Agilitas, the pan-European mid-market private equity firm, announces that it has completed the sale of Recover Nordic, the Nordic market leader for damage control, remediation and environmental services (“the company”) to EQT. The sale was agreed in December 2019 and has now closed following the completion of regulatory approvals.
Recover Nordic is headquartered in Oslo, Norway, and provides emergency property remediation services to help mitigate the impact of water and fire damage, to prevent and reduce the costs associated with extreme weather conditions, and to make cities safer by maintaining mission-critical infrastructure.
Under Agilitas’s ownership, Recover Nordic was transformed into the undisputed Nordic market leader via the implementation of a variety of operational and strategic initiatives, more than quadrupling the company’s profits in the process. Today Recover Nordic provides national coverage across Sweden, Norway, Denmark and Finland. It has over 2,100 employees, more than double the number in 2013, operating from 92 local branches.
Recover Nordic’s transformation was achieved through the implementation of a variety of operational and strategic initiatives, including branch management optimisation, investments in IT, sales and marketing to target new customer segments, and expansion into scheduled environment services to diversify revenues and optimise staff idle time between emergency calls.
The company’s impressive organic growth, which averaged 9% per year during Agilitas’s ownership, was accelerated by a selective buy and build strategy. Recover Nordic has successfully integrated 17 add-on acquisitions since 2013, expanding into Sweden and the environmental services segment and further strengthening its pan-Nordic position by acquiring the market leader in Finland, allowing it to secure long-term contracts with local insurance companies who sought to consolidate around the quality leader.
The company has a strong sustainability agenda, focusing on four of the United Nations Sustainable Development Goals: climate action, responsible consumption and production, sustainable cities and communities and gender equality.
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