Carl Bro joins European Top Five list

One of Denmark's top engineering consulting firms is sold to a Dutch company, creating one of the largest firms in Europe

The Carl Bro Group will soon have even more weight on the international scene. The group, one of Denmark's top two technical consulting firms, has been sold to Grontmij, a Dutch corporation.

Grontmij will be taking over 98.86 percent of the company shares at a purchase price of some DKK 1.1 billion in cash plus 400,000 newly issued Grontmij shares, estimated to be worth DKK 208 million.

The international flavour to the deal is not completely foreign to Carl Bro. The company already has offices in Denmark, Sweden, England and Ireland. They will now fall under Grontmij's umbrella with existing locations in Holland, Belgium, Germany, Poland, Turkey and Hungary.

With a combined turnover of DKK 5.3 billion and about 6210 full time employees, the new joint corporation will rank fifth among European engineering consulting companies based on net turnover.

'This combination is a unique opportunity for Carl Bro to be a part of a growing pan-European company,' said Birgit Nørgaard, CEO of Carl Bro Group, who will join Grontmij's Management Board. 'This is a branch where customers are looking for international partnerships and experience across national borders.'

Carl Bro was among the companies involved in establishing the Metro in Copenhagen, which is currently in the process of being expanded.

After several years of running a considerable deficit, Carl Bro posted earnings of DKK 110 million before taxes last year, something the Dutch company was keenly aware of.

'I have followed Carl Bro very closely for the last five years and have been impressed with the turnaround that has been achieved,' said Sylvo Thijsen, CEO of Grontmij. 'Both from a cultural and business point of view there is a good fit between our two companies.'

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