Renzenbrink & Partner advises PHM Group on the acquisition of Schultz Group
19. October 2022The PHM Group, a Scandinavian provider of services for the maintenance of residential real estate, has acquired the Schultz Group based in Hamburg. The Schultz Group is a real estate services company offering facility and property management as well as electrical engineering and building services. The acquisition of the Schultz Group is PHM’s first acquisition in Germany and provides the portfolio company of private equity investor Norvestor with a platform to implement its buy & build strategy in the DACH region.
The family-owned Schultz Group was founded in 1904 and is a leading provider of a wide range of services for commercial, industrial and residential real estate in northern Germany. The Schultz Group has over a thousand employees and will continue to operate under the existing brand.
The Finland-based PHM Group is a Scandinavian provider of maintenance services for residential real estate, whose customers are mainly housing associations in Finland, Sweden, Norway and Denmark. As evidence of its strong growth, the PHM Group has increased its revenue more than tenfold in the last four years and achieved revenue of EUR 417 million in 2021.
Renzenbrink & Partner advised PHM Group comprehensively on all (tax) legal aspects of the acquisition. The team was led by partners Dr. Dennis Schlottmann (Corporate/M&A) and Marc H. Kotyrba (Tax) and included associates Dr. Alexander Haunschild, Jonas H. Hamm, Malte Pulmer, Eike Rabenberg, Leif-Magnus Wishöth (all Corporate/M&A) and Dr. Toufic Schilling (Tax).