BAM acquires a 40% stake in VLST

Transaction summary

Bunnik, 20 October 2026 – Royal BAM Group and the shareholders of Van Leeuwen Sleufloze Technieken (VLST) have reached an agreement on a strategic partnership under which BAM will acquire a 40% stake in VLST, a leading Dutch specialist in horizontal directional drilling (HDD). With this transaction, BAM adds specialist capabilities to support the growing demand for energy and water infrastructure in the Netherlands. BAM will acquire the 40% strategic participation for ~€ 45 million.

Ruud Joosten, CEO of Royal BAM Group:

“This investment aligns well with our growth strategy to support customers in delivering critical energy and water infrastructure projects. VLST has an excellent track record and has been a valued strategic partner of BAM since 2014. Becoming an equity partner is a natural next step in our successful relationship and will enhance our ability to support customers in delivering essential underground infrastructure. The investment in VLST is complementary to BAM’s recently announced agreement to acquire A.Hak, with both transactions contributing to BAM’s strategic ambitions in this market.”

The transaction is expected to close in the first quarter of 2027, subject to satisfaction of customary conditions.

Press release: Royal BAM Group

Emendo Capital acted as financial adviser to BAM.

About Royal BAM Group

Royal BAM Group is a leading construction and property development company listed on Euronext Amsterdam with over 150 years of experience in delivering sustainable buildings, homes and infrastructure for public and private sector clients. With approximately 13,500 employees, BAM realized a revenue of € 7.0 billion in 2025.

For additional information on Royal BAM Group, visit https://bam.com/

About Van Leeuwen Sleufloze Technieken

VLST is one of the leading independent contractors in horizontal directional drilling in the Netherlands. The company operates 19 HDD rigs and is expected to generate revenue of approximately € 60 million and an EBITDA margin of around 18% in 2026.

For additional information on VLST, visit https://vlst.com/