Founded in 1986, MMP provides masonry, plastering and tiling services. It primarily works for well-established construction companies and developers on new construction projects, but also on certain renovation projects. The company has 95 full-time employees and had revenues of about NOK 180 million in the 2020 financial year, with an operating margin of 9%. MMP becomes Fasadgruppen’s second subsidiary in Norway after DVS Entreprenør, which was acquired in September 2020.
“Norway is a key market in our Nordic growth strategy, and we welcome MMP as another first-rate Norwegian company with highly professional management to Fasadgruppen. With its focus on new construction projects, MMP is a great complement to DVS Entreprenør, which primarily focuses on renovation projects. MMP has delivered stable revenues and profitability for many years”, says Pål Warolin, CEO of Fasadgruppen.
“Since our inception 35 years ago, we have built a strong position in the Oslo region, with skilled craftspeople and high customer retention. We believe that now is the time to take the next step on our journey, and it feels great to become part of the largest facade contractor in the Nordic region. We look forward to cooperating with the other companies in Fasadgruppen, and in particular with DVS Entreprenør to develop the Norwegian business”, says Robert Braathen, CEO of MMP.
Fasadgruppen is drawing on available credit facilities and own funds to fund the acquisition of all MMP shares. The sellers are a group of MMP employees who will remain in their respective roles after the acquisition. The sellers have undertaken to re-invest part of the purchase price by acquiring existing Fasadgruppen shares within the next three months in an amount corresponding to NOK 19 million. The sellers have also undertaken to not divest their Fasadgruppen shares before 30 April 2022. Completion of the acquisition is not subject to any conditions, and MMP will therefore immediately become part of Fasadgruppen.