30. January 2023

Nordic Infrastructure Group signs agreement to acquire Team 1435 AS

16. January 2023 – Inin Group’s wholly-owned subsidiary Nordic Infrastructure Group AS has agreed the principal terms of an agreement to acquire profitable Norwegian railway contractor Team 1435 AS, thereby significantly strengthening the group’s total rail infrastructure capacity and competence.

About Team 1435 Team 1435 employs 32 people with extensive experience from railway work in Norway and Sweden. The company is headquartered in Lismarka, in Ringsaker municipality, Innlandet county. It delivers its services across Norway.

Founded in 2011, Team 1435 has delivered positive EBIT in 11 of the 12 years the company has been in operation. For 2022, the company expects revenue of approximately NOK 65 million, with an EBIT of approximately NOK 5 million

Team 1435 is a contractor that specializes in railways superstructures and substructures as well as rail security. The company supplies contractor services, project and construction management, logistics and security services as well as professional services to the industry. “1435” refers to width of the track gauge that is used in most European countries. Track gauge means the distance between the inside faces of the two running rails of a railway track (1,435 mm).

“We consider ourselves to be a well-run company with a track record of predictable project execution that has resulted in healthy profit margins historically. In recent years, we have received many different inquiries from larger companies and groups wishing to acquire Team 1435. All of them have had financial muscles to help us compete for larger contracts, and the people we have spoken to have had ties to the industry. We haven’t, however, accepted any of these offers due to the danger of losing our identity, and the risk of our employees only became numbers. We believe in the values, the expertise, and the structure of Nordic Infrastructure Group – which is why we decided to join forces,” says Geir Fauskrud, chairman and one of the largest shareholders of Team 1435.

Team 1435

will continue to operate as a separate brand and company as part of the Nordic Infrastructure Group.


Nordic Infrastructure Group and Team 1435 have agreed to the principal terms of an agreement where Nordic Infrastructure Group acquires 100 percent of the shares in Team 1435 AS, which is valued at an enterprise value of NOK 27.5 million in the transaction, based on a pre-tax profit of NOK 5 million in 2022.

The NOK 27.5 million consideration for acquiring all the shares in Team 1435 will be settled by 70 percent in cash and 30 percent in shares in Nordic Infrastructure Group, which is valued at NOK 210 million in the transaction. The cash consideration of the transaction will be settled in three tranches over 24 months following completion of the transaction. The share-based consideration will be settled immediately after closing.

“We look forward to welcoming the Fauskerud family as shareholders and colleagues in Nordic Infrastructure Group. They have built up a high-quality rail contractor with a strong reputation in the Norwegian market. By combining powers with other Nordic Infrastructure Group companies, we will together be able to take on significantly larger projects than we have been able to in the past,” says Gjermund Sogn, CEO of Nordic Infrastructure Group.

The share purchase agreement is expected to be signed in February 2023. The transaction is subject to customary closing conditions, due diligence, and final transaction documentation, and closing is expected to be on in February 2023.

“The market trend is that rail infrastructure owners prefer to cooperate with larger and more operationally and financially robust partners. Adding Team 1435 to Nordic Infrastructure Group will significantly increase the companies’ joint capacity and expand their specialist competence within construction and maintenance of rail infrastructure, thereby making them an even more competitive contractor,” says Øivind Horpestad, CEO of Inin Group.

BACKGROUND Inin Group is an industrial owner that invests in companies within infrastructure and industry services niches in the Nordics. The group aims to create value by identifying investment opportunities within profitable niches with potential for development, consolidation and growth, working in collaboration with portfolio companies to deliver sustainable growth and superior profitability.

In September 2022, Inin Group closed the transaction to acquire Nordic Infrastructure Group AS, a rail-focused construction competence and service supplier. Through its subsidiaries, Nordic Infrastructure Group delivers entrepreneurial services as well as tools and equipment to the railway and tramway industries; training, management and consulting services for the road, rail, construction, and civil engineering sectors; and accommodation services to the construction industry.

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