L&T Korjausrakentaminen Oy sold to Recover Nordic Group
Lassila & Tikanoja plc
Investor News
15 April 2019 12.30 pm
Lassila & Tikanoja plc is focusing its operations on its strategic core businesses. As part of this development, L&T has decided to divest its ownership of L&T Korjausrakentaminen Oy, which is L&T Group’s subsidiary operating in the field of damage repair and renovation services. The divested subsidiary’s new owner is Recover Nordic Group.
The agreement was signed on 12 April 2019 and the transaction will be closed at 30 April 2019. The company will operate under the name Recover Nordic Korjausrakentaminen Oy and under its existing Business ID after the closing of the acquisition.
Following the transaction, L&T Korjausrakentaminen’s customer relationships and services will continue as before from the customers’ perspective, with customer accounts still managed by the same contact persons. Co-operation with Lassila & Tikanoja plc will continue on all shared customer accounts, and the robust development of jointly provided services will continue on all fronts.
“We are getting a new focused owner that will pursue even stronger development of our business and existing services. Recover Nordic Group is the Nordic market leader in damage repair services and will contribute to make us the leading player in the market in our service segments in Finland including their business operations. We will accelerate our dedicated efforts to provide even better service to our customers and develop joint operations with renewed strength and enthusiasm about the opportunities presented by this transaction,” says Janne Vanhanen, who will continue as the company CEO.
“We will get in touch with our customers as soon as possible to provide more information about our strengthened operations,” Vanhanen adds.
“Damage repair and renovation has been a good businesses for L&T, but it has limited synergies with the Group’s other businesses. There is a lot of potential in the company and the renovation business in general, and we are pleased to have found a new focused owner that is committed to developing the business unit’s operations and services,” says L&T Vice President of Facility Services Tuomas Mäkipeska.
“We have monitored the recent development of L&T Korjausrakentaminen Oy with great interest, and Recover Nordic Group believe there is a perfect strategic fit between the company and our entities in Finland. We are looking forward to working together with the company’s management to develop our joint operations. We will become the number one player in this market and will further develop our services to reach a completely new level,” says Bjørn Herlofsen, Group CEO at Recover Nordic Group.
In 2018, the combined turnover of L&T Korjausrakentaminen and Recover Nordic Finland was approximately EUR 45 million and combined they employ nearly 350 people.
For additional information, please contact:
Janne Vanhanen, CEO, L&T Korjausrakentaminen Oy, +358 50 385 0986,
Tuomas Mäkipeska, Vice President Facility Services, L&T Oyj +358 50 596 1616,
Bjørn Herlofsen, Group CEO Recover Nordic Group, +47 400 10 900, or
Finn Øistein Nordam, Group CFO Recover Nordic Group, ;
Lassila & Tikanoja is a service company that is putting the circular economy into practice. Together with our customers, we keep materials and properties in productive use for as long as possible and we enhance the use of raw materials and energy. We help our customers maintain the value of their properties and materials while protecting the environment. We achieve this by delivering responsible and sustainable service solutions that make the daily lives of our customers easier. We operate in Finland, Sweden, and Russia. L&T employs 8,600 people. Net sales in 2018 amounted to EUR 802.2 million. L&T is listed on Nasdaq Helsinki.
Recover Nordic Group is the pan-Nordic market leader in damage control in Sweden, Norway, Denmark and Finland. Recover Nordic operates in a non-cyclical industry characterised by non-discretionary repeat purchases, and it has long- term framework agreements with most of the largest insurers across the Nordics. The Group has also strong presence in the field of rapidly growing non-insurance environmental damage services. Since its establishment as a standalone Group in 2013, Recover Nordic Group has grown to exceed EUR 270 million in revenues and 1,700 employees operating in around 85 branches in 2018.
