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Sun September 26 2021

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BAM quits Germany

9 Sep BAM has agreed the sale of its German building company BAM Deutschland to Zech Group and Gustav Zech Foundation.

Royal BAM Group chief executive Ruud Joosten
Royal BAM Group chief executive Ruud Joosten

BAM said that it wants to focus on growth markets “where we have scale and competitive advantage” – this means the Netherlands, the UK and Ireland, but not Germany.

Wayss & Freytag, BAM’s civil engineering business in Germany, is also in line for disposal.

The retrenchment back to three core countries follows group losses of more than £200m in 2020.

Stuttgart-based BAM Deutschland has annual revenues of around €500m and 750 employees. Current projects include an office building in Berlin, a prison in North Rhine-Westphalia and the BBBank Wildpark Stadium in Karlsruhe.

The sale to Zech includes subsidiaries BAM Immobilien-Dienstleistungen and BAM Sports.

The transaction, which is subject to approval of the competition authorities, is expected to close in October. Financial details of the transaction have not been disclosed.

Royal BAM Group chief executive Ruud Joosten said: “This transaction is a major step forward in delivering our strategy Building a sustainable tomorrow. BAM is focusing on growth markets in the Netherlands, United Kingdom and Ireland, where we have scale and competitive advantage. In other markets we are managing our subsidiaries for value and potential divestment.”

These 'other markets' include Belgium. BAM Swiss AG has already been sold earlier this year to Implenia.

Zech Group director Olaf Demuth said: “The employees and their associated know-how as well as the projects of BAM Deutschland perfectly complement our existing service portfolio.”

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