Following the completion of the transaction, Havyard will become a 100% owner of BKS Holding AS and Fossberg Kraft AS. The transaction is a milestone in the work of developing Havyard as a leading service provider for the maritime, offshore, and onshore industries, and adds revenue streams that are complementary to the company's existing business. 

The purchase price in the transaction has been agreed at NOK 285 million, of which NOK 245 million will be settled in new Havyard shares, NOK 25 million in a seller credit and NOK 15 million in cash. Through the transaction, the sellers will own a significant part of Havyard after completion of the transaction. The sellers will be represented in Havyard's board of directors, hereunder by Even Matre Ellingsen being suggested as the new chairman of the board.

 Erik Høyvik, CEO of Havyard, says: «We are proud to have reached an agreement with the owners of BKS Holding and Fossberg Kraft, to integrate the companies in Havyard. Among other things, this will give us the opportunity to enter new markets, be able to utilize synergies across companies, and provide us with a group of skilled and experienced employees. We are already in the process of integration. "

Even Matre Ellingsen, proposed as new chairman of the board: «We are impressed by the great change that Havyard has achieved. The company has a healthy financial position, is recognized and has good customer relations. Both Havyard and BKS have expertise and experience that contributes to customers changing their business in a more sustainable direction. Our motto is that customers should focus on their core business while we take care of important maintenance and modifications, whether it is onshore or offshore. "

BKS Holding

  • BKS Holding consists of BKS Industri (Sunde), BKS VVS (Bergen), Zenit Engineering (Sunde), Marine Support (Storebø) and BKS Power and Automation (Sunde)
  • The BKS Group provides technical installations, electrical and automation services to power-intensive industries, fish farming, ships, land-based industry, the offshore industry and to building and construction projects onshore. A significant part of the company's activities is related to carrying out / securing important sustainability projects for customers
  • The group has approx. 370 employees and is experiencing great growth
  • Head office at Sunde in Kvinnherad
  • 30 acres of industrial area on Sunde which includes quay, 6,000 sqm with production halls, warehouse, and administration building

Today's owners in HG Group / BKS Holding, Tore Thorkildsen, Gudmund Øvrehus, Even Matre Ellingsen and Skarveland family continue as significant owners i new Havyard

Tore Thorkildsen, General Manager of BKS, says: "Becoming part of an industrial listed group is the way to grow further for a company that has had good development for many years. We have great ambitions to be able to nurture existing and new customers as an industrial total supplier". 

Fossberg Kraft

  • Fossberg Kraft was established in 2018 and is a developer of small power plants
  • A total of 7 small power plants have been bought/built /upgraded and sold
  • 3 small power plants are under construction, and there is a significant pipeline of new projects         
  • "Offtake" agreement with the British investment fund Downing for the purchase/takeover of completed power plants
  • Experienced management with more than 80 years of experience from hydropower projects

Tom Jensen, General Manager of Fossberg, states: "For Fossberg Kraft, it is important to be able to benefit from the capital market for further development. Fossberg has several power plants under construction and has a good horizon of new projects."

A presentation describing the transaction, the strategic rationale and the merged business is available here : Havyard Group ASA, Transaction announcement. 20.05.2022