STOCKHOLM--(BUSINESS WIRE)--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.
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.
About Odevo
Established in 2018, Odevo is a fast-growing international company challenging the property management industry, not least through its focus on technology innovation. The Odevo Group consists of more than 7,000 employees and has an annual revenue of EUR 650 million. The average growth between 2019 and 2023 was 71% per year, about 14% of which was organic. Odevo plans to continue its strong growth and invites more companies to join their journey to transform the homeowner experience all over the world.
For more information visit https://odevo.com
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About Fidelio
Fidelio combines the professional and active ownership model of traditional private equity, with an entrepreneurial, flexible, and long-term approach to investing. Since inception in 2010, the team has invested in almost 200 companies in more than 20 countries, and the success is built from partnering with entrepreneurs, management teams and fellow co-owners to create global niche market leaders. Together with its partners, Fidelio builds outstanding businesses through the possibilities that come from not having a predetermined investment horizon or geographical restrictions. In addition to the team at Fidelio, capital is provided by a supportive group of successful entrepreneurs and families from Europe and North America. Fidelio has offices in Stockholm and London. Previous and current investments include Vimian, Odevo, Keyto, iBinder, AniCura and Lyko.
For more information, please visit: www.fideliocapital.com
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About CVC
CVC is a leading global private markets manager with a network of 29 offices throughout EMEA, the Americas, and Asia, with approximately €193 billion of assets under management. CVC has seven complementary strategies across private equity, secondaries, credit and infrastructure, for which CVC funds have secured commitments of approximately €235 billion from some of the world's leading pension funds and other institutional investors. Funds managed or advised by CVC’s private equity strategies are invested in over 130 companies worldwide, which have combined annual sales of approximately €155 billion and employ more than 600,000 people.
For further information about CVC please visit: https://www.cvc.com/
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