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May 2019

Agilitas-backed Recover Nordic expands in Finland

Agilitas, the pan-European mid-market private equity firm, is pleased to announce that its portfolio company, Recover Nordic, has completed its acquisition of L&T Korjausrakentaminen Oy from the Lassila & Tikanoja Group. This now brings the total number of add-on acquisitions for Recover Nordic to 17 since Agilitas’ buyout of the group in 2013, the most recent of which was the company’s acquisition of Aktiv Tankrens AS on 8th April 2019.

Recover Nordic is the Nordic market leader for damage control, remediation and environmental services. The acquisition strengthens Recover Nordic’s position in Finland, where it is now the industry leader, having expanded its operations into renovation services.

The new combined entity has framework agreements with all insurance companies operating within the Finnish market is able to serve its customers on a nationwide basis with substantially increased capacity. The business employs c. 350 people and operates under the name of Recover Nordic Korjausrakentaminen Oy.

Since Agilitas’ buyout of the group in 2013, Recover Nordic Group revenues have grown to NOK 2.5 billion, and the combined group employs more than 1,800 employees across 85 locations in the four Nordic countries.

“We believe there is a perfect strategic fit between L&T Korjausrakentaminen Oy and our Finish division. We are looking forward to working with L&T Korjausrakentaminen Oy’s management to develop our joint operations. Together we are now the number one player in Finland, able to serve our customers better thanks to our combined services”, says Bjørn Herlofsen, Group CEO at Recover Nordic Group.

”Renovation is a continuously growing sector and part of our core service in addition to damage control and repairs. This strategic acquisition gives us the capacity and skills to allow Recover Nordic to develop further”, says Susanne Hellstrand, Country Manager for Recover Nordic Finland.

Commenting on the acquisition, Martin Calderbank, Managing Partner at Agilitas, said: “The acquisition of L&T Korjausrakentaminen Oy further consolidates Recover Nordic’s position as the leading Nordic player in its sector.”

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