
Intera sells majority of PHM stake to Norvestor
Norvestor has acquired a majority of Intera's shareholding in Finland-based property maintenance company Porvoon Huoltomiehet (PHM).
The investment comes a year and a half after Intera, through its Intera Fund III, acquired a minority stake in the business. The Finnish private equity firm will continue to be involved as a minority stakeholder, while management will be the largest shareholder.
Under Intera's ownership, PHM has expanded into the Swedish market through acquisitions, with revenues of the company increasing from €45m in 2018 to €120m in 2019, and Sweden contributing to 40% of the turnover.
Karl Svozilik, a partner at Norvestor, told Unquote that PHM and the services it provides had proven to be quite resilient, having grown even during the financial crisis years.
Norvestor aims to help PHM accelerate its growth in the Nordic facility maintenance market and to consolidate the currently fragmented sector through acquisitions.
According to Unquote Data, Norvestor typically invests €10-45m in mid-market Nordic businesses. Its most recent fund, Norvestor VII, held a final close in February 2016 on its hard-cap of €510m.
Company
Founded in 1991 and headquartered in Poorvo, Finland, PHM is a property maintenance company specialising in repair, renovation, cleaning, and transportation and waste management services to residential and commercial property owners. The company has recently focused on growing its presence in Sweden and has an office in Stockholm. Its most recently reported revenues stood at €120m and it employs around 1,200 staff.
People
Norvestor – Karl Svozilik (partner).
Intera – Tuomas Sarkola (partner).
Porvoon Huoltomiehet – Ville Rantala (CEO).
Advisers
Equity – PwC (financial due diligence, tax); Dittmar (legal).
Vendor – Krogerus (legal).
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