Reiten & Co Capital Partners VII L.P. (“RCP VII”), a fund advised by Reiten & Co, buys into Con- Form, the concrete prefabrication specialist, through a share purchase and capital increase and obtains a 62% ownership.
Established in 1982, Con-Form has grown to become the leading provider of building envelopes based on prefabricated concrete elements for the apartment and hotel building markets in Norway and Sweden. Delivery of concrete building envelopes consist of the casting of foundation as well as casting and assembly of the structural work such as walls, floors, bearing constructions and technical equipment and typically constitute 15-30% of the total cost of a building. Con-Form offers a unique concrete casting frame solution that combines on site casting and pre-cast frames produced in factories.
Con-Form has about 320 employees in Oslo, Trondheim, Vest Agder, Stockholm and Gothenburg with factories in Bergen, Lunde, Orkanger, Strömstad and Töcksfors. In 2011 Con-Form generated revenues of over NOK 570 million (€77m) and the current order backlog is worth more than NOK 600 million (€81m).
The market for new apartments in Norway and Sweden is expected to grow by over 30% per annum from 2010 to 2014 (SSB/Prognosesenteret). Uncovered need for housing in the large cities is urgent and Oslo expects a need of 100.000 apartments or houses the coming years.
About 75% of the investment from RCP VII is in the form of a capital increase that will strengthen the company’s financial position and enable the company to continue to grow at a rapid pace.
“We have been seeking a new co-owner that can support us in developing Con-Form to reach its market potential and our goal to be the preferred provider of concrete building envelopes in Sweden and Norway. This will be achieved by offering a high quality product with delivery expertise, innovative solutions and a focus on overall project costs. Reiten & Co shares our goals and can offer us additional financial and strategic input in the future development and growth of the company” says Bjørn Bakke.
Bjørn Bakke, founder and chairman, mobile +47 911 69 405
Narve Reiten, Partner Reiten & Co, mobile +47 92 43 33 20
Con-Form is a leading provider of concrete building envelopes for the apartment and office building markets in Norway and Sweden. The company employs 260 people and generated NOK 570 million (€77m) in revenues in 2011. The company is well positioned to benefit from a rapidly growing market for residential buildings and hotels over the coming years.
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