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moreThe French and Nordic teams of RSM, the 6th largest audit and consulting network in the world, conducted the financial, tax and payroll due diligences for the Astek Group, a global player in engineering and technology consulting, in connection with its acquisition of Conmore, a Swedish company specializing in technology consulting and engineering.
Through this engagement, RSM’s Corporate Finance team further strengthens its positioning as an advisor to international groups expanding into new European markets.
Acquisition of Conmore by Astek
The Astek Group has announced the acquisition of Swedish company Conmore, a specialist in technology consulting and engineering. Conmore has 150 employees based in Gothenburg and Stockholm and is expected to generate €13 million in revenue.
For over 30 years, Conmore has been meeting the needs of major industrial groups by delivering expertise in mechanics, embedded systems and electronics, particularly in the automotive, rail transport and energy sectors. This transaction enables Astek to establish a presence in Northern Europe and to strengthen its footprint across the continent.
In addition to organic growth of over 20%, the Astek Group plans to continue its targeted acquisition strategy, with the goal of reaching the critical size of €500 million in revenue by 2022—originally targeted for 2024.
The RSM Team - France, Norway and Sweden
The RSM team involved was composed of :
- Financial due diligence : Eric Fougedoire, Oliver Smyth, Sanna Krag, Simen Solberg
- Tax and payroll due diligence : Henric Larsolle, Jens Odlünd
Founded in France in 1988, Astek is a global engineering and technology consulting group operating on five continents. With recognized expertise across multiple industrial and service sectors, Astek supports its international clients in the intelligent deployment of their products and services, as well as in the implementation of their digital transformation. Since its inception, the Group has built its growth on a strong culture of entrepreneurship and innovation, alongside the development and upskilling of its 6,400 employees who are committed every day to promoting the synergy between digital technologies and complex systems engineering. With the integration of Conmore, the Group expects to generate €500 million in revenue in 2022.
RSM is the 6th largest global network of audit, consulting and accounting firms, operating in over 120 countries and bringing together more than 53,000 professionals and partners.
In France, RSM is a leading player in audit, accounting and consulting services, with offices located in key regional economic centers, including Paris, Lyon-Chambéry-Grenoble, Montpellier-Nîmes, Nantes-Laval, Strasbourg-Colmar, La Réunion and Mayotte. RSM currently employs more than 1,250 professionals across the country and is continuing its regional expansion. The Group’s multidisciplinary offering is structured around five core service lines: Audit, Accounting, Consulting, HR & Payroll, Legal & Tax Advisory.
RSM’s Corporate Finance division supports companies and their management teams, investment funds, as well as investors and shareholders—both in France and internationally—to secure and optimize financial decision-making. The division includes 20 professionals based in Paris and regional offices, including 3 partners. RSM Corporate Finance provides services in Transaction Services, Valuation & Complex Financial Modelling, Capital Operations, and Restructuring.
