Royal BAM Group nv has reached an agreement to acquire a 40% minority stake in Van Leeuwen Sleufloze Technieken (VLST), a prominent Dutch specialist in horizontal directional drilling (HDD). The transaction, valued at approximately €45 million, is part of BAM’s strategic plan to enhance its capabilities in the growing Dutch energy and water infrastructure market. The deal is expected to close in the first quarter of 2027, subject to customary closing conditions.
VLST operates 19 HDD rigs and is projected to generate around €60 million in revenue with an EBITDA margin of approximately 18% by 2026. This investment will enable BAM to integrate specialist trenchless technology services into its existing portfolio, supporting the delivery of critical underground infrastructure projects.
Royal BAM Group nv, headquartered in Bunnik, Netherlands, is a leading construction and property development company with over 150 years of experience. The company employs approximately 13,500 people and reported revenues of €7.0 billion in 2025. BAM operates primarily in the Netherlands, the United Kingdom, Ireland, and Belgium. Its 2024-2026 strategy, titled “Building a sustainable tomorrow,” focuses on profitable growth driven by digital innovation and sustainability.
VLST is recognized as one of the Netherlands’ leading independent contractors in horizontal directional drilling. The company has been a strategic partner of BAM since 2014, and this equity investment marks a deepening of their collaboration. VLST’s expertise in trenchless technology complements BAM’s recent acquisition of A.Hak, another specialist in underground infrastructure, reinforcing BAM’s ambitions in the Dutch energy and water sectors.
According to BAM, the partnership will create synergies by enabling cross-selling of HDD services to existing clients and bidding for larger integrated projects. Operational efficiencies are expected through shared procurement and optimized equipment use, while combined expertise will improve project delivery timelines and workforce development.
The deal also positions BAM to better compete in a market where demand for sustainable energy and water infrastructure is increasing. Competitors may respond by forming similar partnerships or investing in technology to match BAM’s enhanced capabilities.
Financial terms include the acquisition of a 40% stake for circa €45 million, with VLST forecasted to generate €60 million in revenue and maintain an EBITDA margin near 18% in 2026. The transaction is subject to customary conditions and regulatory approvals, with closing anticipated in Q1 2027.
Looking ahead, BAM plans to integrate VLST’s operations while preserving its specialist agility and culture. The partnership aims to foster joint development of safety standards, technical expertise, and equipment innovation. BAM’s management highlights the strategic fit of this investment within its broader growth and sustainability objectives.
This transaction underscores BAM’s commitment to expanding its footprint in the Dutch underground infrastructure market, leveraging specialist capabilities to meet rising demand for energy and water projects. The company continues to pursue a strategy focused on sustainable, innovative construction solutions aligned with evolving market needs.
