Arssarnerit gets new owners after blood-red years

On April 1, VVS & El Firmaet A/S will take over Arssarnerit and MATU Security, thereby significantly strengthening its position on the Greenland market and at the same time expanding its technical competences, the company announced in a press release.

- We are very pleased with the agreement and the trust that MT Højgaard Holding has shown us. Arssarnerit is a well-known and respected company in Nuuk, and we look forward to continuing and developing the solid professionalism and strong local foundation, says Jesper Bredahl, Director, VVS & El Firmaet A/S.

The new owner of Arssarnerit will take over the ongoing activities – including warranty work for the majority of the delivered projects. In addition, VVS & El Firmaet A/S will, in close cooperation with MT Højgaard, assist in completing certain ongoing projects to ensure continuity and a proper handover process, it is announced.

50th anniversary

The month after the company has new owners, Arssarnerit can invite to its 50th anniversary with a reception/open house at Hotel Hans Egede on April 30th at 3:00 p.m.

VVS & El Firmaet A/S is a well-established Greenlandic company with more than 20 years of experience within plumbing and electrical work. The company has built up a special reputation in the Disko area over the decades and is capable of delivering within a broad field of technical installations.

It is stated that the acquisition of Arssarnerit is an important strategic step in VVS & El Firmaet A/S continued development, giving the company a stronger starting point to serve customers on the entire west coast with a special focus on Ilulissat, Aasiaat and the Nuuk area.

- With the integration of Arssarnerit, we are bringing both skilled employees and strong technical resources on board. This gives us the opportunity to expand our activities and offer even better services to our customers – without compromising on quality or local values, says CEO Jesper Bredahl.

Blood red accounts

Back in October 2022 it was announced by MT Højgaard Holding that it would sell Arssarnerit. The sales process has been unusually slow, and it would take more than three years before MT Højgaard succeeded in selling the Greenlandic engineering company.

Arssarnerit has had a good reputation in construction circles and is an old honored Greenlandic company, which like its sister company MT Højgaard Grønland has suffered financially, especially in 2022-24 due to significant losses on several very large construction contracts.

In the 2024 financial year, the annual result was a deficit of 87 million kroner. The year before, there were also red numbers on the bottom line with a deficit of 82 million kroner. The 2024 financial statements show that the engineering company had an average number of full-time employees of 181.

Multiple years of million-dollar profits

VVS & El Firmaet A/S is a well-run company from Ilulissat. Over the past three financial years, the company has delivered double-digit million-dollar profits. In 2022, the annual result ended at just under 11 million kroner and the following year it landed at just under 16 million kroner. The latest financial statements from 1 April 2024 to 31 March 2025 show that it had a profit of over 16 million kroner and had 100 employees.

The owners behind VVS & El Firmaet are Jesper Leed, Jesper Hjort Hansen – both from Ilulissat - and the contracting company KJ Greenland A/S.