Consolid Equity

About Consolid Equity

Consolid Equity AB (formerly Capillar Equity until a 2024 rebrand) is a Swedish lower-mid-market private equity firm headquartered at Riddargatan in Stockholm. The firm was founded in 2019 by the partners of Capillar Advisory (Johan Nylén, Johan Säll, Patrik Egeland, Mikael Ludvigson and Petter Hakanson), with founding CEO Johan Nylén positioning the platform as a buy-and-build specialist focused on B2B services. The firm is chaired by Ann Krumlinde, the former CEO of Danske Bank Sweden. Assets under management as of December 2024 are not publicly disclosed in primary sources. The firm operates three fund vehicles: Capillar Equity Fund I (2019, fully invested), Consolid Equity II (raised 2021 to 2022) and Consolid Equity III (raised 2024). Across all three vintages, Consolid claims more than 300 add-on acquisitions through its platform-and-buy-build approach. The firm leadership team comprises eight investment professionals. The firm rebranded from Capillar Equity to Consolid Equity in 2024 to reflect its consolidation thesis. Consolid Equity manages capital on behalf of institutional LPs and is regulated under the Swedish Financial Supervisory Authority.

Investment thesis

Consolid Equity pursues an accelerated buy-and-build strategy targeting B2B services platforms across the Nordics and Northern Europe. The firm anchors each fund around five to seven platform investments in fragmented business-services verticals, then drives rapid horizontal consolidation through tuck-in acquisitions, typically 20 to 60 add-ons per platform executed within a three-to-five-year holding period. Target sectors include tax and transaction advisory, intellectual property advisory, education and staffing, technical building services (pipework, plumbing, gas), roadside assistance and adjacent professional and commercial services. Geography concentrates on Sweden, Norway, Finland and Denmark with selective expansion into the Netherlands, Belgium and the wider Northern European corridor. Ticket sizes are not publicly disclosed but the lower-mid-market positioning implies platform equity tickets of approximately SEK 50 to 300 million with add-on cheques flexed against bolt-on size. The limited partner base is institutional but not publicly broken out by name, with strong demand from existing investors plus new institutional commitments raising Fund II and Fund III. Value creation rests on building platform management teams with sector-specialist CEOs and disciplined M&A pipelines, digitising operations and integrating bolt-ons under shared back-office and brand systems, and developing Nordic champions that command strategic premiums or appeal to upper-mid-market sponsors at exit.

Recent activity