BAM sells operating company BAM Contractors bv to Stadsbader
Bunnik, the Netherlands, 15 February 2022 – Royal BAM Group nv has reached agreement to sell the shares of its Belgian operating company BAM Contractors bv to the Belgian construction company Stadsbader Group. The transaction, which is subject to approval of the competition authorities, is expected to close in the second quarter of 2022. Financial details of the transaction are not being disclosed.
Royal BAM Group will report the assets of BAM Contractors bv as held-for-sale as per 2021. The divestment of BAM Contractors will shorten the Group’s balance sheet, reduce liquidity and the use of bonding. The transaction will result in a limited book loss, which is incorporated in the 2021 results and does not change BAM’s outlook for 2021. The Group will publish its 2021 results on 17 February 2022.
Based in Brussels, BAM Contractors holds a leading position in the Belgian construction markets for infrastructural and industrial projects for public and private clients. The company has annual revenues of more than €190 million and approximately 400 employees. Current projects include the Scheldt Tunnel near Antwerp, the railway bridge Genk and the Metro 3 Project in Brussels (connecting tunnel North station).
The family business Stadsbader was founded in Harelbeke in 1946. Currently, the company has thirteen branch offices in Belgium and France with a strong reputation in delivering infrastructure works, building projects and mechanical and electrical works. Stadsbader has approximately 1,200 employees, active on 125 construction sites.
Ruud Joosten, CEO Royal BAM Group, said: ‘We are pleased that we have found a trusted partner in Stadsbader Group for the future development of BAM Contractors and its employees. We are restructuring BAM’s portfolio of businesses to focus on markets and projects where we can leverage our proven competitive strengths and serve the growing demand for sustainable solutions in the construction industry. After the successful completion of the divestment of our operating companies BAM Deutschland and BAM Galère is the intended sale of BAM Contractors another important step in delivering our strategy ‘Building a sustainable tomorrow’.’