Fasadgruppen acquires Norwegian roofing and solar cell company Elenta
Fasadgruppen expands its offering in Norway by acquiring a majority stake in Elenta AS (‘Elenta’).
Elenta offers roofing, solar cell and energy storage services in the Oslo region. These include installing blue roofs that collect water and thus reduce the load on the building's drainage system, and green roofs whose vegetation contributes to energy savings and rainwater absorption. Projects are carried out within renovation and new construction with a focus on industry and warehouses. The business is in a growth phase with an experienced management team. Elenta has 17 full-time employees, and for the financial year 2023, its revenues amounted to approximately NOK 24 million.
Jan Erik Pedersen, Country Manager for Fasadgruppen Norway said: “Elenta is an exciting acquisition in a sustainable niche with an experienced management team and driven employees. The company has experienced high demand for its services over the past year as customers increasingly focus on sustainability. We also see good opportunities for cooperation with the existing companies in Oslo."
Trond Harbu, CEO of Elenta, said: “As part of Fasadgruppen, we will have new opportunities to take our operations to the next level. We look forward to continuing to develop our business and contribute to Fasadgruppen's continued growth in Oslo and the surrounding area.”
Fasadgruppen acquires 60 percent of Elenta with an option to buy the remaining 40 percent. Fasadgruppen is using existing cash to finance the acquisition. The seller has undertaken to re-invest part of the purchase price by acquiring existing shares in Fasadgruppen within the three months following completion for an amount corresponding to approximately SEK 0.7 million. The shares bought under the re-investment are subject to a lock-up commitment for 60 months. The acquisition of Elenta is expected to be completed in the first half of 2024.