Moment is a Danish temporary staffing group and majority owned by the private equity fund Axcel VI. The agreement was signed on 1 July 2021 and the transaction is expected to close in mid/late August 2021. The transaction is subject to customary regulatory approvals.
Eterni was established in 2011 by Rune Myrseth. Today, Eterni is one of Norway’s largest and fastest growing recruitment and staffing companies serving ~1,500 customers within the education, construction, logistics and food production verticals. Eterni has ~100 corporate employees across sixteen offices in Norway and Sweden and has approximately 3,000 employees daily at work.
Herkules IV invested in Eterni in December 2017. During Herkules’ ownership, Eterni has more than doubled its size through a combination of organic and inorganic growth. Eterni has made five acquisitions of companies with strong positions in their local markets. All acquisitions have been completed at attractive multiples, and financed with debt and cash flow from operations. All key employees of the target companies have reinvested in Eterni.
During the fall of 2019, Eterni entered Sweden organically and through one add-on acquisition.
Due to strong cash generation, Eterni has also managed to return a substantial part of the initial equity funding to its shareholders during the ownership period.
The exit process was advised by Sparebank 1 Markets, DLA Piper, and PwC.