Norvestor SPV III / Norvestor IX Acquire PHM Group Oy and Sperre Air Power AS in Continuation Fund Transaction

July 15, 2025

Norvestor created a continuation vehicle (Norvestor SPV III), supported by commitments from Norvestor IX and a syndicate of institutional investors, to acquire PHM Group Oy and Sperre Air Power AS from earlier Norvestor funds (Norvestor VIII and Norvestor SPV II). The transaction provides liquidity/options to existing investors while preserving follow-on capital and strategic support for the two companies’ growth and M&A agendas.

Buyers
Norvestor SPV III SCSp, Norvestor IX SCSp, Carlyle AlpInvest, Ardian, HarbourVest Partners, Lexington Partners
Targets
PHM Group Oy, Sperre Air Power AS
Sellers
Norvestor VIII SCSp, Norvestor SPV II SCSp
Industry
Real Estate
Location
Uusimaa, Finland
Transaction Type
Divestiture

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