Serneke was founded in 2002 with the vision of creating an innovative contracting company offering the same security and knowledge as the nationwide players in the market, albeit with greater entrepreneurial spirit, energy, commitment and a modern approach. Between 2002 and 2015, the Group grew from SEK 14 million in sales to SEK 3.1 billion, with an average annual growth rate of 51.5 percent, which can be compared with the Swedish construction market in general, which grew an average 2.1 percent over the same period. Our history can broadly be divided into two stages, as outlined below.
Even during the company’s early years, Serneke’s development was characterized by rapid and focused growth. From an early stage, Serneke took the view that the Group’s size is crucial to being able to compete against other players, and the primary focus of the organization was on growing the business. In pace with the Group’s growth, management launched a new business plan in 2009, detailing how we would develop into a leading Swedish contracting company.
We won key contracts that served as references for future projects and, as more projects were completed with a high level of quality, our brand was strengthened. Serneke established itself in the Swedish market with signature projects, such as the Prioritet Serneke Arena, which is the Nordic region's largest multi-sport facility, including an indoor ski center and a full-size indoor football field.
During this period, the Group also commenced the development of Karlastaden, one of the Nordic region's largest construction projects, comprising a new district in Gothenburg. Karlastaden will be built up around the Karlatornet tower, which is planned to be Gothenburg's first skyscraper with a height of about 240 meters. In June 2016, Serneke achieved a milestone with Karlastaden, when it sold 50 percent of the project to property fund NREP, a strong strategic partner with long experience of developing major property projects. This is in line with our strategy of benefiting, through close collaboration, from its partners' experience in the refinement phase, and limiting the financial risks in its projects.
Focus on the contracting sector and building an organization supporting growth
In 2011, Serneke’s operations consisted of several companies in diverse sectors. In recent years, we have has realigned our operations to the contracting sector, focusing on four core areas. In connection with the realignment, the Group has incurred phase-out expenses, for example in connection with the phasing-out of previous industrial operations.
Part of our vision is to create a nationwide contracting company and, in the autumn of 2014, Serneke established itself in Region East by acquiring Värmdö Byggentreprenader AB (now Serneke Bygg Öst AB), a Stockholm-based contracting company with sales of SEK 656 million in 2014, which provided the platform necessary for future growth in the Stockholm region.
In recent years, Serneke has also invested in its organization and methodically built up expertise and improved internal processes and governance. Between 2011 and 2015, we focused on building a long-term operational structure to enable continued growth. The management team was reinforced, internal structures were modernized and a new business area, Property Management, was established in 2015 to foreground value drivers in long-term property management. Today, we have established an organizational platform providing the Group opportunities for profitable growth in its principal markets.
In 2016, Serneke joined the list of Sweden’s ten largest construction companies in the Swedish Construction Federation’s compilation of the 50 largest construction companies in terms of net sales. The three largest companies – Peab, Skanska and NCC – accounted for more than SEK 100 billion, representing 58 percent of total sales in the market according to the survey (same percentage as the preceding year).
- Serneke founded
- Group structure established
- Opens office in Trollhättan
- Wins contract to build Vattenfall’s office at Ringhals
- Opens office in Malmö
- Wins contract to build Göteborg Energi’s new offices
- Reaches SEK 1 billion sales
- Commencement of construction of Prioritet Serneke Arena
- Acquisition of Värmdö Bygg
- Prioritet Serneke Arena is opened
- One of Sweden’s ten largest construction companies
- Listing of Serneke’s shares on Nasdaq Stockholm