FRP Corporate Finance has advised residential property management agent Trinity Property Group on its sale to Odevo, a property management group launched in the UK earlier this year.
The acquisition sees Odevo grow its portfolio of properties to more than half a million homes, and brings the combined group’s annual revenue to £134 million. The deal will support Odevo as it targets organic growth and plans international expansion in Europe and the US.
Based in Hemel Hempstead, Trinity Property Group manages in excess of 95,000 homes across England and Wales, with an additional 55,000 committed units on new developments, making it one of the UK’s largest residential property management companies.
With offices in the UK, Sweden and Finland, Odevo was formed when UK managing agent Rendall & Rittner joined forces with Swedish-based Nabo and SBC. The business is backed by Swedish investment company Fidelio, and UK-based Premier Estates became part of the group earlier this year.
Jonathan Smith, CEO of Trinity Property Group, commented: “Changes in legislation and advancements in technology and communication have placed a great deal of pressure on managing agents. At Trinity, we continue to invest in ensuring we keep up with changes in compliance to protect our end users, as well as improving our IT systems to make communication more efficient and user friendly. By becoming part of Odevo, we look forward to enhancing the customer experience further.”
Clive Hatchard, partner at FRP Corporate Finance, added: “The team at Trinity Property Group has more than two decades of experience, and is well-known for its skilled service and expertise in managing developments of all sizes across the UK.
“The sale represents a landmark deal for the UK property management sector. It reflects the buoyancy of the market, which is seeing strong levels of consolidation and investor appetite for small independent companies, driven by trends in tech innovation and increased regulation.”
Duncan Rendall, group chairman of Rendall & Rittner and Odevo UK Chairman, commented: “We are delighted to welcome our new colleagues at Trinity Property Group to Odevo – another like-minded business that can see the far-reaching benefits of harnessing technology to improve standards of service.
“Like them, we are a people focused business, and our investments in technology will significantly improve the customer experience and our support to clients putting us at the forefront of the industry. And as the Odevo group continues to grow, we will collaborate and drive change to make this industry stronger together.”