This website uses cookies to improve your browsing experience and the continued use of the webpage indicates your consent to ÅF’s use of these cookies. Find out more about how ÅF uses cookies and how you can manage them here: Read more

Menu

Pressmeddelande

Pressmeddelande

ÅF acquires Enprima Ltd, Finland's leading energy consultant with 270 employees

This new acquisition strengthens the ÅF Group's international position within the energy consulting industry. Enprima has international business operations and has offices in Finland, the Baltic states and Russia. The acquired company has a total of some 270 employees, 200 of them in Finland. Group-sales for 2005 are anticipated to be in the region of 38,3 million euros, of which the continuing business stands for approx. 26,6 million euros. (Enprima has during the past years undergone a transformation from a power plant contractor (EPC) to a pure consulting and engineering company. This transformation became completed in fall 2005.)
 
ÅF has reached agreement on the acquisition of 100 percent of the outstanding shares in Enprima Ltd from the company's current owners, Fortum Power & Heat Oy, Powest Oy, BE&K International Inc and the management of Enprima. Settlement for the takeover will be effected in cash, based on an enterprise value assessed at approximately 13 million euros.
 
"The acquisition of Enprima marks another step in ÅF's ongoing expansion in the strategically important energy area," says ÅF President Jonas Wiström. "At the same time, Enprima's well-established presence in Finland, the Baltic states and Eastern Europe is also attractive to us. ÅF is firmly committed to following up the investments Enprima has already made in growth markets such as Russia and South-East Asia," Wiström continues. "We have the greatest respect for the skills that Enprima possesses. They will be a valuable complement to our own expertise in the energy industry. The company's order books are also strong."
 
Enprima has a track record of success in major energy projects in Europe and in new growth markets. More than half of the total amount of sales relates to projects outside Finland. The company's business activities will report to the ÅF Group's Process Division which, prior to the takeover, consisted of 1,350 employees based in ten countries. This will improve the Process Division's offer to the market by providing a better overall balance between pulp and paper consulting and energy consulting for both existing clients and new ones.
 
"In my view, the acquisition by ÅF takeover is a positive step. The company will have a strong owner who is commited to the consulting and engineering business and will bring in significant synergies. Enprima will benefit from ÅF's status as a long-established supplier of technical consulting services both to energy sector clients and to the pulp and paper industry," says Eero Auranne, President and CEO of Enprima.
 
Enprima and the market in a nutshell:
  • Enprima is a leading supplier of technical consulting services to the energy sector. The main focus of its business activities is on technical consulting, project management and the design of power stations and heating plants.
  • The company is the market leader in Finland and the Baltic states and is also well established in Russia's emerging technical consulting market. Enprima is also actively involved in a large number of international projects.
  • Enprima has approximately 270 employees and sales for 2005 are estimated to total 38,3 million euros of which the continuing business stands for 26,6 million euros. Profit for the year is expected to be approx. 4,2 million euros of which the continuing business stands for approx. 3,1* million euros.
  • Orders currently on the book amount to approx. 60 million euros.
  • The prospects for the energy sector in countries where Enprima operates look good.
 
Financial trends: Enprima 2003-2005 (preliminary figures, proforma)
Millions of EUR
2003
2004
2005 (prelim.)
Sales
17.6
16.4
26.6
Operating profit/loss
-0.8
0.5
3,1*
 
*including extraordinary items
 
The acquisition is expected to have a positive effect on the ÅF Group's cash flow and earnings per share from 2006 onwards.
 
The acquisition heralds a rise in the proportion of ÅF business outside Sweden, which is one of the company's strategic objectives. Together ÅF and Enprima (complemented by the acquisition last week of Ingemansson Technology AB) will be able to call upon the services of approximately 3,100 employees, 800 of them based outside Sweden.
 
E. Öhman J:or Fondkommission act as financial advisor to ÅF.
 
The ÅF Group is a leading name in technical consulting. We offer highly qualified services and solutions for process industries, infrastructure projects and the development of products and IT systems. We also carry out certified third-party testing and inspection work. Our proven proficiency in engineering is founded on the in-depth specialist knowledge of many branches of industry that we have built up over more than one hundred years. Today the ÅF Group comprises almost 2,700 employees based in some 50 locations in Sweden and in almost a dozen other European countries.