Imtech acquires Norway’s ’greenest’ technical services provider

Gouda, the Netherlands - Imtech N.V. (technical services provider in Europe) acquires Spitsbergen VVS AS, Norway’s ’greenest’ provider of technical services. The company record annualised revenues in excess of 4 million euro and is based at Longyearbyen in the north of the Arctic Circle. This area is entirely self-supporting as regards energy and will be energy-neutral in 2025. The company that Imtech is acquiring plays an important role in this setting. The acquisition contributes directly to earnings per share.

René van der Bruggen, CEO Imtech: ’Spitsbergen VVS fits perfectly into our existing activities in Norway. The acquisition will further increase our scale and geographical reach in Norway. But even more important is the unique knowledge that this new Imtech company possesses in the field of ‘green’ technology and also the likely increase in investments in the region of residence through the exploitation of natural resources and the establishment of environmental research institutes. As a technology partner Imtech will be able to display the full spectrum of its added value in this field. It provides an excellent basis for Imtech’s further growth in Norway.’

Profile of Spitsbergen VVS
Spitsbergen VVS AS has more than 20 permanent employees and records annualised revenues in excess of 4 million euro. The company is headquartered at Longyearbyen on the Norwegian island of Svalbard in the north of the Arctic Circle. Spitsbergen VVS was established more than ten years ago and has developed in this relatively sparsely populated area into the strongest mechanical engineering company with unique competences in the field of sustainable technology. The requirements that the polar winter of almost 100 days imposes on energy supplies demand specific sustainable solutions and technological innovation. This is what makes Spitsbergen VVS the ’greenest’ technical services provider in Norway with unique competences in terms of energy conservation, thermal heating, energy storage and distribution and specific technical services concepts.

Synergy
Spitsbergen VVS will form part of NVS Norway. Besides fulfilling the role of a competence centre for sustainable energy technology in Norway, the company has attractive growth potential. This stems from the sharply rising investments in this region for the exploitation of natural resources (oil, gas and other energy sources) and from firm plans to set up leading environmental research institutes in the region. These institutes will focus on studying climate changes (e.g. temperature gradient, ice melting, raising sea levels) as changes in climate processes happen much faster in this polar region, making it possible to predict climate effects elsewhere on the globe. Also there is a strong research link with the University of Tromsø in Svalbard. Co-operation between specialists of NVS, Spitsbergen VVS, and third parties will enable Imtech to offer its complete portfolio of technical services in this part of the world.

Further growth in the Nordic region
Imtech acquired NVS at year-end 2008. NVS is one of the largest technical services providers in Sweden, Norway and Finland with annualised revenues of approximately 325 million euro. The acquisition of Spitsbergen VVS is part of Imtech’s strategy of reinforcing its position in the Nordic region. In April 2010, Imtech acquired the Norwegian company FCC Sprinkler & Service, a high-tech sprinkler specialist. Imtech already acquired three smaller companies in Sweden and Norway in 2009. As is always the case in Norway, the acquisition of Spitsbergen VVS is subject to the approval of the Norwegian competition authorities.