Stockholm — A property damage restoration company that started with 1,700 employees in two countries now employs over 2,600 people across 130 locations in Sweden, Norway, Denmark, and Finland. Revenue jumped from SEK 2 billion to more than SEK 3 billion.
KLAR Partners Ltd achieved that growth through five acquisitions and one strategic sale since investing in Oleter Group in September 2021. The expansion turned a Sweden-Norway platform into what’s now one of the Nordic region’s largest property damage restoration operators.
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The Base Platform
Oleter Group combined two existing businesses when KLAR invested. Ocab handled dehumidification and decontamination across Sweden. Frøiland Bygg Skade covered Norway with property damage restoration services. Together they operated 90 locations and generated SEK 2 billion in annual revenue.
The combined platform offered water damage restoration, fire remediation, pest control, and emergency response services primarily to insurance companies and property owners.
“We are excited to welcome KLAR as a new partner to accelerate the growth of Oleter Group, both organically and through acquisitions,” Bo Ingemarson, Chairman of the Board, said in September 2021.
Five Acquisitions Across Four Countries
Denmark Entry (2022): Trinava Skadeservice Danmark gave Oleter its first Danish operations. The company returned in June 2024 with Dansk Industri og Skadeservice Vest, merging both under the ISV/Trinava brand. The combined Danish business now runs eight locations with 130 employees.
Norway Expansion (January 2024): Bygg og Skadeservice AS added four branches in Northern Norway’s Helgeland region. The deal brought 35 employees and NOK 45 million in revenue while converting franchise locations in Sandnessjøen, Brønnøysund, and Mosjøen into company-owned operations.
Sweden Densification (April 2024): Brandsanering Avfuktningsteknik Väst AB strengthened coverage in western Sweden. The 30-year-old company contributed 40 employees, SEK 80 million in revenue, and offices in Gothenburg, Borås, and Varberg.
Finland Launch (August 2024): VV-Kuivaus Group Oy opened the fourth country for Ocab. Founded in 2013, VV-Kuivaus operates six offices across Seinäjoki, Vaasa, Tampere, Jyväskylä, Lahti, and Kokkola with 120 employees and approximately EUR 15 million in annual revenue.
Selling What Didn’t Fit
KLAR Partners separated underground infrastructure maintenance operations in 2022. The carved-out units (NHS, MCM Relining, S-pipe) merged with Swoosh to create a SEK 500 million standalone business focused on sewer inspection and repair.
The firm reinvested in Swoosh alongside management but treated it as a separate platform rather than part of Oleter’s property damage focus. Swedish competition authorities approved the transaction.
Why Property Damage Restoration Works
Insurance contracts drive the business. When pipes burst or fires break out, property owners call restoration companies that insurers pre-approve. Those relationships create recurring revenue and customer retention.
Climate patterns add momentum. More frequent severe weather events mean more water damage, more emergency calls, and higher demand for restoration services across the Nordic region.
The market stays fragmented. Most restoration companies operate locally or regionally. That fragmentation creates acquisition targets for consolidators with capital and acquisition experience.
Petter Darin, KLAR team leader, pointed to these factors in 2021: “The group is active in a highly attractive market and has a clear sustainability profile which forms a solid foundation on which we can build the next growth chapter.”
Two CEOs in 14 Months
Klas Elmberg joined as CEO in November 2023 from Coor, where he spent 14 years in leadership roles including CEO of Swedish operations, CEO of Norwegian operations, and Group CFO.
Pål Nygaard replaced Elmberg in January 2025. Nygaard brought 15 years of property damage restoration experience and had been running Ocab’s Norwegian operations. Elmberg moved into a senior advisor position.
“Over the last two years Ocab has strengthened its position as the leading PDR provider in the Nordics,” Nygaard said when taking over. “With the recent acquisition of VV-Kuivaus in Finland, together with add-on acquisitions in both Sweden, Denmark and Norway, Ocab now has a strong Nordic footprint.”
Where the Market Stands
Recover (formerly ISS Damage Control) remains the main competitor. Private equity firm EQT owned Recover from 2020 until selling to Pangea AS in June 2025. Recover operates around 100 branches with approximately 1,730 employees across the Nordics.
Ocab now matches or exceeds Recover’s scale with 130 locations and 2,600 employees. The company operates through four country organizations: Ocab Sweden, Ocab Norway, Ocab Denmark (including ISV/Trinava), and VV-Kuivaus Finland.
KLAR Partners runs two funds totaling EUR 1.5 billion in committed capital. The firm targets companies generating EUR 50 million to EUR 500 million in revenue across the Nordics, Benelux, and DACH regions, focusing on business services and light industrial sectors.
What Comes Next
The transformation of Oleter Group from a two-country operator into a pan-Nordic platform took less than four years. KLAR Partners converted a regional business into one that can compete for national contracts while keeping local presence for emergency response work.
The pest control and property damage restoration sector offers steady cash flow, insurance-backed revenue, and enough fragmentation to keep the acquisition pipeline active. Whether through more bolt-on deals or an eventual exit, KLAR Partners has built a business that insurance companies need and can’t easily replace.
