CARL BRO A/S ACQUIRED BY THE DUTCH COMPANY GRONTMIJ	12/07/2006
	The Carl Bro Group, which includes companies in Denmark, Sweden and the United Kingdom/Ireland, will become part of a larger European corporation. The Carl Bro name is to be retained and the Danish CEO has been offered a position in Grontmij’s Management Board. The Dutch corporation Grontmij has signed an agreement to acquire 98.86% of the shares of Carl Bro A/S. The purchase price on a cash and debt free basis, and based on an acquisition of 100% of the shares of Carl Bro A/S is DKK 1,025 million in cash plus 400,000 newly issued Grontmij shares. Following closing of this transaction, the minority shareholders will be offered to sell their shares in Carl Bro A/S for cash. With about EUR 720 million in combined turnover and about 6,210 full time employees, the new joint corporation will rank fifth among European consulting engineering companies measured on turnover. The Carl Bro Group operates today in Denmark, Sweden and the UK/Ireland, while Grontmij has operations in Holland, Belgium, Germany, Poland, the Czech Republic and Hungary. The two companies therefore complement each other perfectly. Carl Bro is a strong brand, which the new joint corporation wishes to keep. “During our ownership, we have focused on a restructuring and a turn-around of Carl Bro. Furthermore, the company has consolidated its market positions and evolved into a leading engineering consultancy with good profitability. I see a powerful industrial logic in the transaction, which will create opportunities for both companies to further enhance their market offerings. Together with Grontmij, Carl Bro is now building a platform for continued profitable growth”, says Bure’s President & CEO Mikael Nachemson. “ The divestment demonstrates that the strategy with a focus on profitability and consolidation has proven successful. We believe that the transaction will give both Carl Bro and Grontmij good possibilities to strengthen their market positions further and to accelerate their growth”, says Lars Tønnesen, Partner in LD Equity. Sylvo Thijsen, CEO of Grontmij, says: “I have followed Carl Bro very closely for the last 5 years and have been impressed with the turnaround that has been achieved. Both from a cultural and a business point of view there is a good fit between our two companies.” He adds: “The combination Grontmij-Carl Bro will be a win-win situation for customers and employees as we will be able to combine the knowledge and network of both companies to continuously develop our skills and solutions.” The CEO of Carl Bro Group, Birgit Nørgaard, has been offered a position in Grontmij’s Management Board while retaining current responsibilities. She says: ”I see this combination as a unique opportunity for Carl Bro to be a part of a pan-European growth company. Grontmij is a perfect fit for Carl Bro. It is a multidisciplinary company, pursuing a multi local strategy, and it has values that are similar to the values of the Carl Bro Group. With the combined operation of the two companies we will be able to act locally while at the same time exploiting the corporation’s combined trans-national knowledge and experience.” The acquisition is conditioned upon approval by relevant competition authorities and the shareholders of Grontmij. Grontmij was founded in 1915. In 2005 the company had a turnover of EUR 441.5 million. and 3,671 full time employees. The company is listed on the Euronext Stock Exchange in Amsterdam. Grontmij is a multidisciplinary consulting engineering company with operations in the Netherlands, Germany, Belgium, Poland, the Czech Republic and Hungary. The company operates within Transportation, Building, Environment, Water, Industry and Energy. Carl Bro was founded in 1959. In 2005 the company had a turnover of EUR 275 million and 2,539 full time employees. Carl Bro is a multidisciplinary consulting engineering company with operations in Denmark, the UK, Ireland, Sweden and Vietnam. It also works on international projects in many countries around the world. The company operates within Transportation, Building, Environment, Water, Industry and Energy.  For any questions please contact Birgit W. Nørgaard at +45 4348 4540 / +45 2723 4540 See also Description of Carl Bro Group Description of Grontmij European Market – Top 20 Project Examples