AF Gruppen is expanding its footprint in Sweden’s construction sector through a majority investment in a regional concrete specialist. AF Bygg Syd AB has signed an agreement to acquire 70% of the shares in H.A. Bygg Entreprenad AB, with the remaining 30% continuing to be owned by the company’s employees.
Founded in 1986, H.A. Bygg Entreprenad AB has grown into a leading player in concrete work in western Sweden. The company employs 62 people and generated an average turnover of sek 360 million between 2022 and 2024, delivering an operating margin of 10% over the same period.
The acquisition strengthens AF Gruppen’s concrete capabilities in Sweden and supports its ambitions within the construction of water and wastewater treatment facilities. H.A. Bygg will continue operating as a separate company and will become part of AF Bygg Syd AB within AF Gruppen’s Sweden business area.
The agreed enterprise value for 100% of the shares is up to msek 140 on a debt-free basis. A portion of the purchase price is contingent on profitability performance between 2026 and 2028 and will be paid in 2029 if the agreed targets are achieved. The consideration at completion will be paid in cash.
The transaction remains subject to approval from the Swedish Competition Authority and other relevant bodies and is expected to close in April 2026.
KEY QUOTES:
“We are very pleased to welcome H.A. Bygg to AF Gruppen. The company has delivered strong performance over time and has a culture and working method that aligns well with our own. The acquisition strengthens an already solid professional environment within concrete and contributes to further developing our position in the construction of water and wastewater treatment facilities in the Swedish market.”
Bård Frydenlund, EVP at AF Gruppen
“We have come to know AF Bygg Syd and look forward to getting even closer to their value-based corporate culture. The company has a business concept that aligns with ours, namely to create value and opportunities through project activities with an uncompromising approach towards safety and ethics.”
Kai Simfors, MD of H.A. Bygg
