Country HQ
Finland
Sector
Business Services
Fund
Norvestor VIIINorvestor IXNorvestor SPV III
Investment Dates
Exit Date
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At the time of Norvestor VIII’s investment, PHM was a well-regarded Finnish property maintenance firm, but the Nordic residential services market was fragmented, highly local, and under-digitised, making PHM an ideal platform to drive consolidation, cross-border growth, and sustainability-led transformation. By supporting PHM’s digitalisation and operational excellence, Norvestor helped the company deliver greater value to its clients, offering more efficient, reliable, and sustainable property services tailored to local needs. This focus on innovation and customer-centric solutions has enabled PHM to enhance the everyday living experience for residents, property owners, and communities across its expanding footprint.
Scaling Across Europe
Norvestor partnered with PHM on a buy-and-build strategy that propelled the company from a regional operator into a European category leader. Shortly after Norvestor’s investment, PHM joined forces with Kotikatu, the largest Finnish residential property maintenance service provider, to establish a market leading position in Finland. Following the acquisition of Kotikatu, PHM accelerated its international expansion and entered Norway (2020), Denmark (2021), Germany (2022), Switzerland (2024), the UK and the Netherlands (2025), completing over 150 acquisitions across eight countries. PHM nearly doubled its market share, building a centralised model with localised service delivery.
Building Operational Edge
Norvestor backed PHM in its digital transformation and ESG journey. The company launched proprietary digital tools to enhance customer interaction and workforce efficiency. On the sustainability front, PHM committed to net-zero emissions by 2035, focusing on reducing emissions across its 5,000-vehicle fleet and integrating environmental standards into procurement. Governance across the group was strengthened through efficient post-merger integration.
The partnership with Norvestor has given us the financing and strategic support to drive our extremely ambitious M&A strategy and grow PHM to where we are today.
Petri Pellonmaa, Group CFO.
Business Outcomes
PHM now employs over 14,000 people and is the largest residential property maintenance provider in the Nordics with a growing presence in the DACH region, the UK and the Netherlands. Through disciplined execution of its buy-and-build strategy, the company has cemented a reputation for operational rigor, high service quality, and integration excellence. Its decentralised customer service model, supported by centralised systems, has enabled it to maintain local agility while benefiting from scale efficiencies. PHM was divested to a continuation vehicle, Norvestor SPV III SCSp, in July 2025.
Learn more about our portfolio companies
Norvestor takes an active ownership approach, with its funds investing in companies where they obtain a significant strategic position. Value creation is driven through board-level engagement and close collaboration with management teams to support long-term growth and strategic development. Case examples presented illustrate how this approach has supported current and former portfolio companies on their growth journeys.