Norvestor Capitalizes on PHM Group and Sperre Air Power Divestments
Deal News | Jul 15, 2025 | Norvestor
Norvestor, a seasoned private equity firm specializing in the Nordic mid-market, announced the successful divestment of PHM Group Oy and Sperre Air Power AS to a newly formed continuation fund, Norvestor SPV III. SPV III, with approximately EUR 2.5 billion in new capital commitments, is poised to further elevate the growth and development of these companies. PHM Group, a leading European residential property services provider, operates extensively across several European countries and plans continued expansion through M&A, digital innovation, and operational improvements. On the other hand, Sperre Air Power, a supplier to the global maritime and power plant industries, is set to expand its product line and offer digitalized solutions. Both entities will receive strategic backing from Norvestor, which emphasizes long-term growth. The divestment transaction was oversubscribed and co-led by prominent investors including Carlyle AlpInvest, Ardian, HarbourVest Partners, and Lexington Partners. This move allows current investors the choice of liquidity or continued investment, aligning with Norvestor's commitment to sustainable growth and value creation.
Sectors
- Private Equity
- Residential Property Services
- Maritime and Power Plant Solutions
Geography
- Nordic Region – Norvestor, the private equity firm, operates primarily in the Nordic region, influencing their investment strategies and focus.
- Europe – PHM Group provides residential property services across multiple European countries, marking Europe as a significant geography in the article.
- Global – Sperre Air Power serves the global maritime and power plant industries, expanding the geographic relevance to a worldwide scope.
Industry
- Private Equity – The article revolves around the activities of Norvestor, a private equity firm, highlighting the divestment to a continuation fund involving significant capital commitment.
- Residential Property Services – PHM Group, a primary focus in the article, operates as a European residential property services provider, emphasizing growth and expansion within this industry.
- Maritime and Power Plant Solutions – Sperre Air Power, another focal company in the article, is involved in providing compressed air system solutions for the maritime and power plant sectors.
Financials
- EUR 2.5 billion – The amount of new capital commitments raised by Norvestor SPV III for the transaction.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Norvestor | Private Equity Firm | Company | Norvestor is a leading private equity firm focused on mid-market buyouts in the Nordic region. |
| PHM Group Oy | Target Company | Company | A European residential property services provider, PHM Group is positioned for growth through digital innovation and M&A. |
| Sperre Air Power AS | Target Company | Company | Sperre is a supplier of compressed air systems for maritime and power plant industries, targeting product and digital solutions expansion. |
| Norvestor SPV III SCSp | Continuation Fund | Company | A newly formed continuation fund for further development and investment in PHM Group and Sperre Air Power. |
| Carlyle AlpInvest | Co-lead Investor | Company | A global investment firm co-leading the transaction of Norvestor SPV III. |
| Ardian | Co-lead Investor | Company | A private investment house also instrumental in co-leading the transaction for Norvestor SPV III. |
| HarbourVest Partners | Co-lead Investor | Company | An independent global private markets investment firm co-leading the SPV III transaction. |
| Lexington Partners | Co-lead Investor | Company | A secondary private equity and co-investment fund manager involved in the SPV III transaction. |
| Lazard | Financial Advisor | Company | Advised Norvestor on the creation and closing of Norvestor SPV III and sale of the assets. |
| Simpson Thacher & Bartlett | Legal Advisor | Company | Provided legal advice to Norvestor on the transaction. |
| BAHR | Legal Advisor | Company | Involved as a legal advisor in the transaction. |
| Arendt | Legal Advisor | Company | Legal advisory role in the deal closure and asset sale for Norvestor SPV III. |