Accent Equity acquires Corvara Industri & Skadeservice

The value of the deal has not been disclosed. Corvara's management team will retain a 30% stake in the company. Equity for the transaction was provided by the Accent Equity 2008 fund, which raised €380m at final close in June 2007.

The investor was attracted to the deal because it believes the company, which was formerly a part of ISS Industriservice, offers a good platform for continued growth. Corvara is also said to be the only nationwide player within industrial cleaning and damage control services. Accent is looking to support the company in entering and expanding on new markets in the Nordic region as well as seeking growth in closely related services. Add-on acquisitions will also be considered.

Debt
Leverage details have not been disclosed.

Company
Corvara Industri & Skadeservice was founded in 1960 and is a provider of industrial cleaning and damage control services. The company operates in two market segments: industrial cleaning for customers in the paper industry, energy sector and petrochemical industry, and damage control services of fire and water damage for property owners and insurance companies.

The company is based in Norrköping and has grown through acquisitions to have 27 offices across Sweden. Employing approximately 550 people the company has an annual turnover of SEK 475m.

People
Niklas Sloutski is CEO of Accent Equity Partners.

Advisers
Equity - Cederquist, Lars Bärnheim, Emma Mähler, Louise Danielson, Fredrik Lindblom (Legal).

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• Topics
• Nordics
• Industrials
• Buyouts
• Sweden