúr. Andås said Endúr "stood out as a particularly attractive partner for the next stage of our journey."
What could go wrong? A signed share purchase agreement is in place, but completion remains subject to approval from the Norwegian Competition Authority. Closing is expected by the end of the fourth quarter.
The signal: The deal marks another step in Endúr's roll-up strategy, following 2026 moves to add specialist contractors including Tronfjell Maskin, Boston and NotechDealroom has a profile for this one. Try Dealroom →. It is a meaningful consolidation play in Norwegian infrastructure contracting, though not a sector-defining mega-deal.
Read more: endur.no
Image credit: AnnSophieQ