2 August 2023 - Inin Group AS has today signed a share purchase agreement (SPA)
to acquire 100 percent of the shares in Laje AS, a large, regional
infrastructure construction and service company. Consequently, Inin Group will
raise its 2023 full-year pro-forma revenue and EBIT guidance. 

Laje has a workforce of 275 employees with a strong mix of electricians, energy
and telecom installers and engineers, led by an experienced management team
headed up by CEO Anders Granheim. Laje has a strong backlog, and 2023 revenue is
expected to reach NOK 700 million.

"This acquisition makes us a major player within energy infrastructure, telecom
and electrification in the central eastern Norway region, including Oslo, Lier,
Ringerike, Maura, Hamar, Lillehammer, Raufoss, Sandefjord and Kongsvinger. We
are delighted to add Laje to our rapidly growing portfolio of infrastructure
services companies in the Nordics, and to include Laje as a core company within
our Power Distribution business vertical," says Øivind Horpestad, CEO of Inin
Group. 

ABOUT LAJE AS 

Laje is a focused infrastructure construction and service company within the
energy infrastructure, telecom and electrification sector with a strong position
in the eastern Norway region. The company was established in 2002 and is
currently owned by Ringerikskraft.

Laje's business is divided into three business segments energy infrastructure,
telecom and electrification, all focusing on the ongoing electrification and
digitalization megatrends. The energy infrastructure segment is the company's
largest in terms of revenue, and includes construction and engineering of grid
lines, substations and high-voltage cables. The telecom segment incorporates
construction and rollout of fibre networks, while electrification involves
construction and maintenance of roadside electrical infrastructure such as EV
charging stations, streetlights, data centres and public lighting. 

"There is significant growth potential in all of Laje's business segments,
driven by electrification and digitalization megatrends on top of substantial
underinvestment in Norwegian electrical infrastructure," adds Øivind Horpestad.

Laje is headquartered in Hønefoss with additional outreach from strategic
locations across central-eastern Norway. The broad presence makes Laje
well-positioned to serve large framework agreements with the major grid
companies in the region. 

The annual value of Laje's current framework agreements is approximately NOK 490
million. 

In total, Laje has a workforce of 275 employees with a strong mix of
electricians, energy and telecom installers and engineers, led by an experienced
management team headed up by CEO Anders Granheim. 

Laje has completed a significant improvement programme, including organisational
restructuring and streamlining during the second half of 2022. For 2023, Laje
expects to deliver revenue of more than NOK 700 million and EBITA of
approximately NOK 20 million. Reported financials for 2023 is still impacted by
the organisational restructuring and streamlining in Laje. The operational
enhancements and improved financial results are expected to continue going
forward, and thereby strengthen the EBIT margin.

"Ringerikskraft's infrastructure construction and maintenance business has been
on a major growth journey since its inception, having evolved from the local
Ringerike market to become a larger national electrical contractor. With Inin
Group as its owner, Laje will be able to capitalise on growth opportunities thar
are key to the contractor market, while Ringerikskraft at the same time can
strengthen its efforts within hydropower, power grids and heating," says Alf
Inge Berget, chairman of Laje AS and CEO of Ringerikskraft. 

Closing of the acquisition is expected in the third quarter of 2023. The
acquisition will be financed with cash, debt and deferred earn-out payments
based on the realised EBITDA for 2023 and 2024. 

UPDATED GUIDANCE

As a consequence of the planned acquisition of Laje AS, Inin Group raises its
2023 full-year pro-forma revenue guidance from the earlier communicated (see
stock exchange announcement dated 1 June 2023) NOK ~800 million to NOK ~1.5
billion, including Inin Group's already announced acquisitions. 

Inin Group also increases its 2023 full year pro-forma EBIT guidance from NOK 93
million to NOK 110-115 million following the acquisition of Laje. 

"I believe it is worth reminding everyone that at this time last year, Inin
Group's only portfolio company was Elop Technology, which was a loss-making
entity. We have since then conducted a major strategy change and an
acquisition-driven turnaround that I'm very proud of., We have a very strong
team that is capable of building strong platforms. Our focus is, and will
continue to be, building shareholder value", concludes Øivind Horpestad. 

THREE INVESTMENT PLATFORMS

Inin Group currently consists of three investment platforms:

1.	Rail Infrastructure, headed up by Nordic Infrastructure Group AS
2.	Power Distribution, currently headed by Hadeland Elektro AS
3.	Testing, Inspection & Certification, headed by Nordic Inspekt Group AS

A fourth investment platform, Mass Handling & Recycling, will be established
following the completion of the previously announced planned acquisition of TW
Gruppen AS.

(ENDS)

For further information, please contact:
Øivind Horpestad, CEO of Inin Group, Tel: +47 910 00 626

About Inin Group AS
Inin Group is a listed investment company operating as an industrial owner with
investments in companies within infrastructure and industry services niches in
the Nordics. The group aims to create value by identifying investment
opportunities within profitable niches with potential for development,
consolidation and growth, working in collaboration with the platform companies
to deliver sustainable growth and superior profitability. For more information,
please visit: www.inin.no 

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act. This stock exchange
announcement was published by Fredrik Ekholm, Head of Strategy, on 2 August 2023
at 8:52 CEST.