Odevo, a tech-enabled residential property management company with leading positions in Europe and USA, today announces that CVC funds (“CVC”) have agreed to join the group of investors led by Swedish firm Fidelio and its existing management team. This deal comes after Odevo has expanded rapidly in recent years. Adding CVC’s experience and global relationships will strengthen the company’s international growth strategy and ongoing drive to innovate its service offering for homeowners.
Odevo has built an organisation which, supported by a bespoke tech-platform, helps residential property owners manage all aspects of their building, ranging from accounting, administration, invoicing and on-site services to renovations. The company was founded in Sweden in 2018 by the investment firm Fidelio and the current management team. Through organic growth and joining forces with more than 50 successful entrepreneurs across Europe and USA, Odevo has expanded the business more than 50x, now managing 1.4 million homes with more than 7,000 employees and an annual turnover of EUR 650 million. By welcoming CVC to the group of investors, Odevo takes yet another step on its international growth journey.
“For most people, the home is their greatest investment and our services are designed to simplify everyday life for those people, a responsibility we take seriously. Odevo was founded on the principle of combining the power of people and technology and from the start, we have focused on simplifying living by delivering end to end solutions for an industry that traditionally has been slow in innovation. 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”, says Daniel Larsson, CEO, Odevo.
We are highly impressed with Odevo’s ability to build a leading international player and provide outstanding service to its over 25,000 customers.
Lave Beck-Friis, Managing Director, CVC
CVC will be represented on the Board by Søren Vestergaard-Poulsen, Lave Beck-Friis and John Zacharias.
“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”, says Lave Beck-Friis, Managing Director, CVC.
Fidelio remains a long-term partner and will work together with CVC to support the team at Odevo on their journey to grow organically and through welcoming additional entrepreneurs in existing and new markets.
“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”, says Martin Erleman, Partner, Fidelio Capital.
CVC is investing out of CVC Capital Partners Fund IX, its most recent fund that closed at EUR 26 billion in 2023 and brings substantial experience of investing in leading companies in the Nordics and globally, and closing is expected to take place in Q4 2024 pending regulatory approvals.
Read the orginal article: https://www.cvc.com/media/news/2024/2024-08-28-odevo-strengthens-investor-base-by-welcoming-cvc-funds-as-a-new-strategic-partner-alongside-fidelio/
