May 5, 2022

BOS Kapital acquires majority stake in Athene Group at NOK 100m valuation - eyes consolidation play in the accounting industry

Finansavisen
BOS Kapital, the family office of the Bertel O. Steen family, has, together with Carl Hall, acquired a 60% stake in the accounting and consulting company Athene Group. The firm, founded in 2003 by Arild Haavik, sees offices in a.o. Oslo, Stockholm, Stavanger and Kristiansand. The co-investor Carl Hall is the founder of Lakers Group, who saw backing from Summa Equity before being sold to Vestum. According to media "Finansavisen", the firm is valued just north of NOK 100m in the transaction. For FY21, the firm delivered pro forma revenues of NOK 100m and an EBIT of 17.7m. This implies an EV/EBIT of about 5.6x. Going forward, the partners are looking to consolidate the accounting industry in the Nordics, through acquisitions. According to Haakon H. Jensen, CEO of BOS Kapital, there are more than 3,000 accounting firms in Norway.
Transaction announcement
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