#Sweden #EQT #Stockholm #Recover #Pangea AS

EQT Completes Transition of Recover to Pangea AS

In a significant move within the property remediation sector, EQT has officially transitioned ownership of Recover, a prominent Scandinavian property remediation specialist, to Pangea AS. This shift comes after EQT's acquisition of Recover in early 2020, a period that involved substantial restructuring and investment to enhance the company's market offerings.

Recover, headquartered in Stockholm, is renowned for its comprehensive restoration services, particularly in response to damage from water, fire, and environmental incidents. The company has made notable investments in digital capabilities, including the implementation of a new Enterprise Resource Planning (ERP) and Field Service Management (FSM) systems. These upgrades were aimed at future-proofing the business, especially during the challenges posed by the COVID-19 pandemic.

Under EQT's stewardship, Recover divested non-core business segments, sharpening its focus on its primary service offerings. This strategic redirection is intended to bolster the company’s position within the crucial Nordic market, where it employs around 1,730 individuals providing essential remediation services.

Åge Landro, CEO of Pangea and the new Chair of Recover, expressed excitement about the acquisition, stating, "Recover is a market-leading platform with strong operations and highly dedicated employees. We are enthusiastic about collaborating with the team to foster continued growth across the Nordics and beyond."

Juho Frilander, a Managing Director within the EQT Private Equity advisory team, commended the hard work of Recover's management and employees throughout its transformative journey. He noted, "The transformation of the business has been impressive and Recover is now well-positioned to thrive in the years to come."

The transaction is subject to standard regulatory approvals and conditions, yet it represents a crucial point in Recover’s evolution. As the company prepares for this new chapter, its leadership is optimistic about leveraging the synergies and resources available under Pangea's industrial investment model.

As Recover enhances its service capabilities with an even sharper focus on core offerings, industry observers will be keenly watching how the organization's strategy unfolds in the expanding market of property remediation services. With favorable growth prospects and robust demand for restoration services, Pangea's management team is set to play an integral role in navigating the company through its ongoing evolution in the competitive landscape.

Overall, the future seems promising for Recover as it transitions into a new era of ownership. Pangea AS’s acquisition is anticipated to not only consolidate Recover's market position but also expand its reach, potentially introducing new innovations and improving service delivery across the region. Maintaining strong ties to its employee base while exploring new growth opportunities will be paramount as Recover moves forward under new leadership.