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December 27, 2021

Scana-owned PSW acquires Trans Construction for NOK 25m - EV/EBITDA 7.5x

In mid-December, NKP reported on how the publ. listed Scana had acquired PSW Group, a leading player in electrification and shore power, from PE firm Herkules Capital. Since then, the newly acquired subsidiary PSW have themselves acquired the Norwegian firm Trans Construction, at an equity valuation of NOK 25m. The target-company is specialized in design and production of module solutions for onshore and offshore projects. Prior to the transaction, the biggest owners were board member Kjell Martinsen (33%), CEO Bjørn Tømte (26%) and Chairman John Leffmann. The firm posted revenues of NOK 36m (3Y CAGR 38%) with an EBITDA of 2.3. According to a balance sheet-analysis (based on FY20), PSW is paying an EV of approx. NOK 18m, implying an EV/EBITDA of 7.5x. The transaction is contingent upon a satisfactory due diligence-process, expected to be completed by 31 January, 2022.
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