NORWAY; SWEDEN —Nordic workforce solutions provider Calviks AB has entered into a binding share purchase agreement to acquire a 70 percent stake in Norwegian recruitment firm NøkkelPersonell AS. The deal values 70 percent of the target company at an enterprise value of approximately NOK 31.9 million on a cash and debt-free basis. Under the agreed terms, 80 percent of the upfront price will be settled in cash upon closing, with potential earn-out payments contingent on NøkkelPersonell's EBIT performance across the subsequent two fiscal years. Completion remains subject to securing transaction financing and satisfying standard closing conditions.
Founded in 2015 and listed on the Nasdaq First North Growth Market, Calviks operates across Sweden, Norway, and Denmark, specializing in interim management, consulting, and recruitment services across various technical industries. Target company NøkkelPersonell, based in Stavanger, provides specialized recruitment and staffing services focused on the Norwegian infrastructure sector. For the 2025 fiscal year, NøkkelPersonell reported revenues of approximately NOK 38.8 million and an EBIT of roughly NOK 6.4 million.
This transaction directly accelerates Calviks's strategic expansion in Norway by integrating NøkkelPersonell into its regional investment vehicle, Norvika. The addition complements Norvika's existing service portfolio alongside recent acquisitions like Subshore, building a comprehensive regional human capital platform tailored for heavy industry and infrastructure projects. High specialized skill shortages in Norway's infrastructure ecosystem continue to drive sustained reliance on third-party staffing providers.
For institutional investors and corporate strategy executives, the deal underscores an ongoing consolidation trend among specialized niche recruitment firms within the Nordic region. By securing high-margin engineering and infrastructure staffing capabilities, workforce services groups can capture predictable recurring revenue tied to long-term public and private capital project pipelines.
