Recover AS

Based in Norway, Recover specializes in clean-up and restoration services, addressing damage caused by water, fire, and environmental incidents, ensuring properties are restored efficiently and effectively for their clients. Recover AS, headquartered in Oslo, Norway, focuses on damage restoration and construction services. Established in 2013, the company has successfully executed 5 notable projects to date. The leadership team includes CEO Andreas Tengelin and Vegar Kristoffersen.

As of June 2025, Recover is undergoing a strategic acquisition by Pangea AS from EQT, marking a significant transition in its operational direction. Recover AS specializes in comprehensive damage control and construction services, primarily focusing on the restoration and repair of properties affected by water, fire, and environmental damage. Their core offerings include emergency response for acute incidents, planned maintenance, damage limitation, and remediation services. The company collaborates with major insurance firms to ensure prompt service delivery following reported incidents, serving a diverse clientele across Norway, including private individuals, property managers, and municipalities, with significant operations in urban centers like Oslo, Stavanger, and Trøndelag.

In the most recent fiscal year 2024, Recover AS reported revenues amounting to USD 306. 23 mn, with an EBITDA of USD 24. 70 mn. The company's revenue model is transaction-based, relying heavily on partnerships with insurance companies that engage Recover for restoration services during damage claims, which ensures a consistent cash flow.

Following the acquisition by Pangea AS, which is set to finalize on June 24, 2025, Recover AS aims to enhance its operational capabilities and market reach. The acquisition is part of a broader strategy to support the company’s growth phase. Recover is exploring the development of new service lines tailored to emerging market needs and is targeting expansion into additional geographic regions within Europe to increase its service footprint.