Agilitas, a Pan-European private equity firm decide to buyout the management of ISS Damage Control from ISS Group. The reason for the acquisition remains confidential. Established in 1983, ISS DC provides 24/7 damage control for fire and flood damage to commercial, residential and industrial properties in Scandinavia.
ISS DC has 54 branch offices located in Norway, Denmark and Finland. The company had a turnover of DKK 850 million in 2012. In the same year, it led the market in Norway and ranked 2nd in Denmark.
In accordance to the MBO, the operations in all three Nordic countries will be integrated into one standalone business headed by the current CEO of the Norwegian business, Roar Smedsrud. The focus of the ISS DC will be on the optimization of its branch management in addition to enhance its capabilities in the whole Nordic region to reach new customers, to fulfill its transformational growth strategy.
As a comment on the announcement, Smedsrud said: The creation of a single company under the ownership of Agilitas provides a game-changing opportunity for ISS DC."
The founding partner of Agilitas, Martin Calderbank, also shared his sentiments on the announcement. "We are delighted to be working with Roar and the team at ISS DC on our first investment. ISS DC matches the Agilitas criteria of a strong management team with well-developed plans to create value by transforming a defensible business."
Tornjorn Midsem, another partner at Agilitas, also expressed his thoughts. "The depth of experience in the Agilitas team enabled us to resolve the complexities in this transaction and we look forward to working with Roar and his team to unlock the potential in business."
The people who advised Agilitas on this transaction were: PwC on tax and accounting, Roland Berger on Comercial, Ashurst on legal matters, Mercer on Hr and Marsh on insurance.
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