WSP Global Inc (TSX: WSP) has bought Faveo Management AS, a Scandinavian provider of project management and specialist services in the areas of infrastructure and energy. The acquisition, the value of which was not disclosed, follows other recent purchases by WSP in the region. Based in Montréal, WSP is a diversified professional services company backed by the Canada Pension Plan Investment Board (CPPIB) and the Caisse de dépôt et placement du Québec. This week it also acquired Levelton Consultants Ltd.
WSP Strenghtens its Presence in the Nordic Countries With the Acquisition of Faveo, a Leading Project Management Firm
MONTREAL, QUEBEC–(Marketwired – June 30, 2015) – WSP Global Inc. (TSX:WSP) (“WSP”) announced today that it has acquired Faveo Group (“Faveo”), a leading project management firm based in Norway and Sweden. Faveo provides project management services and associated specialist services in the areas of infrastructure and energy. This acquisition adds 400 employees to WSP’s workforce in the Nordic countries.
“We are pleased to welcome Faveo as a business partner. This transaction, which fits perfectly with our growth strategy, will provide a strong entry-point in the Norwegian market, while strengthening our position in Sweden,” said Magnus Meyer, Managing Director of WSP in the Nordic countries.” He added: “It will also position us as a project management leader in Sweden, with more than 1,200 employees specialized in project management services and qualified advisory services”.
Knut Jonny Johansen, Managing Director of Faveo, offered this assessment: “Faveo has continuously grown with a focus on employees, clients and high-performance achievements. Becoming a part of WSP will provide us with increased organizational and international strength, thus offering our employees and clients with further opportunities”.
Earlier in the month, WSP had also acquired FLK Sverige AB (“FLK”), a 50-employee Swedish firm specialized in mechanical engineering and Vicicom AB (“Vicicom”), a 35-employee firm specialized in the development of broadband and telecommunications networks for municipalities and operators, also based in Sweden. Including the acquisitions of Faveo, FLK and Vicicom, WSP’s total workforce in the Nordic countries is 3,800 people.
Founded in 2010 through the merger of two well-established companies in Sweden and Norway, Faveo is one of Scandinavia’s largest companies within the area of project management. The firm offers project management, project development and specialist services for both small and large projects in a number of different sectors, with particular strength in the sectors of infrastructure and energy.
WSP, through its acquisition of Parsons Brinckerhoff, is one of the world’s leading professional services firms in its industry, working with governments, businesses, architects and planners and providing integrated solutions across many disciplines. The firm provides services to transform the built environment and restore the natural environment, and its expertise ranges from environmental remediation to urban planning, from engineering iconic buildings to designing sustainable transport networks and from developing the energy sources of the future to enabling new ways of extracting essential resources. It has approximately 31,000 employees, including engineers, technicians, scientists, architects, planners, surveyors and environmental specialists, as well as other design, program and construction management professionals, based in more than 500 offices, across 39 countries, on 5 continents.
Certain information regarding WSP contained herein may constitute forward-looking statements. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although WSP believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. WSP’s forward-looking statements are expressly qualified in their entirety by this cautionary statement. The complete version of the cautionary note regarding forward-looking statements as well as a description of the relevant assumptions and risk factors likely to affect WSP’s actual or projected results are included in the Management Discussion and Analysis for the fourth quarter and year ended December 31, 2014, which are available on SEDAR at www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof and WSP does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise unless expressly required by applicable securities laws.
Managing Director, WSP Nordics
(46) 10-722 87 12
Vice-President, Investor Relations
and Corporate Communications
(514) 340-0046 ext. 5648
Human Resources and Communication Director,
WSP Sweden AB
(46) 10-722 87 76
Knut Jonny Johansen
Managing Director, Faveo AS
(47) 911 64 549
Photo courtesy of Faveo Management AS