Altrad to acquire oil and gas provider

Altrad, a global provider of industrial services, has announced a voluntary cash offer to acquire all outstanding shares of Beerenberg AS, a takeover bid valued at more than $97 million. 

(Photo: Beerenberg AS)

Beerenberg, headquartered in Bergen, Norway, is a supplier to the oil and gas, maintenance and modification services sector, and has been in business for 47 years. The acquisition will see Beerenberg’s 2,350 employees join Altrad Group once the deal is finalized at the end of 2024.

Altrad Group’s Co-CEO, Ran Oren said, “We have admired Beerenberg from a distance for many years and have been impressed by the achievements of the management team and their talented people. Our objective is to add to this success by adding investment, skilled people, innovative products, and a broader range of services to support their clients’ ambitions.”

Altrad generated sales and EBITDA of €5.3 billion and €674 million, respectively, for its fiscal year that ended August 31, 2023. Altrad has affiliates in more than 55 countries in Europe, Australia, the Americas, Middle East, Africa and Asia, and derives sales from more than 100 countries. 

The transaction is likely to be finalized at the end of 2024.