Canada-based consultant acquires project management firm Faveo
Consultant WSP has completed its takeover of 400-strong Nordic project management firm Faveo.
Faveo is one of the biggest project management firms in Scandinavia, with offices across Sweden and Norway, specialising in the infrastructure and energy markets.
The acquisition is the third the engineering consultant has made in the Nordic region this month, after acquiring two Swedish SME firms.
It acquired FLK Sverige, a 50-employee mechanical engineering company, as well as Vicicom, a 35-employee firm who develop broadband and telecommunications networks for municipalities and operators.
Including the three acquisitions, WSP’s total workforce in the Nordic countries stands at 3,800 people.
Magnus Meyer, managing director of WSP in the Nordic countries, said: “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.”
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, said: “Becoming a part of WSP will provide us with increased organizational and international strength, thus offering our employees and clients with further opportunities.”