Name

ÍAV - Íslenskir aðalverktakar

Legal name

Íslenskir aðalverktakar hf.

Website

https://iav.is

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

51–100 employees

Ownership category

akta.pro rank

Product category

Construction Services

NAICS

Heavy and Civil Engineering Construction (237), Other Heavy and Civil Engineering Construction (23799)

SIC

Heavy Construction Other Than Bldg Const - Contractors (1600), Construction, Mining & Materials Handling Machinery & Equip (3530), Construction - Special Trade Contractors (1700)

akta.pro primary industry

Construction Management (Agency/Owner’s Rep) (IMAFAAAC)

akta.pro secondary industries

Heavy Civil Construction Trades (Roads, Bridges & Utilities) (EDAOAAAN), Mine Infrastructure & Utilities EPC (Power, Water, Comms, Camps, Roads, Airstrips) (IMAKAOAB), Earthmoving & Excavation Equipment Rental/Leasing (TLABAFAA)

Keywords

• General construction contracting
• Civil engineering services
• Infrastructure construction
• Quarry operations
• Tunneling services

Headquarters

HQ city

Reykjavík

HQ country

Iceland

HQ region

Europe

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Others

Revenue model

1. Construction contracting: ÍAV generates revenue as a general contractor on construction projects, both public and private sector. Revenue is project-based and earned through fixed-price contracts or negotiated rates for infrastructure, buildings, tunnel work, earthworks, and quarry operations. The company also earns revenue from quarry material sales (processed and unprocessed aggregates).

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

ÍAV is a full-service general contractor providing building construction, infrastructure, civil engineering, tunneling, quarrying, and electrical infrastructure services across Iceland. The company executes projects as primary contractor for government agencies, banks, real estate developers, and commercial clients, and additionally sells processed and unprocessed aggregate materials from its three quarries (Stapafell, Rauðamel, Lambafell).

Product overview

ÍAV - Íslenskir aðalverktakar is a full-service general contracting and construction company operating in Iceland. The company offers a comprehensive portfolio spanning building construction (residential, commercial, public buildings), infrastructure (roads, bridges, ports), tunneling services (road tunnels, undersea tunnels), quarry operations (three locations producing fill materials and concrete aggregates with CE certification), and electrical infrastructure (high-voltage transmission lines). With approximately 240 employees and operations since 1954, ÍAV is one of Iceland's largest and oldest construction companies, serving as the primary contractor for major national infrastructure projects.

Differentiator

Problem solved

Functional benefit

Products and services

• General Construction Contracting Full-service general contracting covering building construction, infrastructure, civil engineering, tunneling, quarrying, and road construction services for public and private sector clients in Iceland.
• Quarry Operations Aggregate quarrying and material sales operations at three locations (Stapafell, Rauðamel, Lambafell) producing fill materials, concrete aggregates, and construction materials with CE certification. Products include sand, gravel, broken rock, top material, drainage gravel, and decorative gravel.
• Building Construction Construction of residential, commercial, and public buildings including office buildings, housing complexes, hotels, sports facilities, and institutional buildings for government and private clients.
• Infrastructure Construction Construction of roads, highways, bridges, ports, harbors, and utility infrastructure projects for government agencies and private clients.
• Tunneling Services Road tunnel construction including subsea tunnels, with notable projects such as Vaðlaheiðargöng and the international Solbakk-Stavanger undersea tunnels (7.9 km section at 290m depth) in Norway.
• Earthwork and Excavation Large-scale earthmoving, excavation, and land clearing operations using heavy equipment including CAT D10 bulldozers, supporting construction and quarry projects.
• Electrical Infrastructure High-voltage power line construction including 132kV and 220kV transmission lines, underground cables, and related distribution infrastructure.

Quantifiable outcome

• Harpa concert hall received Mies van der Rohe award 2013 — internationally recognized architectural recognition

Named customers12 records

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered major and core.

• StéttarfélagiðmajorStrategic or Co-development Partner · 18 December 2024Stéttarfélagið partnered with ÍAV and Ístak in the new framework agreement with Veitur covering maintenance and new construction of utility pipe systems. ~3,600 tender line items, up to 7.5 year contract.
• ÍstakmajorStrategic or Co-development Partner · 18 December 2024Ístak partnered with ÍAV and Stéttarfélagið in the framework agreement with Veitur covering utility infrastructure maintenance and new construction.
• VSÓ (Verkfræðistofa)coreStrategic or Co-development Partner · 23 February 2024VSÓ is the engineering firm partnered with ÍAV and BROKKR STUDIO architects on the design and construction of the new multi-purpose passenger terminal at Skarfabakka for Faxaflóahafnir.
• BROKKR STUDIO arktitektarcoreStrategic or Co-development Partner · 23 February 2024BROKKR STUDIO is the architecture firm partnered with ÍAV and VSÓ on the Skarfabakka passenger terminal project, providing architectural design services.
• Tucon (Marti IAV Tucon joint venture)coreStrategic or Co-development Partner · 1 February 2019Marti IAV Tucon joint venture constructed the Solbakk–Stavanger undersea tunnels in Norway — the world's longest undersea tunnels (~18 km). ÍAV's portion was 7.9 km. The offer was approximately 1.3 billion Norwegian Kroner. Tunnels reach 290m depth below sea level.
• FaxaflóahafnircoreStrategic or Co-development PartnerFaxaflóahafnir is the port authority commissioning the Skarfabakka passenger terminal project (5,700 m2, ~5,500 m² in later update) and the Vör passenger terminal project at Viðeyjarsund, both constructed by ÍAV.

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Marti Holding AG: Swiss parent company operating ~80 independent construction subsidiaries; the Marti IAV Tucon JV history makes the broader Marti Group a directly comparable tunneling and civil engineering operator.
• Implenia AG: Swiss general contractor specializing in complex building, civil engineering, and tunneling projects; directly comparable given Marti Holding's Swiss base and IAV's tunneling/civil engineering focus.
• Peab AB: Swedish general contractor covering building, civil engineering, infrastructure, and aggregate/materials production; comparable for the vertically integrated quarry + construction model IAV operates.
• NCC AB: Swedish general contractor active across building construction, infrastructure, and civil engineering in the Nordics; directly comparable as a Nordic-headquartered multi-vertical contractor competing for public infrastructure tenders.
• Veidekke ASA: Norwegian general contractor with civil engineering, building construction, and infrastructure operations; directly comparable especially given IAV's Norwegian subsea tunnel project (Solbakk-Stavanger) and Nordic cross-border exposure via Marti Holding.
• Ístak hf: Icelandic general contractor and JV partner of IAV on the Veitur framework agreement; directly comparable as a domestic Icelandic competitor in civil engineering and infrastructure tendering.
• Skanska AB: Swedish-headquartered general contractor with Nordic origins; comparable as a diversified construction and civil engineering firm with public-sector tendering as a core GTM motion and similar project-based fixed-price contract structure.

Broad incumbents

• Hochtief AG: Major international construction group with strong civil engineering and tunneling portfolio; comparable as a broad incumbent that competes with IAV on complex infrastructure tenders including subsea/mountain tunneling.
• Strabag SE: Large European-headquartered construction group with diversified building, civil engineering, and tunneling operations; comparable as a much larger incumbent in the same heavy construction categories IAV operates in.
• Porr AG / PORR Group: Austrian-headquartered full-service construction group with civil engineering, building construction, and infrastructure expertise; comparable as a European incumbent operating in adjacent geographic and capability segments.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/iav-hf

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ÍAV - Íslenskir aðalverktakar