Recover Nordic Group (“Recover Nordic”), the leading Nordic damage control and environmental services company, has entered into an agreement to acquire a majority stake in L&T Korjausrakentaminen Oy (“L&T Korjausrakentaminen”), a member of the Lassila & Tikanoja Group (“L&T”). This transaction strengthens Recover Nordic’s position as the largest company in Finland specialising in damage control and environmental services. MCF acted as financial adviser to Recover Nordic and the transaction represents MCFs 3rd successful mandate for the group.
MCF supports Recover Nordic Group in the acquisition of L&T Korjausrakentaminen Oy
“We have monitored the recent development of L&T Korjausrakentaminen with great interest and believe that there is a perfect strategic fit between the Company and our entities in Finland. We are looking forward to working together with the Company’s management to develop our joint operations. We will become the number one player in this market and will further develop our services to reach a completely new level.”
Group CEO at Recover Nordic Group
In 2013, Agilitas Private Equity led the buyout of ISS Skadeservice, the Norwegian, Danish and Finnish damage control activities of ISS. The businesses were merged and subsequently rebranded Recover Nordic Group.
The expansion strategy of the group has been based on organic growth as well as add-on acquisitions across the Nordic countries, and MCF has been working with the client on several opportunities both in Finland and in Sweden.
The acquisition of L&T Korjausrakentaminen will expand Recover Nordic’s geographical presence to cover the whole of Finland and the company can now offer best-in-class service to its national customer base. Recover Nordic will also have framework agreements with all insurance companies operating on the Finnish market.
L&T Korjausrakentaminen provides planning and implementation of quick-response damage repair and other renovation services, employing nearly 300 construction and damage repair professionals. L&T Korjausrakentaminen is part of the L&T Group which operates in Finland, Sweden and Russia. L&T employs 8,600 people, with net sales in 2018 of EUR 802.2 million and is listed on Nasdaq Helsinki.
About Recover Nordic
Recover Nordic Group is the Nordic market leader in damage control services and environmental services with full national coverage in Norway, Denmark and Finland, and partial coverage in Sweden.
Recover Nordic operates in a non-cyclical industry characterised by non-discretionary purchases and has long-term framework agreements with most of the largest insurers across the Nordics. The Group also has a strong presence in the field of rapidly growing non-insurance environmental services. Since its establishment as a standalone Group in 2013, the Recover Nordic Group has grown to exceed EUR 270 million in revenue in 2018. The Group employs more than 1,800 people in about 85 locations.