March 2015
Agilitas, a pan-European mid-market private equity firm, today announces the acquisition of Relita Industri och Skadeservice (‘Relita’), one of the largest providers of damage control services in Sweden, into its portfolio company, Recover Nordic, one of the leading Nordic providers of damage control services. The consideration for the transaction is not being disclosed.
Relita was founded by its CEO Torbjorn Borgstrom and Per Johnsson in 1996. As a result of this transaction, the current owners of Relita will become shareholders in the wider Recover Nordic business. Relita will continue to trade under its current brand name and Torbjorn Borgstrom will become Recover’s Head of Sweden.
Recover Nordic is the largest damage control provider in the Nordic region. Prior to this transaction the business had operations in Denmark, Norway and Finland, and Relita will now give the group coverage in Sweden.
Commenting on today’s announcement, Bjorn Herlofsen, CEO of Recover Nordic, said: “This transaction enables the Swedish customers of Relita to benefit from the wider range of services provided by the enlarged group. We are very excited about the opportunities this presents.”
Commenting on today’s announcement, Bjorn Herlofsen, CEO of Recover Nordic, said: “This transaction enables the Swedish customers of Relita to benefit from the wider range of services provided by the enlarged group. We are very excited about the opportunities this presents.”
Torbjörn Borgström, CEO of Relita commented: “As a result of the transaction we will be able to offer our customers better service and cover a larger geographical area, and our customers will no longer need to turn to several companies to make their purchases. It also helps to ensure that our staff are given opportunities to grow and develop within Recover.”
Martin Calderbank, Partner at Agilitas and board member at Recover Nordic, added: “This transaction is another positive step in the transformation of Recover Nordic. We are delighted to support the entrepreneurial management team at Recover as they develop the group.”
Agilitas Partner and Recover Nordic board member Torbjorn Midsem commented: “From the outset we saw opportunities to transform Recover Nordic into the leading Scandinavian damage control provider and we are delighted to have now a major presence in Sweden.”
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