Subjects: TNM, CXP
Polygon Enters the Italian Market with the Acquisition of Recotech
STOCKHOLM, July 1, 2020 /PRNewswire/ -- Polygon has signed an agreement to acquire Recotech in Italy. Recotech is a property damage restoration company specialized in water- and fire damage restoration and major and complex claims. The company has a turnover of 5 MEUR and around 40 employees.
"We are following our acquisition strategy step by step. I'm very happy that our leading position as the largest company within the property damage industry in Europe will expand even further with this acquisition. Italy has been an upcoming market for several years. Polygon has so far operated in Italy out of our country organizations in Austria, Germany and Switzerland, but now we will be present in the industrial heart of Italy. Our strategy is to be the number 1 or 2 in each market where we are present, and with Recotech, we found a company with a strong market position and with an excellent track record that will serve as a platform for future growth. With joint forces in Europe we will be able to take on even more cross border projects, another of our important strategies," says Axel Gränitz, President and CEO of Polygon Group.
Recotech has its head office in Florence with a branch office in Pordenone. Since its start Recotech has successfully offered services following natural disasters and has, in time, expanded its range of services. The company goes beyond conventional activities by providing technical solutions aimed at solving structural problems in high-impact claims. They managed the Corona crises in Italy quite well as a provider of emergency services and launched COVID-19 disinfection services.
"It is a benefit to become a part of a large, international company like Polygon. This merger will enable us to take on larger projects within water- and fire damages and also enhance our services to the benefit of our customers. I'm really looking forward to the possibilities this collaboration will present for the Italian market," says Sergio Signorini, founder and CEO of Recotech.
"I am deeply impressed with the culture of entrepreneurship and customer focus of Recotech. When it matters most, they are there for their customers with the best workable solution. I see a very strong resemblance with how we operate at Polygon with our brand promise Always by your side. Combining forces is an important step to provide the customers with an even better network. I would like to warmly welcome our new Italian family members," says Axel Gränitz, President & CEO of Polygon Group.
For more information, please visit www.polygongroup.com or contact Martin Hamner, Chief Financial Officer, [email protected], +46 70 607 85 79
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