Nordic expansion at the forefront for the combined PHM and Kotikatu Group
PHM Group (“PHM” or the “Company”) is developing rapidly and has acquired six companies in Sweden and Norway since a fund managed by Norvestor became majority owner in April 2020. With these six acquisitions, the Company significantly expands in Sweden and enters the Norwegian market, demonstrating the potential to become a true Nordic player. In addition, PHM signed an agreement to acquire Kotikatu Holding Oy (“Kotikatu”) in June 2020, a leading residential property maintenance services provider in Finland. The Kotikatu transaction was closed on 24 September 2020, and the combined group generates revenues of around EUR 275 million, with some 3,000 employees.
Both PHM Group and Kotikatu have professionalized the residential property maintenance industry in Finland, developing operating models which enable them to provide a broad range of high-quality services to their customers, improving customer satisfaction. PHM Group started taking this proven service concept abroad in June 2019 when it made its first acquisition in Sweden. Since Norvestor partnered up with the Company in April 2020, PHM has acquired four additional companies in Sweden, with combined revenues of approximately EUR 25 million, bringing total revenues in Sweden to approximately EUR 70 million. The four acquired companies, VSOA, Renew Service, Nordstaden Stockholm, and Crendo Fastighetsförvaltning, will expand PHM’s footprint in Stockholm and Västerås, and add new regions in Sweden. The PHM Group has also entered the Norwegian market, through the acquisitions of Din Vaktmester in Trondheim and Rene Trapper / Rene Bygårder in Oslo, with combined revenues of approximately EUR 10 million. With the Kotikatu transaction in place, the combined company is positioned as the clear leading Nordic provider of residential property maintenance services.
“With the strong start to our Nordic expansion and the combined development resources and know-how of Kotikatu and PHM, we are now very well positioned for further developing our service offering to ensure premium customer satisfaction across the Nordics. It has been great to see how well this message has resonated with Swedish and Norwegian entrepreneurs as they have wanted to join forces with us. We would like to make living in Nordic communities as pleasant and smooth as possible”, says Ville Rantala, CEO of the combined PHM and Kotikatu Group.
“We have had a great start to our partnership with PHM. Very happy to see the early execution on our Nordic strategy, including market entry to Norway and significantly expanded footprint in Sweden. With the closing of the Kotikatu transaction done, we look forward to taking the combined company to the next level. Our goal is to develop the leading Nordic residential property maintenance company which is able to offer great comfort of living to our customers on the basis of our best in class services, processes and digital tools”, says Karl Svozilik, Partner at Norvestor and Chair of PHM Group.
For further information:
Karl Svozilik, Partner, Norvestor
Telephone: +47 984 00 063
Ville Rantala, CEO, PHM Group
Telephone: +358 50 385 1442
PHM is a leading property service provider in Finland, with a significant presence in Sweden and Norway. PHM offers customers a knowledgeable local expert in all property maintenance services. Read more at www.phmgroup.fi/en.
Kotikatu is a leading residential property maintenance service provider in Finland. The company offers maintenance and other property related services mainly to residential customers in the Helsinki region, and selected other larger cities across Finland. Read more at www.kotikatu.fi/en.
Norvestor is a leading private equity firm focusing on mid-market buyouts in the Nordic region with offices in Oslo, Stockholm, Helsinki and Luxembourg. The team has worked together since 1991 making it one of the most experienced private equity teams in the Nordics, having executed 72 investments with more than 270 follow-on M&A transactions, in addition to executing 51 exits including 15 IPOs. The Norvestor funds seek to invest in growth companies in the Nordic mid-market that have potential to achieve a leading Nordic or international position, typically through organic growth, acquisitions across fragmented industries and by geographic expansion. Read more at www.norvestor.com.