NORWAY; SWEDEN —Calviks has secured a binding share purchase agreement to acquire a 70 percent majority stake in Drift Sør, a Norwegian staffing specialist focused on the energy, oil, gas, and industrial sectors. The transaction values Drift Sør at an enterprise value of approximately NOK 107.5 million on a cash- and debt-free basis. Calviks will fund the initial majority stake through an upfront cash consideration of NOK 59.5 million, representing 80 percent of the upfront price, with two additional earn-out payments tied to future financial performance. Completion remains contingent on finalizing transaction financing and meeting standard closing conditions.
Calviks is a Sweden-headquartered workforce solutions provider operating across Sweden, Norway, and Denmark through specialist recruitment, interim management, and consultancy subsidiaries. The business focuses on building regional scale across the Nordic market through organic expansion and strategic consolidation.
Integrating Drift Sør into Calviks' Norwegian investment platform, Norvika, expands its operational scale alongside existing holdings such as Subshore. The combined platform targets high-skill, labor-intensive segments within Norway's offshore and industrial infrastructure. The acquired entity is projected to deliver revenue of approximately NOK 270 million and operating earnings before interest and taxes of NOK 21 million in 2026, boosting Calviks' consolidated earnings profile without altering daily operational management at the target company.
This move underscores broader corporate consolidation within Nordic specialized staffing markets, where tight labor supplies across energy transition and offshore industrial sectors drive demand for specialized human capital platforms. For institutional investors, the transaction illustrates a leverage-and-earn-out model designed to de-risk platform expansion while capitalizing on strong cash generation in Norway's core industrial markets.
