Recover, a leading Scandinavian property remediation specialist, today announced a change of ownership from EQT VIII ("EQT") and minority investors to industrial investment company Pangea AS.

Recover, which employs approximately 1,730 people across the Nordics, plays a critical role in providing essential restoration services following water, fire, and environmental damage. EQT acquired the Company in early 2020 and despite the challenges presented by the COVID-19 pandemic, Recover has undergone a significant transformation. The Company has been future-proofed through strategic investments in digitization, including a new ERP and FSM system, and has sharpened its focus by divesting non-core business units.

Åge Landro, CEO of Pangea and Chair of Recover, commented: "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."

Juho Frilander, Managing Director in the EQT Private Equity advisory team, added: "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."

The transaction is subject to customary conditions and regulatory approvals.

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EQT Press Office, press@eqtpartners.com