Recover Completes Ownership Transfer to Pangea AS
Deal News | Jun 24, 2025 | PR Newswire Cision EQT
EQT, a private equity firm, has exited its investment in Recover, a Scandinavian property remediation specialist. Recover has been sold to Pangea AS, an industrial investment company. Since its acquisition by EQT in 2020, Recover has invested in digital capabilities and concentrated on its core services by divesting non-core units. Despite challenges from the COVID-19 pandemic, Recover has improved through its adoption of new technologies like ERP and FSM systems. The transition aims to support Recover's growth in the Nordics. EQT's involvement helped Recover face the pandemic challenges and refocus on its core restoration services. Åge Landro, CEO of Pangea and Chair of Recover, expressed excitement about the partnership. Juho Frilander of EQT praised Recover's management for their transformation efforts. The transaction remains subject to customary conditions and regulatory approvals. This exit showcases EQT's management strategy in enhancing portfolio businesses.
Sectors
- Private Equity
- Property Restoration
Geography
- Scandinavia – Recover is a leading property remediation specialist in the Scandinavian region.
Industry
- Private Equity – The transaction involves EQT, a private equity firm, selling its stake in Recover.
- Property Restoration – Recover is a specialist in property remediation, focusing on water, fire, and environmental damage restoration.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Recover | Target Company | Company | A Scandinavian property remediation specialist focusing on water, fire, and environmental damage. |
| EQT | Selling Company | Company | A global private equity firm that owned Recover before its sale to Pangea AS. |
| Pangea AS | Bidding Company | Company | An industrial investment company acquiring Recover from EQT. |
| Juho Frilander | EQT PE Advisory Team MD | Person | Managing Director in the EQT Private Equity advisory team. |
| Åge Landro | CEO of Pangea and Chair of Recover | Person | CEO of Pangea AS and Chair of Recover. |
| EQT Press Office | PR | Company | Provides press communications for EQT. |