EQT-backed Recover Nordic bolts-on two companies

The deals are the first two add-on acquisitions by Recover Nordic under EQT's ownership. They come within a year of the GP acquiring the company from Agilitas Private Equity in a deal that gave it an enterprise value of NOK 3bn (€287m).

Unquote at the time reported that the sale resulted in a 4.5x gross return for Agilitas. Under Agilitas's ownership, Recover Nordic completed 17 add-on acquisitions.

Recover Nordic currently has annual sales of NOK 907m (€87m). 

Company
Founded in 2000 and based in Haugesund, Byggmester Kompaniet is a damage control service specialising in interior design, remodeling, repair and maintenance services in Norway. It generates revenues of around NOK 100m (€9.5m) and employs 29 staff.

Founded in 1992 and headquartered in Hallstahammar, MISAB is a damage control service in the Mälardalen region of Sweden. It has annual sales of SEK 150m (€14.5m).

People
Recover Nordic – Mattias Ringqvist (CEO); Andreas Tengelin (CEO, Sweden).
Mellansvensk Industrisanering – Larry Höjer (CEO).

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• Topics
• Portfolio management
• Nordics
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• EQT
• Buy-and-build
• Build-up