Fossar advises Styrkás on the acquisition of Hreinsitækni
Styrkás hf. has signed an agreement to acquire all shares in Hreinsitækni ehf., HRT þjónusta ehf., and related companies. The share purchase agreement is subject to customary conditions, including approval by the Icelandic Competition Authority.
The Hreinsitækni group is a leading provider of environmental and infrastructure services for municipalities and companies. The group’s turnover in 2024 amounted to about ISK 5 billion, with earnings before interest and taxes (EBIT) of approximately ISK 800 million. With this acquisition, Styrkás adds a fourth business segment focused on environmental and industrial services. The combined company will have an annual turnover of nearly ISK 70 billion, and the acquisition will create opportunities to strengthen Styrkás Group’s service offering—among others, to heavy industry and municipalities—while also developing new revenue streams in infrastructure services.
The enterprise value of the Hreinsitækni group in the transaction is approximately ISK 9.7 billion, and the total purchase price for all shares is about ISK 7 billion. Of this amount, 25% will be paid in cash and 75% through the issuance of new Styrkás shares at a price of ISK 24.5 per share. The equity value of the combined company following the transaction is approximately ISK 30 billion.
Fossar Investment Bank advised Styrkás in the process and congratulates the management and shareholders of both companies on the transaction.
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