Agilitas, a pan-European mid-market private equity firm, has made its maiden investment with the management buyout of ISS Damage Control (ISS DC) from ISS Group.
The consideration for the acquisition is not being disclosed.
ISS DC was established in 1983 and provides 24/7 damage control, rebuilding and emergency response services for fire and flood damage in Scandinavian commercial, industrial and residential properties, from its 54 branch offices situated across Norway, Denmark and Finland. In 2012 the business had a turnover of DKK850m and is the market leader in Norway and number two in Denmark.
Following the MBO, the company will integrate its operations in the three Nordic countries into one standalone business under the leadership of Roar Smedsrud, currently chief executive of the Norwegian business. ISS DC will focus on optimising its branch management and building its capabilities across the Nordic region to address new customer segments and strategic clients, as part of a transformational growth strategy.
Smedsrud says: “The creation of a single company under the ownership of Agilitas provides a game-changing opportunity for ISS DC.”
Martin Calderbank, founding partner at Agilitas, says: “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.”
