10 June 2024

Recover Group is pleased to announce that it has entered into an agreement to sell Serwent Group ("Serwent") to Norvestor IX SCSp (“Norvestor”)

Headquartered in Norway, Serwent is a leading provider of underground infrastructure maintenance services (UIM) in Scandinavia and a part of Recover Group. The company serves both private and public customers, offering services such as pipe maintenance and rehabilitation, emptying services and other services critical for water and wastewater infrastructure. The Company operates 23 branches across Scandinavia that can today effectively serve about 50 % of the population in the region.

Serwent was originally established within Recover group through eight acquisitions that have since been integrated into a single, standalone platform. During Recover’s ownership the Company has evolved from a small regional player, to becoming one of the leading players in the Scandinavian market.

“I’m very proud of the development of Serwent as part of Recover group and believe the Company has a very bright future ahead of it under a new owner, that can devote additional resources and their full attention to take Serwent to the next level“, says Ted Söderholm, CEO of Recover Group.

Aleksander Holter, CEO of Serwent Group, “On behalf of Serwent, I would like to thank Ted and the entire Recover-family, as well as EQT for their invaluable support over the years. We also warmly welcome Norvestor as new owner of Serwent and are excited about the opportunity to collaborate with the Norvestor team on taking Serwent to new heights.”

Financial details of the transaction, which is subject to the customary approvals, are not disclosed.

For additional information, please contact:

  • Ted Söderholm, Managing Director Recover Group, +46 76 545 0165
  • Juho Frilander, Managing Director EQT Partners, +358 96 962 470