Agilitas’s Recover Nordic bolts on Relita Industri

Following the transaction, the current owners of Relita will hold stakes in Recover Nordic, while CEO Torbjörn Borgström will become head of Swedish operations at Recover. Relita will continue to operate under its own name.

The purchase also provides Recover with a presence in Sweden; prior to the transaction it had operations in other Nordic countries.

Agilitas backed the management buyout of ISS Damage Control from EQT-backed ISS Group in June 2013. The mid-cap transaction was the GP's maiden investment.

Agilitas planned to integrate the group's operations in Norway, Denmark and Finland into one company, which became Recover Nordic. The business provides 24/7 damage control, rebuilding and emergency response services for fire and flood damage.

Company
Founded in 1996, Relita is a provider of damage control services headquartered in Uppsala. It also has regional offices in Stockholm, Norrtälje, Västerås, Enköping, Östhammar, Tierp, Sala and Gävle.

The company has 270 employees and an annual turnover of SEK 270m.

People
Torbjörn Borgström and Per Johnsson are co-founders of Relita. Bjørn Herlofsen is CEO of Recover Nordic. Martin Calderbank is a partner at Agilitas. Torbjörn Midsem is a partner at Agilitas and a board member at Recover Nordic.

Advisers
Equity – PwC (Financial due diligence); DLA Piper (Legal); Ashurst (Legal); Roland Berger (Commercial due diligence); Marsh (Insurance due diligence); Zolfo Cooper (Corporate finance).

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• Topics
• Nordics
• Portfolio management
• Industrials
• Sweden