(Bloomberg) -- CVC Capital Partners Plc has agreed to take a stake in Swedish property manager Odevo AB.
The private equity firm will join a group of investors led by investment firm Fidelio Capital, according to a statement that confirmed an earlier report by Bloomberg News. The transaction values Odevo at more than $3 billion, Bloomberg News reported.
Odevo was formed through a combination of Sweden’s Nabo and SBC with UK-based Rendall & Rittner. It has since grown rapidly through further acquisitions, buying companies including Finnish property manager Retta Isännöinti Oy and William Douglas Management, which gave it a major presence in North and South Carolina.
The company, led by Chief Executive Officer Daniel Larsson, has about 7,000 employees with 1.4 million homes under management and $720 million of annual revenue, according to a press release this month.
CVC said it is investing out of CVC Capital Partners Fund IX, which closed at €26 billion ($29 billion) in 2023. The transaction is expected to be completed in the fourth quarter of this year, it added.
--With assistance from Michael Hytha.
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