ABL Group (OSE: ABL Group ASA – ticker code “ABL”) is a leading independent global consultancy delivering energy, marine, engineering and digital solutions to drive safety and sustainability in renewables, maritime and oil & gas sectors. The group has offices in 39 countries worldwide and operates under four brands: ABL, OWC, Longitude and AGR.
ABL Group ASA: Acquisition of Norwegian technical resourcing consultancy
ABL Group has entered into an agreement to acquire 100 percent of the shares of Norway-based engineering and technical staffing consultancy Techconsult, thereby creating one of the largest technical resourcing providers in Norway and the North Sea.
The joint business will include specialist competence to support the oil and gas, maritime and renewable energy industries, including the digitalisation of its operations.
“Availability of top technical competence is key to realising the energy industry’s ambitions. When we acquired AGR, we obtained a reputable competence provider that has a leading position in the energy industry. We are more than doubling our capacity through the acquisition of Techconsult, who also adds expertise within renewables, energy transition and the digitalisation of the energy industries. This will allow us to support more clients in tackling the skills shortage challenge and to diversify into markets where we can provide our support.”
Reuben Segal, CEO of ABL Group ASA
ABOUT TECHCONSULT
Techconsult was founded in 1999 and is today established with offices in Bergen, Oslo and Stavanger in Norway. The company consists of more than 200 consultants. It also offers clients access to a database of approximately 14,000 technical and engineering professionals.
With its roots in resourcing for the oil and gas industry, Techconsult has successfully diversified into renewable energy, environmental and infrastructure projects, as well as resourcing in computer and IT disciplines, shipbuilding and mechanical industries, plus the process and construction industries.
In 2024, Techconsult delivered revenue of NOK 346 million (USD 32 million) and EBIT of NOK 17 million (USD 1.6 million).
“With innovation at our core, we have continually developed our offering to support the growing energy transition and renewables sector, with a third of our business in this space, whilst maintaining our strong commitment as a go-to provider for the oil and gas market. Joining AGR is the natural next step in Techconsult’s strategy. It represents a synergy of two teams with a shared vision, unlocking opportunity on both sides to continue what we are doing, but with an even stronger platform to deliver to more clients and to develop further together.”
Ronny Meyer, Founder and CEO of Techconsult
STRATEGIC RATIONALE
The acquisition will diversify both companies’ client bases, combining AGR’s strong position with operators with Techconsult’s portfolio that is more driven towards service and engineering companies.
In total, the combined company will more than double the shared database of technical professionals – 26,000 in total – creating a stronger platform to support more clients and in more geographical markets and industry segments.
Additionally, the deal will diversify the markets which AGR serves, whilst also enhancing Techconsult’s potential growth in the renewable energy and offshore wind sector, where it can leverage the wider ABL Group’s extensive project and client network.
“Both companies’ vision is to be a preferred technical resourcing provider, and we recognise that together we can create a stronger base to support more clients and expand into new areas. The acquisition also creates wider opportunities for professional development for our colleagues, including international prospects. I am excited about this next chapter for AGR and Techconsult as a joint powerhouse in technical and engineering resourcing.”
Thomas Veseth Saue, General Manager of AGR Consultancy
TRANSACTION TERMS
Techconsult is valued at an enterprise value of NOK 41.5 million (USD 3.7 million) in the transaction. The purchase price will be settled with a combination of cash on completion and a seller’s credit falling due one year after completion. Completion of the transaction is expected in April 2025.
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