Agilitas Partners has made its maiden investment since forming in 2010.
The firm has paid an undisclosed amount for ISS Damage Control, a Nordic business that provides emergency response services for fire and flood damage in Scandinavian commercial, industrial and residential properties.
“ISS DC matches the Agilitas criteria of a strong management team with well-developed plans to create value by transforming a defensible business,” Martin Calderbank, a founding partner of Agilitas, said in a statement.
A former partner at Sterling Square Capital Partners, Calderbank set up Agilitas in 2010. The firm seeks to invest in pan-European businesses with an enterprise value of €50 million to €300 million.
It is understood UK-based Agilitas has been in the market to raise €150 million for its maiden fund since 2011. In the meantime, the firm is investing on a deal-by-deal basis. It is understood more deals will be completed in the near future.
Agilitas declined to comment.
The deal-by-deal approach is common for first-time funds needing to develop a track record before raising a dedicated fund.
“It’s a similar situation in football; you can have a team of individual stars, but that doesn’t necessarily mean that these 11 players collectively are effective as well and it’s the same with investment professionals,” Maarten Vervoort, managing partner and co-head of the global fund team at AlpInvest, recently told PEI for its fundraising special.