ISG Acquire Moscow Fit Out company

ISG , a provider of Construction , Fit Out and Management Services, announced that it has acquired Olson Enterprises CJSC (“Olson”), a specialist Fit Out company based in Moscow, Russia.

Olson, established in 1992, delivers high quality fit out and M&E maintenance services primarily to international companies. Olson was formerly a subsidiary of Skanska, the international construction group, before being sold to private investors in 2006.

ISG signed a joint venture agreement with Olson in March 2009 to expand its delivery capability in Eastern Europe and to date has successfully collaborated with Olson on three projects for multinational clients. This heritage and that many of Olson’s clients are also clients of ISG are the key reasons behind this acquisition. Olson’s turnover in 2009 was £6m and it employs 125 people.

ISG has acquired the entire share capital of Olson for a nominal amount and agreed to invest up to £800,000 (R40m) in working capital to refinance existing vendor loans and to support Olson’s future growth
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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.”