STOCKHOLM, SWEDEN / ACCESSWIRE / August 16, 2024 / STOCKHOLM, SWEDEN - Aug. 15, 2024 - Odevo, the fast-growing international leader that is driving change in the traditional property management industry, continues its expansion in Finland with the acquisition of the market leader in property management, Retta Isännöinti Oy. Retta Isännöinti, with close to 6,000 customers, 150,000 homes under management and 600 employees, will continue to operate under the Retta Isännöinti brand and will be a sister company to Kontu in Finland.
Anders Gylling, CEO, and his Retta Isännöinti management team will continue to lead Retta Isännöinti operations in Finland. Retta Isännöinti was previously owned by Altor. The acquisition underscores Odevo's mission to become the leading force in the residential property management industry by leveraging the combined power of people and technology.
"I am very happy to welcome Anders Gylling and his team to the Odevo family," said Daniel Larsson, CEO of Odevo. "We have an ambition to simplify living for people all over the world and drive innovation in technology and new services in a traditional industry. Retta Isännöinti shares the same drive and ambition, and joining forces allows us to invest in technology and deliver greater value to the Finnish customers."
Odevo has a unique approach to building a leading international group by empowering strong local teams and companies while creating value across the group. By being part of the group, these companies can leverage their strengths and expertise while benefiting from the collective resources and support from Odevo.
"Joining forces with Odevo gives Retta Isännöinti a unique position to continue to be the leading force in Finland when it comes to advancing the residential property management market," said Anders Gylling, CEO of Retta Isännöinti. "We share Odevo's strong ambition to use the benefits of technology to improve both customer and employee satisfaction. Being part of an international group with a clear focus on residential property management will strengthen our capabilities to further develop specific housing management solutions for our customers."
Odevo Finland today comprises of Retta Isännöinti and Kontu, a new and fast-growing property management company formed from the union of 10 property management companies over the past two years. Kontu currently has a revenue of $30 million USD, 2,400 customers and 340 employees. With the acquisition of Retta Isännöinti, Odevo has significantly increased its presence in Finland and, together with Kontu, is well-positioned to lead the Finnish market and drive positive change in the industry. Retta Isännöinti was previously owned by Altor.
"We are proud of the fantastic work by the management team at Retta Isännöinti," said Johan Reiersen, Partner at Altor. "The past years have been a true partnership resulting in high-quality solutions. We look forward to following Retta as they reach new heights together with the global reach of Odevo."
Odevo has grown more than 30 times in just four years and is now home to 7,000 employees with 1.4 million homes under management and an annual revenue of $720 million USD. Odevo plans to continue its strong growth journey, both organically and by attracting additional companies to join the group. This approach has secured leading positions in Sweden, the United Kingdom and the United States in just a few years.
About Odevo
Established in 2019, Odevo is a fast-growing international company challenging the property management industry, not least through its focus on technology innovation. The Odevo Group consists of 7,000 employees and has an annual revenue of $720 million USD. The average growth between 2019 and 2023 was 71% per year, about 14% of which was organic. Odevo plans to continue its strong growth and invites more companies to join their journey to transform the homeowner experience all over the world.
For more information visit https://odevo.com
About Retta Isännöinti
Retta Isännöinti is Finland's largest service company in the management of residential and real estate companies, with over 50 years of experience in property management and the execution of demanding renovation and restoration projects. Retta Isännöinti has nearly 6,000 customers, manages 150,000 homes, and employs 600 people in Finland.
For more information about Retta Isännöinti, visit https://retta.fi/isannointi/.
About Altor
Since inception, the family of Altor funds has raised more than $12 billion USD in total commitments. The funds have invested in just south of 100 companies. The investments have been made in medium-sized predominantly Nordic and DACH companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Trioworld, OX2, Carnegie, Kaefer, FLSmidth, Rossignol and Toteme.
For more information visit www.altor.com
For more information, contact:
Daniel Larsson, CEO Odevo
tel: +46 736404211
mail: daniel.larsson@odevo.com
Anders Gylling, CEO Retta Isännöinti
tel: +358 46 851 5868
Mail: anders.gylling@retta.fi
View the original press release on accesswire.com
