Private equity firm CVC Capital Partners has become a strategic investor in Swedish tech-enabled residential property management company Odevo.
CVC funds joins a group of investors led by investment firm Fidelio Capital and its existing management team.
Formed in 2018 from the merger of Sweden’s Nabo and SBC with UK-based Rendall & Rittner, Odevo has grown organically as a result of further acquisitions, including Finnish property manager Retta Isännöinti Oy and William Douglas Property Management.
Odevo currently manages over 1.4 million homes across Sweden, the UK, Finland, and the United States and has over €650 mln of annual revenue.
Daniel Larsson, CEO, Odevo, said: ‘I am incredibly proud of what we have accomplished but am also excited for the untapped potential still out there. Fidelio has been a true partner to us and we look forward to continuing our collaboration, now also welcoming CVC with their global network and vast experience of supporting growing businesses like ours.’
Lave Beck-Friis, managing director, CVC, commented: ‘We are highly impressed with Odevo’s ability to build a leading international player and provide outstanding service to its over 25,000 customers. Odevo’s decentralised approach, which empowers local management to run their businesses independently while benefiting from the support and opportunities of being part of a global group, aligns perfectly with our philosophy. We look forward to working together with the team at Odevo and Fidelio on further service innovation and international expansion.’
Martin Erleman, partner, Fidelio Capital, added: ‘What has truly stood out about Odevo has been their ability to grow into a global market leader while maintaining an entrepreneurial energy and fast-paced culture. It’s been a pleasure working with Daniel and the entire Odevo team over the years, and we’re excited to continue supporting them in the future, now alongside CVC.’
CVC will be represented on the Board by Søren Vestergaard-Poulsen, Lave Beck-Friis and John Zacharias.
CVC Capital Partners is investing in Odevo using capital from its recently closed fund, which has a total value of €26 bn. The transaction is expected to be finalized in Q4 2024.
Odevo plans to continue further growth, both organically and by attracting additional companies to join the group.
