Broviken new majority owner of HRP – Norway's leading project management firm
Broviken Gruppen II AB ("Broviken") makes its largest investment to date by becoming the majority owner of the Norwegian project management firm HRP. The investment is carried out together with the company's founder, Helge Rustand, HRP's CEO Jan Arild Kingswick, as well as some 50 executives and key personnel. HRP, represented by 20 offices from Kristiansand in the south to Tromsø in the north, has around 400 employees and reported sales of close to NOK 500 million in 2020. The company holds a very strong position in the Norwegian construction and infrastructure market, which represents an annual investment value of approximately NOK 480 billion.
HRP is by far the largest pure-play project management company in the Norwegian market. Of its revenues, 35% derive from public infrastructure projects, 45% from public building projects, and 20% from private clients within building and infrastructure. Total investment volume in Norway amounted to approximately NOK 480 billion in 2019, compared to around SEK 540 billion in Sweden. The investment rate per capita is thus nearly twice as high in Norway as in Sweden. The infrastructure market, which is HRP's most important client segment, is expected to grow by 12% annually in the coming years.
HRP possesses a diversified project portfolio in terms of size, client base, and types of services. In 2019, HRP executed close to 1,700 projects. The company's employees, of whom more than 90% hold technical university degrees, have an average of 20 years of professional experience. The proportion of women is 20%, which is above the industry average.
“We are pleased and proud to have been entrusted to become the majority owner of HRP,” says Per Granath, CEO and founder of Broviken. “We have gotten to know HRP as a well-managed, professional, and financially successful company, with strong core values and a brand that attracts both employees and clients. HRP has demonstrated high growth for many years, and the future looks bright with robust demand across HRP's primary market segments. Broviken has been the majority owner of the leading Swedish project management firm Forsen since 2019, and we see significant opportunities for collaboration between the companies. We see that HRP and Forsen share a common view on what is critical when developing qualified knowledge environments, and they complement each other well in terms of segment focus and service offering. Broviken's partners have been active in Norway in previous business engagements and possess extensive experience in the Norwegian technical consulting sector, among others. We thoroughly enjoy operating in Norway and look forward to traveling around to HRP's offices as soon as the Corona situation eases,” says Per Granath.
– Helge Rustand, founder of HRP, who will continue to remain a significant owner in the company, says: “HRP has had an exciting journey during the 15 years since I founded the company. We now look forward to further development together with Broviken. HRP and Broviken share values, and we also share Broviken's vision for the future. HRP is a great fit for Broviken's group of knowledge-based service companies.”
– Jan Arild Kingswick, CEO of HRP, says: “I look forward to an exciting development alongside Broviken and the other companies within the Broviken Group. It will be interesting to explore and capture synergies between Forsen and HRP, which operate in the same segment in adjacent geographic markets.”
About Broviken
Broviken invests in Swedish companies within the services sector driven by strong entrepreneurs and management teams. Broviken's partners themselves possess many years of experience in business development across executive, ownership, and board-level roles. Broviken's focus is on developing businesses and helping already high-performing companies become even better and achieve their full potential. For further information, read more here!