Roadworks, majority owned by Norvestor, has signed an agreement to divest Veidrift AS to Ramudden AS
Roadworks has signed an agreement to divest Veidrift AS to Ramudden AS. The combined group will be the leading road work zone safety solutions provider in Norway.
“We have followed Veidrift for many years and are very excited to welcome Veidrift into the Ramudden Group”, says Morten Finslo, CEO Ramudden Group.
"Ramudden and Veidrift have operated in the same market for many years with limited overlap due to their distinct skillsets. The combination is a perfect match”, says Thomas Ellingsen, CEO of Roadworks.
“Through the transaction, both Veidrift and Ramudden will strengthen their competence and capacity to continue to deliver market leading services in the Norwegian market”, says Christian Sontum, Partner in Norvestor Advisory.
Norvestor is a leading private equity firm focusing on mid-market buyouts in the Nordic region with offices in Oslo, Stockholm, Helsinki, Copenhagen and Luxembourg. The team has worked together since 1991 making it one of the most experienced private equity teams in the Nordics, having executed 83 investments with more than 300 follow-on M&A transactions, in addition to executing 58 exits including 16 IPOs. The Norvestor funds seek to invest in growth companies in the Nordic mid-market that have potential to achieve a leading Nordic or international position, typically through organic growth, acquisitions across fragmented industries and by geographic expansion. Read more at www.norvestor.com.
Ramudden is part of the Work Zone Safety Group of companies (WZSG). The group operates traffic services companies in 12 countries with over 4,000 employees including AVS (Germany), Chevron Traffic Management (UK), Fero (Belgium, Netherlands) and Ramudden (Nordics) and also includes HRS (UK) a company focused on digitalizing mobility and safety at roads and in work zones.
Roadworks builds, operate, and maintain critical infrastructure. The group’s head office is in Grimstad. Norvestor VI L.P., a fund managed by Norvestor Advisory AS, is the majority owner of Roadworks with about 80 % of the shares. Management and key employees own the rest.
Veidrift was established in 1991 and has over 30 years of experience in road warning, work zone safety, and other safety and services solutions. The company has a comprehensive offering of road safety equipment rental solutions.