Moscow-based fit-out firm bought for a nominal sum
ISG has bought Moscow-based fit-out firm Olson Enterprises, a former subsidiary of Skanska for a nominal sum.
As part of the deal for the £6m-turnover firm, it has agreed to invest £800,000 in working capital to refinance existing loans and fund future growth.
ISG signed a joint venture agreement with Olson in March 2009 to expand its presence in Eastern Europe and has collaborated with Olson on three projects for multinational clients in the region.
David Lawther, chief executive of ISG, said: “Acquiring Olson demonstrates ISG’s commitment to provide a high quality service to our multinational clients in Moscow, an important and expanding market for them.
“Olson’s considerable experience and knowledge of the local supply chain has already benefited clients and we plan to be able to expand the depth and range of their services.”
Olson was established in 1992 and employs 125 people in the high-end fit-out and M&E maintenance services sectors.
It was sold by Skanska to private investors in 2006.