OBOS invests in new, fast-growing challenger Odevo
Norwegian OBOS has invested in Odevo, the newly launched fast-growing group, and sold its shares in SBC. With this transaction, SBC is now wholly owned by Odevo. This investment is evidence of the confidence OBOS has in Odevo’s development and ambition to challenge the property and housing management industry internationally.
Odevo was launched in March and is a new, fast-growing international player. Odevo is challenging the property and housing management industry with – among other things – its proprietary technology platform. Now, the company announces that Norwegian OBOS is investing in Odevo ahead of its continued international expansion.
Since 2019, OBOS has been a minority owner in SBC with a roughly 40% stake. As such, OBOS jointly owned SBC together with the Group that has now been formalized with the launch of Odevo. Now, OBOS has chosen to sell its stake in SBC to Odevo and in so doing transfer its ownership to the Odevo Group. With this transaction, SBC will now be wholly owned by Odevo.
“We have faith in Odevo and its management and are very happy with the transaction. We see immense potential in Odevo’s tech platform and the investment will give us an opportunity to follow trends and the international development of management services. This is something we hope to learn from and apply to OBOS’ own operations and the Norwegian market”, says Ingunn Andersen Randa, Executive Vice President and Head of OBOS Equity Investments.
As a shareholder in Odevo, OBOS will be represented on Odevo’s board by Marianne Gjertsen Ebbesen, Executive Vice President of wood-frame housing developments. Odevo’s Board also has representatives from the company’s primary investor, Fidelio, and Chairman of the Board Johan Tjärnberg.
“It is incredibly gratifying to have OBOS’s trust, because of their extensive experience and knowledge of the industry. That they have chosen Odevo to be among their growth investments speaks well of Odevo’s operations and ambitions. We hope to draw on their experience to develop our new business areas, such as financial services”, says Odevo CEO Daniel Larsson.
Odevo was launched in February and is a new international player that challenges the traditional industry for property and housing management. The foundation for the group was created in 2019 through the formation of Nabo and the acquisition of SBC, and since then the group has grown into a leading international player. The companies within Odevo offer services to residents and property owners supported by Odevo’s own developed platform.
The Odevo Group consists of a total of approximately 1,300 employees and has a turnover of just over SEK 1.5 billion. The average growth between 2019 and 2021 was 135% per year, of which about 15% was organic growth in 2021. Odevo plans to continue to grow strongly both organically and by attracting companies to join the Group both in Europe and on other continents.
We are on a mission.
In just three years a number of companies with a long history of high-quality service in the industry joined forces to form Odevo.