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Entec Group acquires Norpartners

21 February 2022

Entec Group in Ulsteinvik acquires the company Norpartners in Fosnavåg, with associated factories manufacturing composite products in Latvia. "Our subsidiary Entec Brimer is already a leading supplier of composite products to water-related businesses. The acquisition of Norpartners significantly increases our production capacity, so that we can compete for even larger contracts in the future," says CEO Håvard Haanes.


The main owners of Norpartners are Arne Lillebø and Ivar Gaustad. The parties agree not to disclose the sale price but confirm that significant parts of the settlement take place in the form of shares in Entec Group. "We think it's a good time to go in as owners of Entec. We have succeeded in building up both the facilities and a good business culture in Latvia, and Entec strengthens through the acquisition," says Gaustad. Gaustad was among the first Norwegians to establish themselves in Latvian Saldus, where a number of companies from Northwest Norway have also established operations in retrospect.

 

To date, all production of composite products under the Entec auspices has taken place at Entec Brimer's factory on Kvamsøya. This factory will continue to be an important part of the Entec Group. "Kvamsøya has been, is and will continue to be an important part of Entec, and there are no plans to scale back or move production from there," Haanes emphasises. The CEO recently announced that Entec had a turnover of NOK 350 million in 2021, and had a result approximately in balance. For 2022, Haanes believes in a turnover of more than half a billion and a multi-fold increase in operating profit.

Norpartners is today a group of five companies in Latvia. The office in Fosnavåg has been responsible for administration, development and sales, while the products are produced at the subsidiary. Group turnover reached new record levels in 2020 with a total turnover of NOK 64 million. Pre-tax profit then came to NOK 9.1 million, resulting in a solid 14 per cent profit margin. "We are very pleased with the result last year. In 2021, we will end up with about the same turnover, but by more than 100 margins, CEO Lauritz Skeide recently told NETT NO towards the end of last year.

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