We advise Norvestor and PHM Group in the acquisition of Kotikatu.
We advised Norvestor in its acquisition of a majority stake in PHM Group in March 2020. PHM Group has now signed an agreement to acquire Kotikatu, a leading residential property maintenance services provider in Finland. The transaction creates a strong and fast growing Nordic residential property maintenance services group, with presence across Finland and Sweden. The combined group is expanding rapidly and is approaching EUR 250 million in revenues, with some 2,750 employees.
Completion of the transaction is subject to approval by the Finnish Competition and Consumer Authority.
Kotikatu is Finland’s largest property services company with approximately 6,500 housing cooperatives as clients. Combined, these cooperatives have a total of 110,000 apartments, inhabited by almost 300,000 residents. Kotikatu is formed of specialized units providing property maintenance services that operate in the Helsinki capital region, Pirkanmaa, Lahti, Pori, Jyväskylä, Kuopio and Oulu.
PHM Group is a property maintenance service provider in Finland, with a significant presence in Sweden. PHM Group is headquartered in Porvoo, Finland, with its Swedish main office in Stockholm, and has annual revenues of approximately EUR 120 million and approximately 1,200 employees.
Norvestor is a leading private equity firm focusing on mid-market buyouts in the Nordic region. The team has worked together since 1991 making it one of the most experienced private equity teams in the Nordics, having executed 71 investments with over 270 add-on acquisitions, 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.