Broviken acquires Norwegian HR Prosjekt from Longship

Eliza Punshi
20 January 2021

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Swedish investor Broviken has acquired HR ProsjektТ (HRP), a Norwegian provider of construction and engineering services, from Norwegian GP Longship.

Following the transaction, Broviken will own a 55% stake in the company, while the remaining 45% will be owned by founder Helge Rustand and members of HRP's management. The deal is Broviken's biggest investment so far, it said in a statement.

The GP is deploying equity from Broviken Gruppen II, which launched in October 2019 and held a first close on SEK 650m in February 2020. The GP, established in 2018, focuses on companies in the services sector with sales of SEK 50-300m.

HRP CEO Jan Arild Kingswick said the company will continue its growth and development to realise Broviken's plans for HRP to list on the stock exchange.

Company
Founded in 2005 and based in Oslo, HRP is an infrastructure company. In 2019, it completed 1,700 projects, and generated a turnover of NOK 500m in 2020. It employs 400 staff across 20 offices in Norway.

People
HR Prosjekt – Jan Arild Kingswick (CEO).
Broviken – Per Granath (partner).

Advisers
Company – Alpha Corporate Finance (M&A); Wiersholm (legal).
Equity – Selmer (legal); Deloitte (financial due diligence).