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07/2022

TRYM ANLEGG acquired by PER AARSLEFF

NORWAY Construction / Public Works / Railways EV 100M - 350M NOK

Context

Per Aarsleff Holding has successfully finalized the acquisition of a majority stake in Trym Anlegg, a prominent Norwegian railway specialist, integrating the organization into the Aarsleff Rail Group. This strategic transaction represents a significant expansion of the group's footprint in the high-growth Norwegian infrastructure market, particularly within the central region. The acquisition is structured to include an initial majority interest, with a definitive path to full ownership by 2027 based on book value assessments. The strategic rationale for the move centers on the high degree of technical complementarity between the target's specialized railway capabilities and the group’s existing Norwegian operations. By establishing a strategic presence in Trondheim, the organization achieves crucial geographic diversity, allowing it to navigate the operational challenges posed by diverse terrains and climates. The partnership is designed to leverage the group’s pan-Scandinavian engineering resources and procurement scale to bolster the target’s execution capacity for large-scale national railway investments. This integration reinforces the group’s standing as a leading technical enabler for modern transport infrastructure, ensuring long-term operational caliber across the Nordic rail corridor.

TRYM ANLEGG, which reported an EBITDA margin of LOGIN in 2021, is valued in this transaction at an EV/EBITDA multiple of LOGIN.

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

Target

Trym Anlegg is a specialized industrial organization dedicated to the execution of complex projects within the railway and civil construction segments. The entity’s business model is centered on providing mission-critical engineering and maintenance services for national and regional railway networks. Its value proposition lies in its deep technical expertise in railway infrastructure, supporting the reliability and safety of transport corridors in challenging terrains and climates. Strategically, the firm focuses on the Central Norwegian market, operating as a localized technical partner for public infrastructure authorities and private industrial clients. By integrating specialized construction capabilities with high-precision engineering, the organization facilitates the modernization and expansion of critical transport systems. The firm prioritizes technical durability and operational safety, maintaining a strong reputation for project delivery in demanding environmental conditions.

Ent. Value

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Multiples

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EV / EBITDA

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EV / EBIT

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Historical Financials (NOK)

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2021
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2020
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REFERENCES

Valuation range: EV 100M - 350M NOK

Revenue range: 250M - 500M NOK

EBITDA range: 25M - 50M NOK

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Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Target: trym anlegg