Oslo, 24 November 2020

Recover buys TT-Teknikk to strengthen its position within the Industrial Services market

Recover has entered into an agreement to acquire the Norwegian company TT-Teknikk.

The company is one of Norway’s leading full-service suppliers of special services within water and sewage treatment. TT-teknikk employs about 130 people and reported revenues of 222 million NOK last year. The company has offices in Oslo, Trondheim, Larvik and Lier. The acquisition is a part of Recover’s strategy to strengthen its position within the Industrial Services market in Norway. TT-Teknikk will continue to operate as a subsidiary of Recover Norway under its own brand. When Recover was acquired by EQT in December of last year, the company announced its planned continuation of growth both organically and through further acquisitions. This transition is a part of that strategy. Recover is the current Nordic market leader within damage remediation and Industrial Services and has completed 22 Nordic acquisitions since 2015, including this one.

- The acquisition of TT-Teknikk will strengthen our position within Industrial Services significantly, especially within maintenance and pipe renewal. TT-Teknikk is a leading full-service supplier within these areas. There is a growing market for pipe renewal in Norway, and the company has an excellent position with effective and optimal solutions. They have delivered good results over a long time thanks to solid management, engaged and knowledgeable employees, strong HSEQ culture and satisfied clients, says CEO of Recover Nordic, Vegar Kristoffersen, in a comment.

TT-Teknikk has experienced even growth since its inception in 1986. Today, the company is one of Norway’s leading companies when it comes to special services within water and sewage treatment, including all types of services within control and repair of water and sewage pipes. TT-Teknikk has built a strong brand within its market over several years in both the public and private sector.

- Some time ago we started a process to find a partner who could help to further develop the company. Through our partnership with Recover, we have achieved this, and will gain access to a broader network of competence and be able to share experiences across the Nordic region. We are all looking forward to becoming a company in the Recover group, says Stein Schanke, CEO of TT-Teknikk.

- We are happy to have TT-Teknikk’s employees and competence join the Recover team. TT-Teknikk will be an important platform for further growth within the Industry Service market, where we see great possibilities for growth for the group going forward, says Recover CEO, Mattias Ringqvist, in a comment. He also notes that key executives will continue in the company and that they have also invested in Recover.

The formal takeover will take place as soon as the transaction is approved by the Norwegian Competition Authority.