NORWAY; SWEDEN —Nordic workforce solutions provider Calviks AB has signed a binding share purchase agreement to secure a 70 percent equity interest in Norwegian industrial services and specialized staffing firm Subshore.no AS. Valued at an enterprise value of approximately NOK 255 million on a cash and debt-free basis, the transaction requires an initial cash outlay of roughly NOK 125 million at closing, alongside potential performance-linked contingent earnouts. The execution of the agreement remains contingent upon finalized financing arrangements and customary regulatory conditions.
The transaction serves as the cornerstone for Norvika, a newly established wholly owned investment vehicle designed to consolidate the group's Norwegian footprint. Subshore brings robust operational profitability, posting an estimated EBIT of NOK 55 million on NOK 910 million in projected revenues. Furthermore, the buyout incorporates Subshore subsidiaries such as OneSource, instantly diversifying the buyer's traditional staffing portfolio into industrial preservation products and technical services for marine and energy sectors.
This structural expansion significantly broadens the buyer's operational reach within the Nordic region's competitive industrial workforce sector. By integrating niche technical capabilities alongside workforce deployment, the combined group positions itself to capture high-margin segments of the offshore and process industries. Current stakeholders will retain a 30 percent minority holding in the target firm and continue managing operations under the unified platform framework.
Calviks AB is a publicly traded Nordic enterprise specializing in workforce solutions, interim management, and consulting services across Sweden, Norway, and Denmark. Subshore.no AS operates as a specialized Norwegian provider delivering technical staffing, welding, pipefitting, and preservation services to offshore and process industries. Norvika functions as an investment platform created to consolidate Norwegian operations under a centralized corporate structure.
