ISG has acquired Olson Enterprises, a specialist Fit Out company based in Moscow, as part of its expansion into Russia.
ISG had previously signed a joint venture agreement with Olson in March 2009 to expand its offering in Eastern Europe and to date has successfully collaborated with Olson on three projects for multinational clients.
Many of Olson’s clients are also clients of ISG, which is one of the main reasons for the acquisition.
Olson was established in 1992 and delivers 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. Its 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 in working capital to refinance existing vendor loans and to support Olson’s future growth.
ISG chief executive, David Lawther 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.”