On June 6th 2021, PHM Group (“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.
Flow was founded by MVI Fund I (“MVI”) in 2019 to create a one-stop shop for the property maintenance needs of tenant owner associations (swe. bostadsrättsföreningar), offering a high service level and an easy-to-use digital interface for its customers. The group grew from the platform of FF Fastighetsservice AB, to include a further three add-on acquisitions (Förvaltnings AB Graden, PartHalmstad Fastighetsförvaltning AB, Driftia Förvaltning AB), which together provide a leading geographical footprint. MVI led the transformation of Flow, creating structure capital by adding a group management, system support and data driven performance review with key KPIs. Today the group has a total turnover of SEK 250m and 230 employees.
A critical part of MVIs investment thesis was to digitalize an analogue industry. Flow and MVI immediately started building Realnode, a digital property management system, to future proof the company and secure organic growth. Through Realnode’s web-interface and app for iPhone/Android, the users can easily access information, perform board work, and interact with the facility manager.
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 reinvest in PHM’s ultimate holding company and become shareholders in the group.
The transaction is subject to regulatory approval and is expected to be completed in July 2021.
"MVI had the idea and resources to develop Realnode which – combined with Flow’s management team, geographical footprint and strong focus on housing associations – was the key rationale for the acquisition. PHM Group’s Nordic scope, financial resources, and commitment to further drive our business make it an ideal next step for us. We are proud to be part of a larger family and look forward to working closely together with our new colleagues in PHM Group. We hope to contribute with our market experience and that PHM can leverage our Realnode platform across the Nordics." – Andreas Westin, CEO of Flow Fastighetsvärden AB
