NGS Group AB NGS Group acquires SOURCE Executive Recruitment, and Clone the Recruitment

SOURCE is active in the supply of leaders to the public sector. With nearly 20 years in the industry is the SOURCE today a leading consultancy in executive search and selection. The hallmark of SOURCE mission is the focus on managerial positions and other more demanding positions, and to the consultative business rests on a behavioral and evidence-based foundation.

SOURCE was founded by Lars Elveback and Björn Torstensson 1998 and they have since successfully developed the group. 2016, the turnover of the group 39,2 Million with an operating profit of 8.7 Million. The group also includes the subsidiaries Decennium3 Nordic AB, is active in the private sector, and SOURCE D3 Finland OY.

Lars Elveback, CEO, and Björn Torstensson, executive vice PRESIDENT, will continue to be driving forces in the business and serve on the company’s management.

Clone was established in the year 2014 by Lisa Mastalir, managing director and Karin Rudhag, vice PRESIDENT, both with long experience from executive search and selection. They will together continue to lead the business. Clone turnover 2016 5.9 M with an operating income of Sek 1.1 million. Clone appears under the SOURCE brand in the west of Sweden and for this reason it was natural for NGS to acquire this company.

“We made our first acquisition in the segment of leaders in the spring of 2016 and has since sought supplementary acquisitions to strengthen our market position and our offering to our customers. With the acquisitions of the SOURCE and the Clone expands NGS offering and its geographical coverage. As with parts of the NGS is the SOURCE focused on the public sector and there are many common denominators in terms of both working methods and approach. Clone is a gothenburg based company and with the acquisition now increases the NGS opportunities to grow in this region, even within our existing activities in the leadership and recruitment expertise. In a corresponding manner, will be now even Finland is a new market for NGS. We see a large number of synergies and development opportunities for the existing NGS and the now acquired companies.

I am very happy to be able to announce these acquisitions, which will both broaden and strengthen the NGS operations in the segment Leaders. The acquisitions are in line with our strategy to grow both organically and through acquisition, where the acquired companies will be niche and unique in their respective segments. SOURCE and Cloned solid know-how and industry experience brings new skills to the NGS and is anticipated acquisitions that will enable us to continue to develop our segment Leaders,” says Ingrid Nordlund, CEO of NGS Group.

“NGS Group has both the resources and the experience to be able to contribute to the expansion of the SOURCE and the Clone, and we look forward to be part of a larger context. We will be able to further develop the companies further, and look forward to being involved in developing the NGS,” says the founders of the SOURCE and the Clone.

The agreements was signed after the close of trading yesterday on 1 June 2017.

The purchase price for a debt-free SOURCE consists of a fixed purchase price of sek 30 M, which is paid in cash. In addition, there is a possible cash additional purchase consideration of a maximum of 20 M, which can be depending on the SOURCE operating in 2017, respectively 2018.

The purchase price for a debt free Clone consists of a fixed purchase price of sek 3 M, which is paid in cash. In addition, there is a possible cash additional purchase consideration of a maximum of 2 M, which can be depending on the Cloned operating income in 2017, respectively 2018.

Date of access was 1 June 2017. The companies ‘ business operations will be reported in the NGS-consolidated financial reporting from the second quarter of 2017.

For further information please contact Ingrid Nordlund, CEO of NGS Group on the telephone 0704-14 81 28 or by e-mail to See also

This information is such information that the NGS Group AB (publ) is obliged to publish under the EU marknadsmissbruksförordning. The information was submitted, by the above contact person in the government, for publication on 2 June 2017 there is 08.30.

NGS Group forvarvar Source and Clone

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