WSP acquires Nordic project management firm
WSP Global has announced the acquisition of Faveo Group, a project management company based in Norway and Sweden.
Faveo provides project management services and associated specialist services in the areas of infrastructure and energy. The company currently has 1500 ongoing projects and 16 offices in Sweden and Norway. The firm has a turnover of approximately NOK500 million (US$61.4 million).
This acquisition adds 400 employees to WSP's workforce in the Nordic countries.
Magnus Meyer, Managing Director of WSP in the Nordic countries, commented:
"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. 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, stated:
"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 further opportunities."
Earlier this month, WSP had also acquired FLK Sverige AB, a 50-employee Swedish firm specialized in mechanical engineering, and Vicicom AB, 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 now 3,800 people.
