Dutch-based Heijmans has reached agreement on the sale of all shares in its German-based foundation specialist Franki to Porr Deutschland, part of the Austrian construction group Porr.
It is expected that the transaction will be completed in January 2017, subject to the approval of the responsible competition authorities. The expected net proceeds for Heijmans will be almost €15 million.
Heijmans said the transaction was the outcome of an assessment of the strategic fit and international business opportunities of Franki within the group, combined with the interest potential buyers had shown in the company.
Moreover, it said the deal contributed to Heijmans’ objective to improve the debt:ebitda (earnings before interest, taxes, depreciation and amortization) ratio structurally.
Franki reported a turnover of over €60 million in 2015, has approximately 230 employees and is active in Germany, the Netherlands, Belgium, Austria and Poland.
Heijmans said that the international organisation of Porr could provide the specialised foundation business of Franki with an international business platform, as well as additional resources to develop the company further.