EQT has agreed to sell its majority stake in Scandinavian property remediation specialist Recover to industrial investment group Pangea AS, marking a successful exit after five years of value creation and operational transformation.

EQT originally acquired Recover in early 2020, and despite pandemic-related disruptions, led a strategic overhaul of the business. Under EQT’s ownership, Recover sharpened its focus on core remediation services, including water, fire, and environmental damage, while divesting non-core units and investing in digital infrastructure. The firm also deployed a new ERP and FSM system, significantly enhancing operational capabilities.

Headquartered in the Nordics, Recover currently employs around 1,730 professionals and is regarded as a market leader in restoration services.

“We would like to thank the management team and all employees at Recover for their hard work and commitment,” said Juho Frilander, Managing Director in EQT’s Private Equity advisory team. “The transformation of the business has been impressive, and Recover is now well-positioned to thrive.”

Åge Landro, CEO of Pangea and incoming Chair of Recover, added: “Recover is a market-leading platform with strong operations and highly dedicated employees. We are excited to partner with the company and support its continued growth across the Nordics and beyond.”

The transaction remains subject to customary regulatory approvals.

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