We have advised Berg Propulsion, a Swedish company that designs and manufactures controllable-pitch propellers for the marine industry, on its sale to Kongsberg Maritime, a global technology and engineering company that builds systems for cargo ships, navies, and offshore energy.
Founded in 1912, Berg Propulsion has spent more than a century building a reputation as a trusted partner for efficient and reliable propulsion – in some of the world's most demanding marine environments. Today, the company is one of the world's leading manufacturers of integrated propulsion and electrical systems for the marine market.
With around 400 employees and several specialised facilities on Hönö and Öckerö, Berg designs, engineers and assembles complete propulsion systems – from hydrodynamic design and in-house machining of critical components to final assembly, testing and global aftermarket support. The product portfolio comprises controllable and fixed pitch propellers, azimuth and tunnel thrusters, as well as proprietary control and electrical systems. As a pure-play propulsion specialist, Berg has a technical edge that makes the company a natural partner for shipyards and shipowners where fuel efficiency and manoeuvrability are critical – enabling strong revenue and profit growth since the buyback from Caterpillar in 2020. Between 2023 and 2025, net revenue grew from approximately SEK 975m to SEK 1.8bn, and EBITDA from approximately SEK 73m to SEK 275m.
Ahead of its next phase of growth, Berg sought a new owner able to support its expansion into new segments, with the global reach to unlock a larger aftermarket business. Following a structured process together with Clearwater, Kongsberg Maritime emerged as the right partner. The two businesses complement each other well: Kongsberg Maritime is strong in high-value, performance-driven segments, while Berg is strong in the volume segments. Together, the parties will have one of the market's most complete product portfolios for commercial propulsion.
Kongsberg Maritime is a global leader in marine technology, with more than 30,000 vessels equipped with the company's systems and over 8,300 employees across 35 countries. Following completion of the transaction, Berg Propulsion will continue to operate as a standalone brand and independent business unit within Kongsberg Maritime's Propulsion & Handling division.
We acted as exclusive financial adviser to Berg Propulsion throughout the transaction process. The financial details of the transaction have not been disclosed, but the acquisition is priced at approximately the same EV/EBITDA multiple as Kongsberg Maritime ASA at the announcement of the transaction on 12 July 2026.
