STOCKHOLM – Pål Nygaard took the reins as CEO of Oleter Group on January 13, overseeing a business that looks radically different from the one KLAR Partners backed three years ago. The property damage restoration company now operates across four Nordic countries with 2,200 employees, up from 1,700 staff working in just Sweden and Norway when the London-based private equity firm invested in September 2021.
The transformation illustrates a textbook buy-and-build strategy in Northern Europe’s fragmented property restoration market. KLAR Partners has stitched together regional operators serving insurance companies, building owners, and commercial clients who need emergency response when fire or water damage strikes.
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Building a Regional Platform
Oleter Group started as a combination of Ocab in Sweden and Frøiland Bygg Skade in Norway. The merged entity handled dehumidification, fire damage repair, water damage restoration, and pest control services across 90 locations. Revenue hit SEK 2 billion in 2020.
KLAR Partners saw an opening. Property damage restoration runs on insurance contracts and regulatory requirements. Climate-related weather events keep driving demand higher. The market stays fragmented because most operators work regionally, creating room for a scaled competitor.
“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,” Petter Darin, KLAR team leader, said when the deal closed.
Bo Ingemarson, Oleter’s chairman, confirmed the plan involved “both organically and through acquisitions” to reach market leadership across Northern Europe.
Denmark and Finland Expansion
The first major move came in 2023 when Oleter entered Denmark through Trinava Skadeservice Danmark. By June 2024, the company added Dansk Industri og Skadeservice Vest, creating enough scale to rebrand the combined Danish operations as ISV/Trinava.
Finland followed later in 2024. Ocab acquired VV-Kuivaus Group Oy, adding six offices in Seinäjoki, Vaasa, Tampere, Jyväskylä, Lahti, and Kokkola. The Finnish business brought 120 employees and EUR 15 million in annual revenue.
Densifying Existing Markets
KLAR Partners didn’t just chase new geographies. The firm backed acquisitions to strengthen coverage in Norway and Sweden.
In January 2024, Oleter bought Bygg og Skadeservice AS, picking up four branches across Northern Norway’s Helgeland region. The deal added 35 workers and NOK 45 million in turnover while replacing a franchise arrangement with direct ownership in Sandnessjøen, Brønnøysund, and Mosjøen.
Sweden saw similar moves. Brandsanering Avfuktningsteknik Väst joined the group in 2024, bringing 40 employees and SEK 80 million in revenue from offices in Gothenburg, Borås, and Varberg.
Oleter’s Norwegian operations alone now employ over 800 people handling property restoration work worth more than NOK 1.2 billion annually, based on 2023 figures.
Carving Out Non-Core Assets
Not every part of the original platform stayed under the Oleter umbrella. In 2022, KLAR Partners separated the underground infrastructure maintenance business into a standalone company.
The UIM operations included NHS, MCM Relining, and S-pipe, which focused on sewer cleaning, inspection, and repair work. These units merged with Swoosh, a separate operator, forming a SEK 500 million business targeting commercial, residential, and municipal customers across Sweden.
KLAR reinvested in Swoosh alongside management, treating it as a distinct platform play in underground infrastructure rather than property damage restoration. Swedish competition authorities cleared the transaction.
The move sharpened Oleter’s focus on its core restoration services while giving the UIM business room to pursue its own consolidation strategy.
Leadership Transitions
Management changed twice during the expansion. Klas Elmberg joined as CEO in November 2023, bringing 14 years of experience from Coor, where he held roles including CEO of the Swedish and Norwegian operations plus Group CFO.
That stint lasted just over a year. Nygaard, who ran Ocab’s Norwegian operations, replaced Elmberg in January 2025. The new CEO spent 15 years in property damage restoration before taking the top job. Elmberg stayed on as a senior advisor.
Private Equity Playbook
KLAR Partners runs a focused strategy. The firm backs business services and light industrial companies generating EUR 50 million to EUR 500 million in revenue across the Nordics, Benelux, and DACH regions. Investment professionals work from London, Stockholm, Frankfurt, and Brussels.
The firm raised EUR 1.5 billion total, starting with a EUR 600 million debut fund followed by EUR 870 million for Fund II. Fund II closed 40% larger than the first vehicle.
Property damage restoration fits the mandate. Insurance-driven demand creates stability. Building safety regulations keep tightening. Severe weather events linked to climate change mean more emergency callouts. Multiple small operators dominate individual countries, making roll-ups viable.
Oleter competes with companies like ISS Damage Control (now Recover) across the Nordic region, but the market remains unconsolidated enough that acquisitions keep surfacing.
Scale Achieved
The Numbers:
- Starting point (2020): SEK 2 billion revenue, 1,700 employees, 90 locations, 2 countries
- Current footprint (2025): 2,200+ employees, 100+ locations, 4 countries
- Norway alone: 800+ employees, NOK 1.2+ billion in restoration services
- Acquisitions: 7+ transactions across Sweden, Norway, Denmark, Finland since 2021
The transformation from a two-country operator to a pan-Nordic platform took less than four years. KLAR Partners used the standard private equity approach: establish a platform, bolt on regional players, carve out non-core assets, professionalize management, and chase the next deal.
Property restoration may not generate headlines like software or healthcare, but the economics work. Insurance companies need reliable partners. Building owners can’t wait when pipes burst or fires strike. That recurring, essential demand makes the sector attractive for consolidators with capital and patience.
Oleter Group now holds enough scale to compete for larger national contracts while maintaining the regional presence required for emergency response work. Whether KLAR Partners eventually exits through a sale to a larger industry player or another PE firm remains to be seen, but the platform is substantially bigger than what the firm bought in 2021.
