EQT exits property remediation specialist Recover

Whats Happening:

EQT is exiting its investment in Recover, a leading Scandinavian property remediation specialist, by selling it to industrial investment company Pangea AS. Since EQT's acquisition in 2020, Recover has undergone significant transformation, including investments in digitization and divestment of non-core business units, despite challenges posed by the COVID-19 pandemic.

Key Moves:

• EQT sells Recover to Pangea AS after owning it since 2020

• Recover invested in digital capabilities, including new ERP and FSM systems

• Company divested non-core business units to focus on core remediation services

By The Numbers:

• Recover employs approximately 1,730 people across the Nordics

• EQT acquired Recover in early 2020

• Transaction is subject to customary conditions and regulatory approvals

Key Quotes:

• "Recover is a market-leading platform with strong operations and highly dedicated employees. We are excited to partner with the Company and look forward to supporting its continued growth journey across the Nordics and beyond." - Åge Landro, CEO of Pangea and Chair of Recover

• "We would like to thank the management team and all employees at Recover for their hard work and commitment over the past years. The transformation of the business has been impressive and Recover is now well-positioned to thrive in the years to come." - Juho Frilander, Managing Director in the EQT Private Equity advisory team

Bottom Line:

EQT's successful exit from Recover demonstrates the fund's ability to create value through digital transformation and strategic focus, even in challenging times. The sale to Pangea AS positions Recover for continued growth in the Nordic property remediation market.

Read Full Article