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Freshfields advises CVC Funds on investment in Odevo as a strategic partner alongside Fidelio
Global law firm Freshfields Bruckhaus Deringer (‘Freshfields’) is advising CVC Funds (‘CVC’) on its agreement to invest in Odevo, a tech-enabled residential property management company with leading positions in Europe and the US
CVC yesterday announced its agreement to join the group of investors led by Swedish firm Fidelio and the existing management team. This deal comes after Odevo has expanded rapidly in recent years. Adding CVC’s experience and global relationships will strengthen the company’s international growth strategy and ongoing drive to innovate its service offering for homeowners.
Odevo was founded in Sweden in 2018 by the investment firm Fidelio and the current management team. Through organic growth and joining forces with more than 50 successful entrepreneurs across Europe and USA, Odevo has expanded the business more than 50x, now managing 1.4 million homes with more than 7,000 employees and an annual turnover of €650 million. By welcoming CVC to the group of investors, Odevo takes yet another step on its international growth journey.
CVC is investing out of CVC Fund IX, its most recent fund that closed at EUR 26 billion in 2023 and brings substantial experience of investing in leading companies in the Nordics and globally, and closing is expected to take place in Q4 2024 pending regulatory approvals.
The Freshfields team advising longstanding client CVC is 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 has been provided by partner Alastair Mordaunt and associates Chi Chung Chan and Alessandra Galea. In addition, a large cross-border team of Freshfields solicitors has provided support on various aspects of the investment.
Further information on the agreement can be found here.
