CEO of Eterni Group, Rune Myrseth, is excited to announce a change in company ownership. Axcel has acquired Eterni from the private equity firm Herkules, combining Eterni with existing portfolio company Moment, creating a leading Nordic provider of flexible workforce solutions.
Together with Moment, an existing Axcel portfolio company, the newly formed group will be a pan-Nordic provider of flexible workforce solutions with presence across Denmark, Sweden and Norway, above DKK 2 billion in combined revenue and a position as the natural consolidator of the fragmented and growing Nordic market for flexible labour.
“Since the acquisition of Moment, we’ve been searching for the ideal partner to build a pan-Nordic group within flexible workforce solutions. Eterni stood out as the best candidate having a strong fit and an impressive track-record of growth”, says Jeff Gravenhorst, chairman of the board and Christian-Schmidt Jacobsen, deputy chairman of the board and managing partner of Axcel.
“We are excited to join forces with Axcel and Moment and happy that we have found a partner that understands our industry and shares our values. The combination will enable us to improve our offering towards customers, while giving us the best conditions for continued growth and value creation“, says Rune Myrseth, CEO of Eterni.
The combination will enable exchange of best-practices and further strengthen the ability to serve customers, while preserving the strong local presence within the countries. No changes will be made to either Eterni’s and Moment’s management teams and organizations.
“I look forward to welcome Rune and the rest of his team to the group. Moment and Eterni have similar cultures and share a deep focus on customer loyalty and employee satisfaction. The combination will strengthen our capacity to invest and accelerate our growth, both organically and through acquisitions”, says Morten T. Højberg, CEO of Moment.
Eterni is acquired from Herkules, the founder and management. The founder and management will re-invest and remain as owners alongside Axcel and Moment’s management. The parties have agreed not to disclose any financial terms. The transaction is subject to customary regulatory approvals.
Eterni Group was established by Rune Myrseth in Bergen, Norway in 2011, with the mission and purpose to create opportunities in a safe environment for customers and employees. Today, Eterni is one of the nation’s biggest and fastest growing recruitment and staffing companies, offering workforce solutions within a range of different disciplines. Eterni specializes in staffing within education, construction/industry, production/warehousing/logistics, electronics.
Through the subsidiaries Pedagogisk VikarSentral (PVS), Elektro Personnel, Eterni Norge, Eterni Sverige, and Snaptemp, Eterni Group has approximately 3 000 employees at work every day, and around 100 corporate employees spread in Norway and Sweden. Last year’s turnover was approximately 1 billion NOK.
Moment was founded in 1997 by Morten T. Højberg and Thomas Gleerup, who are currently CEO and Deputy CEO of Moment Group, respectively. Moment will make it easy and safe to provide flexible labor in the Nordic countries. The goal is to become a leading Nordic mediator of flexible labor. Moment Group has 15 offices in Denmark from which they send approximately 4,000 employees daily to work within office / administration, warehousing / logistics and building / construction. Moment Group had sales in 2020 of approx. 1 billion DKK. Moment is a member of Vikarbureauernes Brancheforening which works to ensure orderly conditions for flexible labor.
Founded in 1994, Axcel is a Nordic private equity firm focusing on mid-market companies and has a broad base of both Nordic and international investors. Axcel has raised six funds with total committed capital of just over EUR 2.6 billion. These funds have made 60 platform investments, with more than 100 add-on investments and 43 exits. Axcel currently owns 17 companies.
Axcel Management A/S holds a license from the Danish Financial Supervisory Authority to operate as a management company. Axcel is therefore subject to supervision and inspection by the FSA in respect of the funds Axcel IV, Axcel V and Axcel VI.