Longship divests HRP AS
Longship Fund I (“Longship”) has as of January 15th, 2021 together with Founder Helge Rustand and the employees divested 100% of the shares in HRP AS and its subsidiary HR Prosjekt AS (“HRP”) to the Swedish investment company Broviken AB.
HRP is a leading Norwegian Project Management company, specializing in overseeing and managing construction and infrastructure projects. In 2020 HRP had consolidated revenues of approx. NOK 485 million, and EBIT of approx. NOK 56 million and a total of 410 employees. HRP is headquartered in Oslo and has offices in all major Norwegian Cities.
“The management team of HRP, as well as their dedicated employees, have proven their ability to meet and exceed the ambitious targets that were set upon Longships investment in 2017, and is now the leading project management company in Norway. We have thoroughly enjoyed supporting HRP through a challenging transformation, and are pleased with the results”, says Bernt Østhus lead partner for Longships investment in HRP.
“We have had a great co-operation with Longship. They have been a committed and trusted partner for the management of HRP, and an excellent sparring partner in defining and supporting the execution of our strategy. With that said, we are also excited to join forces with Broviken and I am looking forward to continuing to grow HRP”, says Jan Arild Kingswick, CEO of HRP.
Longship is a transformational growth investor, developing successful and promising lower mid-market companies into mature growth businesses with institutional and strategic value. We aim to create a scalable platform for sustainable growth and profitability in our portfolio companies, and support them on their accelerated growth journey. Longship is targeting excess return from its transformational approach. HRP has exceeded the target for value creation set at Longship’s entry into the company.
Founder Helge Rustand and management reinvested a significant portion of the sales proceeds into the new ownership of HRP AS.
Longship was advised by Alpha Corporate Finance and Lawfirm Wiersholm.
For more information, please contact:
Bernt Østhus, Partner, Longship AS
+47 93 44 99 10
Jan Arild Kingswick, CEO, HR Prosjekt AS
+47 97 51 53 61
Longship is a Norwegian private equity investor established in 2015 by an experienced team of investment professionals. Longship invests in companies with significant growth potential in the Norwegian lower mid-market, and are applying a transformational growth approach, organically and through M&A. The investment team currently consists of eleven professionals, making it the leading player in the Norwegian lower mid-market. Longship closed its second fund in November 2020 with commitments of NOK 1.7 billion.