Services and software solutions for the real estate sector
Andreas Westin
Year of sale
Chairman of the Board
Magnus Jansson
(at exit) SEK ~250m
MVI was a pleasure to work with. Knowledgeable, knowledgeable and committed. Ambitious goals for both organic growth and acquisitions allowed us to scale up quickly, creating cost benefits for our clients and exciting new tasks for the team. The icing on the cake was our successful investment in the proprietary customer portal, which turned out to be technically and functionally stronger than we could have imagined. Thanks to the strong base built by MVI and the Board, the new owner is now well equipped for a Nordic and European leadership position.
Andreas Westin
Country Manager Sweden PHM Group Oy, former CEO Flow Fastighetsvärden

The road to smart homes

With Flow, MVI turned housing issues into a smart experience by digitalising property management and providing a full-service offering. Since MVI invested in Flow in 2019, sales increased from SEK ~92 SEK million to ~250 million in 2021. A result of a clear growth strategy and Realnode, MVI’s development of a digital platform for property management. Three important add-on acquisitions were completed, establishing Flow as Sweden’s most successful digital property manager with a unique market position serving housing associations.

What we have achieved

- Defined the mission - to create carefree home ownership.

- Developed Realnode, a proprietary software solution with a user-friendly interface that streamlines internal processes and reduces costs. For example, digital board meetings and digital signatures, instant updates on building status and any maintenance work, and a quick overview of information on the association's financial position.

- Brand positioning and name change to Flow Real Estate Values

- Redesigned the sales and marketing process to harness the power of digital channels, build volume and drive organic growth.

- Recruited a solid management team (CEO and CFO) and built up structural capital (reporting and KPIs)

- Made three strategic acquisitions in Sweden: Part Halmstad; Driftia and Graden.

- Increased revenues from SEK 92 million to SEK 250 million in two years, with good profitability.

- Created a leading service software for condominium associations and commercial property owners.


When you buy an apartment in Sweden you become a member of the tenant-owner association, which formally owns the building. The housing association manages things like maintenance, the building’s finances and other issues that might arise. Flat owners wish to save time, reduce costs and improve the value by having a full-service provider to manage the property.

It is a fragmented market largely driven by demographic changes and the large number of new-built flats and conversions of buildings from leasing or renting to tenant ownership. In March 2019 we invested in FF Fastighetsservice, a family-owned real estate management firm, which became the platform for Flow. The owners were completely aligned with our idea to digitalise property management and provide a full-service offering. Flow is a great example of how value is created by using MVI’s specific expertise gained from developing the software for NoxFinans (currently Fortnox Finans). The team that built Realnode was leading the development of NoxFinans and is a long-time collaborator of ours.


In July 2021, Flow was acquired by the PHM Group (a Norvestor portfolio company). As the largest consolidator in the market, PHM Group offered a strong strategic fit to Flow. With its base in Finland, Flow was a strong contributor to increasing the group’s presence in Sweden. PHM has continued to develop the group in the Nordics, building on Flow’s unique market position and its strategic cornerstone, the proprietary software Realnode. The software has been launched throughout the PHM Group and Flow’s management team is now part of the PHM’s executive team.