CVC Capital Partners plc is in talks about a potential investment in residential property manager Odevo, people with knowledge of the matter said. 

The private equity firm has been discussing the purchase of a significant minority stake in Odevo, according to the people, who asked not to be identified because the information is private. A transaction could value Odevo at more than US$3 billion , one of the people said.

Odevo, which is backed by European investment firm Fidelio Capital, was formed through a combination of Sweden’s Nabo and SBC with UK-based Rendall & Rittner. It has since grown rapidly through further acquisitions, buying companies including Finnish property manager Retta Isännöinti Oy and William Douglas Management, which gave it a major presence in North and South Carolina. 

The company, led by chief executive officer Daniel Larsson, has about 7,000 employees with 1.4 million homes under management and US$720 million in annual revenue, according to a press release this month.  

Deliberations are ongoing, and there’s no certainty they will lead to a transaction, the people said. A spokesperson for CVC declined to comment. Representatives of Fidelio and Odevo couldn’t immediately be reached for comment outside regular business hours.

  - Bloomberg