CVC & FIDELIO take majority stake in ODEVO

CVC funds agreed to take a stake in Odevo, the tech-enabled residential property management company, joining the investor group led by the Swedish firm Fidelio and Odevo's existing management team, in a transaction carrying an enterprise value of . The investment came out of CVC Capital Partners Fund IX, the firm's most recent vehicle, which closed at € 26 billion in 2023. The agreement was announced on 28 August 2024, with completion expected in the fourth quarter of 2024 subject to regulatory approvals. Fidelio had backed the business since its founding in Sweden in 2018, and after the transaction it remained a long-term partner, working alongside CVC to support Odevo's management. CVC was to be represented on the board by Søren Vestergaard-Poulsen, Lave Beck-Friis and John Zacharias, while Daniel Larsson continued as chief executive of Odevo. At the time of the deal, Odevo managed 1.4 million homes, employed more than 7,000 people and served over 25,000 customers, generating revenue of , an EV/revenue multiple of . The business had expanded more than 50 times through organic growth and by joining forces with more than 50 entrepreneurs across Europe and the United States. Freshfields Bruckhaus Deringer advised CVC on the investment, with a team led by Global Co-Head of Private Capital Charles Hayes, partner Emma Rachmaninov and associates William Kellett, Chin Wah Lai, Julia Robilliard-Smith and Maya Kotwal; antitrust advice was provided by partner Alastair Mordaunt and associates Chi Chung Chan and Alessandra Galea, supported by a cross-border team of Freshfields solicitors.