Harvey Nash Group announced the acquisition by its Swedish subsidiary, Alumni AB, of PAT Management AB, a Swedish human resource consultancy.

PAT is currently owned by Hans Fribergh and Linda Wahlstrom. Wahlstrom will remain as managing director of the firm until January 2020.

In 2016, PAT recorded revenue of GBP 1.3 million, a pretax profit of GBP 570,000 and gross assets of GBP 1.3 million as of 31 December 2016.

Harvey Nash said the acquisition complements its existing recruitment and executive search business in the Nordic region, Alumni..

The deal constitutes a SEK 18.2 million (€1.8 million) initial cash consideration payable upon execution of the acquisition, with a customary deferred cash consideration of up to SEK 19 million (€1.9 million) across a three-year period dependent on operating profits and work in progress following completion. Harvey Nash intends to finance the bolt-on acquisition with current cash resources.

"The acquisition increases the depth, expertise and scale of our leadership services and higher margin senior appointments executive search business in the Nordics,” Harvey Nash Chief Executive Albert Ellis said. “Leadership assessment and development is a crucial part of the service offering for executive search and also underpins the client relationship. Leadership services of this nature are typically longer than an executive search assignment and therefore adds to better revenue visibility and improves the overall margin.”"Harvey Nash Alumni and PAT Management are both leading brands in the Nordics,” Ellis said. “The acquisition will consolidate and complement our already compelling offering, strengthening the Group's presence in that region even further."