Finland-based project management services firm Dovre Group has entered into a conditional agreement to acquire all the shares of Norwegian staffing and consultancy company Tech4Hire.

The enterprise value for Tech4Hire AS in the transaction is NOK 20 million (€2.0 million), of which Dovre Group Projects AS will pay NOK 16 million (€1.6 million) in cash and NOK 4 million (€0.4 million) will be paid as Dovre Group Plc shares. Furthermore, the sellers may receive an additional consideration estimated between NOK 0 to 10 million (€0 - 1.0 million), if certain financial targets are met by the end of 2019. Tech4Hire will be consolidated with Dovre Group’s business area Project Personnel.

The transaction is subject to customary closing conditions, and is expected to be finalised during the second quarter of 2019.

Tech4Hire specialises in providing highly qualified engineering consultants primarily to the oil and gas industry. It also provides consultants within the engineering, IT and project administration sectors. The company was founded in 2000 and currently employs more than 90 staff.

In 2018, Tech4Hire reported revenue of NOK 73.5 million (€7.6 million) and an EBITDA of NOK 3.7 million (€0.3 million). For 2019, the company expects continued strong growth.

Dovre Group says the acquisition will strengthen its position in the oil and gas industry segment in Norway.

“This deal is an important next step in executing our growth strategy,” says Svein Stavelin, Chairman of Dovre Group. “Tech4Hire team will significantly strengthen our market share in Norway and give an extra boost in our plan to grow the profitability in our existing foot print.”

Trine Klungland, CEO of Tech4Hire, also commented, “The strategies of Tech4Hire and Dovre Group are a perfect match. Together we will be able to offer our existing clients and consultants an even stronger product and will be able to accelerate profitable growth in Norway.”

Dovre Group has two business areas: Project Personnel and Consulting. Dovre Group has offices in Canada, Finland, Norway, Singapore and the US, and employs about 500 people worldwide.