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On 14 May 2024, it was announced that ETA Norge was acquired by AF Gruppen for a deal value of up to NOK 110 million (on 100% basis).
ETA Norge was established in 2013 and has 13 employees. In 2023, the company had a turnover of NOK 97 million with an operating margin of 18.5 percent. The company provides heating systems for agriculture and industry, and assists with engineering, installation, and service.
Eirik Wraal, Group Director for Energy and Environment at AF Gruppen Norway: “Norway has very ambitious goals for reducing energy consumption towards 2030, and AF Gruppen is developing energy-efficient and sustainable solutions that reduce energy use and strain on the power grid. We are now expanding our focus on renewable energy through the acquisition of ETA Norway. Bioenergy is a preferred renewable energy source and a central part of future energy solutions as fossil fuels are phased out.”
ETA Norway will remain as a separate company and will be part of the Energy and Environment business area in AF Gruppen.
Deal team comprise the following:
Corporate Finance: Ole Conrad Siem (EP), Anders Traaseth (EM), Jens Hebnes, Herman Bøe Vilseth.
Learn more of the transaction here.
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