A Swedish property management company that has rapidly expanded in the U.S. market over the past two years has received new investment from one of the world's largest private equity firms.

Luxembourg-based CVC Capital Partners is joining the investment group behind Odevo, a company with 1.4 million homes under management across the U.S. and Europe.

Odevo announced the investment Wednesday, one day after Bloomberg reported that the company was in talks with CVC to invest at a $3B valuation. The announcement didn't disclose the valuation.

CVC plans to invest through its most recent fund, CVC Capital Partners Fund IX, which closed at €26B — equal to $28.9B — in 2023. The deal is expected to close in the fourth quarter of this year.

“We are highly impressed with Odevo’s ability to build a leading international player and provide outstanding service to its over 25,000 customers,” CVC Managing Director Lave Beck-Friis said in the release.

“Odevo’s decentralised approach, which empowers local management to run their businesses independently while benefiting from the support and opportunities of being part of a global group, aligns perfectly with our philosophy,” he added.

Sweden-based Fidelio Capital founded Odevo in 2018 and leads its investor group.

“Fidelio has been a true partner to us and we look forward to continuing our collaboration, now also welcoming CVC with their global network and vast experience of supporting growing businesses like ours,” Odevo CEO Daniel Larsson said.

Odevo brings in an annual revenue of €650M, or $722.6M, and has more than 7,000 employees.

The company launched in the U.S. in 2022 with its acquisition of Doral, Florida-based KW Property & Management Consulting. Since then, it has expanded in the U.S. market through a series of acquisitions in southern and western states including Texas, Arizona and the Carolinas.