Agilitas, a pan-European private equity firm, is pleased to announce four further strategic add-on acquisitions to its portfolio company, Recover Nordic (the “Group”), the leading Nordic provider of damage control, emergency response and environmental services, bringing the total number of add-on acquisitions to fourteen since Agilitas’ buyout of the group in 2013. The combined revenues from the acquisitions increase Recover Nordic’s revenues by over NOK 150 million to a group figure of NOK 2.3 billion. The combined group will employ 1,700 employees across about 80 locations in the Nordics.
In Denmark, Recover Nordic has acquired Sydslam A/S, a leading Danish provider of environmental services and industrial cleaning. The acquisition will expand Recover Nordic’s environmental services into Denmark, giving direct national coverage through two locations, and will follow the Group’s successful Swedish model. The business will work closely together with Recover Nordic’s existing damage control and environmental services business in Denmark.
In Norway, the addition of Brd. Grønnerud A/S will enable Recover Nordic to expand its environmental services into Norway, again following the Group’s successful Swedish model. The business is mostly active in the Oslo, Gjøvik and Hamar areas. Recover Nordic is also acquiring Hallingdal Skade og Vedlikehold AS, a regional provider of damage control services in the “In-land” region of Norway, further reinforcing Recover Nordic’s market leadership.
In Finland, the Group has acquired WD Kuivaus Oy which will expand the Group’s damage control services, especially in dehumidification, mainly in the greater Helsinki metropolitan area. This will almost double the size of Recover Nordic’s Finnish operations.
Commenting on the multiple acquisitions, Martin Calderbank, Managing Partner at Agilitas, said: “This all evidences the continuing transformation of Recover Nordic into the leading Scandinavian player in its sector. These are all great specialist businesses which we believe will flourish as part of the enlarged Group.We look forward to supporting the Recover Nordic management team as they build on the positive momentum in the business.”
Agilitas Partner and Recover Nordic Board member, Torbjorn Midsem added: “The acquisitions of Sydslam and Brd. Grønnerud mark the Group’s entry into the Danish and Norwegian environmental services market, following the Group’s successful Swedish model and as such is a significant development in the Group’s offering. WD Kuivas Oy adds scale to the Group’s Finnish business and Hallingdal adds to the Group’s geographical presence in Norway.”
Consideration for the transactions are not being disclosed.
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