PHM issues inaugural EUR 300 million bond and continues Nordic consolidation


PHM Group (“PHM” or the “Company”) has continued to strengthen its Nordic position and has acquired 25 companies since Norvestor VIII SCSp became the majority owner in April 2020. Through the 17 acquisitions completed so far in 2021, the Company has expanded significantly in Sweden, Norway and Finland as well as entered the Danish market, demonstrating the potential to become a true Nordic player. With the latest acquisitions, PHM generates approx. EUR 375 million in revenues on a proforma basis, and employs close to 4,000 people across the Nordics.

In June 2021, PHM signed an agreement to acquire Flow Fastighetsvärden (“Flow”), a leading residential property maintenance services provider in Sweden, with revenues of approx. EUR 25 million. This is PHM’s largest acquisition outside Finland to date, and will give the Company access to a proprietary digital property management system in addition to strengthening PHM’s position as the leading consolidator in Sweden. The highly complementary combination of PHM and Flow will create a unique platform enabling an accelerated growth and enhanced client service in Sweden. In Sweden, the combined group has more than EUR 110 million in revenues, and more than 1,000 employees.

“PHM’s Nordic scope, competencies and financial resources made it an ideal partner to us. We are proud to be part of a larger family and look forward to working closely together with our new colleagues in the PHM group. We hope to contribute with our market experience and that PHM can leverage our digital platform across the Nordics.” says Andreas Westin, CEO of Flow Fastighetsvärden AB

Flow is acquired from MVI Fund I and a handful of minority shareholders active in the business. MVI Fund I, the management team and minority owners will re-invest in PHM Group. The transaction is subject to customary closing conditions and is expected to close in July 2021.

To facilitate continued high acquisition activity, PHM has raised EUR 300 million by issuing a single-B rated senior secured bond, to mainly Nordic and European institutional investors. The bond issue was heavily oversubscribed, and illustrates investors’ strong confidence in PHM’s growth ambition, strategy, and credit profile.

“We will continue the strategy to develop our service offering to ensure premium customer satisfaction across the Nordics. It has been great to see how well this message has resonated with Swedish, Norwegian, and Danish entrepreneurs as they have wanted to join forces with us. With Flow onboard, and financing secured, we feel well positioned to continue making living in Nordic communities as pleasant and smooth as possible”, says Ville Rantala, CEO of PHM Group.

“We are very happy to see that the strong start of our partnership with PHM continues. Ville and the team are doing an incredible job by successfully executing on our Nordic strategy, including market entry to Denmark, and significantly expanding our footprint in the other Nordic countries. With access to the capital markets, the Company is well positioned to welcome new companies to join the PHM- family. Our goal is to develop the leading Nordic residential property maintenance company which is able to offer great comfort of living to our customers on the basis of our best in class services, processes and digital tools”, says Karl Svozilik, Partner at Norvestor and Chair of PHM Group.

For further information:

Karl Svozilik, Partner, Norvestor

Telephone: +47 984 00 063


Ville Rantala, CEO, PHM Group

Telephone: +358 50 385 1442


PHM is a leading Nordic property service provider with presence in all the Nordic countries, focusing on residential multi-tenant buildings. PHM offers customers a knowledgeable local expert in all property maintenance services. Read more at

Norvestor is a leading private equity firm focusing on mid-market buyouts in the Nordic region with offices in Oslo, Stockholm, Helsinki and Luxembourg. The team has worked together since 1991 making it one of the most experienced private equity teams in the Nordics, having executed 75 investments with more than 300 follow-on M&A transactions, in addition to executing 53 exits including 16 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. Read more at