Recover Exits EQT's Ownership for New Beginnings with Pangea AS
Deal News | Jun 24, 2025 | EQT
EQT VIII, along with minority investors, has sold its ownership stake in Recover to Pangea AS, marking a significant transition for the Scandinavian property remediation specialist. Recover boasts a workforce of approximately 1,730 individuals across the Nordics and is renowned for its effective restoration services after incidents involving water, fire, and environmental damage. Under EQT's management, which began in early 2020, Recover has significantly evolved despite the COVID-19 challenges, focusing on digitization with new ERP and FSM systems and divesting non-core operations. Pangea AS, an industrial investment firm, aims to leverage Recover's market-leading position and support its growth trajectory in the Nordics and further. With customary conditions and regulatory approvals pending, the transaction highlights EQT's strategic pivot and Pangea's commitment to long-term, sustainable investments.
Sectors
- Private Equity
- Property Remediation
- Investment Management
Geography
- Nordics – Recover operates extensively across the Nordic countries, reflecting the article's focus on this regional market.
- Norway – Pangea AS, the acquiring company, is headquartered in Norway, indicating its strategic interests in the region.
Industry
- Private Equity – EQT is a key player in the Private Equity sector, managing multi-billion euro assets globally and actively acquiring and divesting businesses like Recover.
- Property Remediation – Recover operates in the Property Remediation industry, providing critical services in restoration following damage incidents such as water or fire in the Nordics.
- Investment Management – Pangea AS focuses on strategic investments aimed at sustainable growth across various sectors, representing the Investment Management industry.
Financials
- EUR 273 billion – Total assets under management by EQT as of 31 March 2025.
- EUR 142 billion – Fee-generating assets under management by EQT as of 31 March 2025.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Recover | Target | Company | A leading Scandinavian company specializing in property remediation services. |
| EQT VIII | Selling Company | Company | A part of EQT's global investment organization, divesting its interest in Recover. |
| Pangea AS | Bidding Company | Company | An industrial investment company focusing on sustainable growth through strategic partnerships. |
| Juho Frilander | Commentator | Person | Managing Director in the EQT Private Equity advisory team. |