Agilitas, a pan-European private equity firm, today announces that Relita, the Swedish division of Recover Nordic group, the leading Nordic provider of damage control, emergency response and environmental services, has agreed to acquire Betongborrargruppen i Mälardalen AB (‘BBG’), a company specialising in specialist demolition and remediation of concrete for real estate projects in Sweden. Financial consideration on the transaction is not being disclosed.
BBG is the fifth acquisition by the Recover Nordic group in 2017, following acquisitions in Sweden and Norway earlier this year, and is the tenth bolt-on since Agilitas’ buyout of the group in 2013.
BBG was founded in 1997 undertaking projects for mainly larger Swedish construction and real estate companies. The company is one of the leaders in its sector and operates primarily in Mälardalen (with offices in Stockholm, Uppsala and Kungsör) and has headquarters in Veddesta. After the acquisition, Recover Nordic’s Swedish activities will comprise 21 locations with 750 employees, creating annual revenues of approx. SEK 900 million.
Commenting on today’s announcement, Martin Calderbank, Managing Partner at Agilitas said: “We are very pleased at being able to add to the reach of Recover Nordic with this important acquisition for Relita, which will add to the strong performance of the business. Through a combination of organic growth and acquisitions, Relita has now more than trebled in size since its acquisition by Recover in 2015.”
Relita Managing Director, Patrik Lindberg added: "Another important piece of the puzzle has fallen in place to consolidate Relita as the leading player in our industry. BBG has a stable platform within its segment of highly skilled and experienced employees, which together with Relita and its subsidiaries make us the leading player in the demolition business area. This brings us closer to the goal of being the obvious first choice in Sweden in our service areas.”
BBG Managing Director, Calle Brogren, commented: “There are many exciting synergies with us becoming part of Relita. Their geographical spread, sales organisation and experience of growth give us great opportunities to scale up and be present in multiple locations. BBG will now be able to offer our customers a significantly larger range of services as part of Relita. Furthermore, the companies share the same key core values.”
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