The deal with Belgian construction company Stadsbader Group is expected to close in the second quarter of this year. Financial details are not being disclosed.
Bam said that the transaction will result in a limited book loss, which has been incorporated in the 2021 results and does not change the outlook for 2021. The group will publish its 2021 results this week.
Bam Contractors , which is based in Brussels, carries out infrastructure and industrial projects for public and private clients. The company has annual revenues of more than €190m and approximately 400 employees. Current projects include the Scheldt Tunnel near Antwerp, the railway bridge Genk and the Metro 3 Project in Brussels.
The family business Stadsbader was founded in Harelbeke in 1946. It currently has 13 branch offices in Belgium and France and carries out infrastructure works, building projects and mechanical and electrical works. Stadsbader has approximately 1,200 employees and is active on 125 construction sites.
Royal Bam Group CEO Ruud Joosten 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’.”