Nordic Capital
Stockholm, SwedenNordic Capital is a leading Nordic/European private equity (buyout) firm founded in 1989, focused on Healthcare, Technology & Payments, Financial Services, and Services & Industrial Tech; it has invested EUR 29.5bn in over 155 companies since inception across 13 funds.
Nordic Capital is a Stockholm buyout firm with €39.0B AUM, 61 active companies and 93 exits.
- ·20 exits in the last 5 years · consistent DPI cadence.
- ·Average hold across 92 realized deals: 6 years.
- ·Best return: 3.0x MOIC on FinnvedenBulten (2011).
- ·Fund cadence: ~5Y between vintages · last raise 2023.
Sector breakdown
154 companiesGeography breakdown
11 geographiesKey facts
Recent exits
Nordic Capital sold Clario to Thermo Fisher Scientific in 2026 after 10 years.
Nordic Capital sold Resman to SLB (Schlumberger) in 2026 after 11 years.
Nordic Capital sold Greenfood to Fidelio Capital in 2025 after 7 years.
Nordic Capital took NOBA Bank Group public in 2025 after 8 years.
Coverage notes
7 funds tracked, 154 portfolio companies (61 active · 93 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund Nordic Capital has raised, with its portfolio companies. Hand-checked from public filings.
Nordic Capital Fund XIBuyout2023€9.0B15 assetsBuyout2023 · 3yr€9.0B15–
Unrealized
15 held| Company | Entry |
|---|---|
| Autocirc Mobility · Sweden | 2023 |
| BMLL Data & Analytics · UK | 2025 |
| BRP Systems SaaS · Sweden | 2024 |
| Corpuls MedTech · Germany | 2023 |
| Evosep MedTech · Denmark | 2025 |
| Foxway IT Services · Sweden | 2023 |
| Hargreaves Lansdown Fintech · UK | 2025 |
| Hjo Installation Construction · Sweden | 2023 |
| IntegriChain HealthTech · US | 2023 |
| Minerva Imaging HealthTech · Denmark | 2024 |
| Qred Fintech · Sweden | 2023 |
| RiskPoint InsurTech · Denmark | 2024 |
| SE Gruppe Business Services · Denmark | 2023 |
| Sensio HealthTech · Norway | 2024 |
| Soltech ClimateTech · Sweden | 2024 |
Nordic Capital Fund XHarvestingBuyout2020€6.1B20 assetsBuyout2020 · 6yr€6.1B20–
Unrealized
20 held| Company | Entry |
|---|---|
| Advanz Pharma Pharma · UK | 2021 |
| Ascot Lloyd Financials · UK | 2022 |
| Bilthouse Fintech · Germany | 2022 |
| Boost.ai AI/ML · Norway | 2021 |
| Care Fertility Healthcare · UK | 2022 |
| Cytel Data & Analytics · US | 2020 |
| Duco SaaS · UK | 2021 |
| Equashield MedTech · US | 2022 |
| Equipe Zorgbedrijven Healthcare · Netherlands | 2021 |
| Inovalon HealthTech · US | 2021 |
| LEO Pharma Pharma · Denmark | 2021 |
| One Inc InsurTech · US | 2022 |
| ProGlove Logistics · Germany | 2021 |
| Regnology SaaS · Germany | 2020 |
| RLDatix HealthTech · UK | 2020 |
| Sambla Group Fintech · Sweden | 2021 |
| Siteimprove SaaS · Denmark | 2022 |
| Sortera Business Services · Sweden | 2021 |
| Surgical Information Systems HealthTech · US | 2021 |
| Zafin Fintech · Canada | 2022 |
Nordic Capital Fund IXHarvestingBuyout201815 assets7 exitsBuyout2018 · 8yr–157
Unrealized
15 held| Company | Entry |
|---|---|
| Anaqua SaaS · US | 2019 |
| ArisGlobal SaaS · US | 2019 |
| Board International SaaS · Switzerland | 2019 |
| Conscia Cybersecurity · Denmark | 2019 |
| DPH Healthcare · Germany | 2018 |
| European Dental Group Healthcare · Netherlands | 2018 |
| iLOQ Construction · Finland | 2019 |
| Ober Scharrer Gruppe Healthcare · Germany | 2018 |
| Orchid Orthopedic Solutions MedTech · US | 2019 |
| Prospitalia Group TMT · Germany | 2018 |
| Signicat Fintech · Norway | 2019 |
| Tecomet (formerly Orchid Orthopedic Solutions) MedTech · US | 2019 |
| Trustly Fintech · Sweden | 2018 |
| United Veterinary Care Healthcare · Sweden | 2018 |
| Vivecti Group Healthcare · Germany | 2018 |
Realized
7 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Cary Group Business Services · Sweden | 2018 | 2021 | IPO | – | – |
| Consilium Safety Group Industrials · Sweden | 2019 | 2023 | Secondary | Antin Infrastructure Partners | – |
| Greenfood Consumer · Sweden | 2018 | 2025 | Trade Sale | Fidelio Capital | – |
| Macrobond Data & Analytics · Sweden | 2018 | 2023 | Trade Sale | Francisco Partners | – |
| Macrobond (1) Data & Analytics · Sweden | 2018 | 2023 | Trade Sale | Francisco Partners | – |
| MFEX Fintech · Sweden | 2019 | 2021 | Trade Sale | Euroclear | – |
| Ryan Specialty InsurTech · US | 2018 | 2021 | IPO | – | – |
Nordic Capital Fund VIIIHarvestingBuyout20139 assets22 exitsBuyout2013 · 13yr–922
Unrealized
9 held| Company | Entry |
|---|---|
| Alloheim Group Healthcare · Germany | 2017 |
| GHD Healthcare · Germany | 2014 |
| Intrum Financials · Sweden | 2014 |
| Lindorff Group Business Services · Norway | 2014 |
| Max Matthiessen Financials · Sweden | 2014 |
| Max Matthiessen (1) Financials · Sweden | 2014 |
| Ole & Steen Hospitality · Denmark | 2017 |
| Ryds Bilglas Business Services · Sweden | 2017 |
| Vizrt Software · Norway | 2015 |
Realized
22 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Acino Pharma · Switzerland | 2013 | 2017 | Trade Sale | Arab Investors-TA consortium | – |
| AniCura Healthcare · Sweden | 2014 | 2018 | Trade Sale | Mars Inc | – |
| Bambora Fintech · Sweden | 2014 | 2017 | Trade Sale | Ingenico | – |
| Bladt Industries Construction · Denmark | 2015 | 2023 | Trade Sale | CS WIND | – |
| Brink Group Mobility · Netherlands | 2014 | 2015 | Secondary | H2 Equity Partners | – |
| Chromaflo Technologies Industrials · US | 2015 | 2016 | Secondary | American Securities | – |
| Cint Data & Analytics · Sweden | 2016 | 2021 | IPO | – | – |
| Clario HealthTech · US | 2016 | 2026 | Trade Sale | Thermo Fisher Scientific | – |
| Ellos Group E-commerce · Sweden | 2013 | 2019 | Trade Sale | FNG | – |
| ERT (1) HealthTech · US | 2016 | 2019 | Secondary | Astorg | – |
| Gina Tricot Consumer · Sweden | 2014 | 2020 | Trade Sale | Frankenius Equity | – |
| Lindorff Financials · Norway | 2014 | 2017 | Trade Sale | Intrum | – |
| NOBA Bank Group Financials · Sweden | 2017 | 2025 | IPO | – | – |
| Nordnet Fintech · Sweden | 2017 | 2020 | IPO | – | – |
| Ober Scharrer Healthcare · Germany | 2017 | 2022 | Secondary | PAI Partners | – |
| Quant Business Services · Sweden | 2014 | 2020 | Secondary | Permira Credit | – |
| Resman Energy · Norway | 2015 | 2026 | Trade Sale | SLB (Schlumberger) | – |
| Sunrise Medical MedTech · Germany | 2015 | 2021 | Trade Sale | Platinum Equity | – |
| Unifeeder Logistics · Denmark | 2013 | 2018 | Trade Sale | DP World | – |
| Unisport Consumer · Denmark | 2015 | 2024 | Trade Sale | R-GOL (Innova Capital) | – |
| Veonet Group (Ober Scharrer Group) Healthcare · Germany | 2017 | 2022 | Secondary | PAI Partners and Ontario Teachers' Pension Plan | – |
| Vizrt (1) Software · Norway | 2015 | 2021 | Continuation Vehicle | Nordic Capital-led consortium (Goldman Sachs AM Vintage Funds, Pantheon, Coller Capital) | – |
Nordic Capital Fund VIIRealizedBuyout20082 assets17 exitsBuyout2008 · 18yr–217
Unrealized
2 held| Company | Entry |
|---|---|
| Bladt Industries A/S Construction · Denmark | 2012 |
| CPS Color TMT · Finland | 2008 |
Realized
17 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Ahlsell Construction · Sweden | 2012 | 2016 | IPO | – | – |
| Anticimex Business Services · Sweden | – | 2006 | Secondary | Ratos | – |
| Atos Medical MedTech · Sweden | 2011 | 2016 | Secondary | PAI Partners | – |
| Binding Site MedTech · UK | 2011 | 2023 | Trade Sale | Thermo Fisher Scientific | – |
| Britax/MAX-INF Consumer · UK | 2011 | 2020 | – | – | – |
| ConvaTec MedTech · UK | 2008 | 2016 | IPO | – | – |
| Corob Industrials · Italy | 2008 | 2016 | Secondary | Wise SGR | – |
| EG IT Services · Denmark | 2008 | 2013 | Trade Sale | Axcel | – |
| Europris Consumer · Norway | 2012 | 2015 | IPO | – | – |
| Handicare MedTech · Sweden | 2010 | 2017 | IPO | – | – |
| Itiviti Fintech · Sweden | 2012 | 2021 | Trade Sale | Broadridge Financial Solutions | – |
| Macro Offshore Energy · Norway | 2009 | 2021 | – | – | – |
| Munters Energy · Sweden | 2010 | 2017 | IPO | – | – |
| Resurs Group Fintech · Sweden | 2012 | 2016 | IPO | – | – |
| SafeRoad Construction · Norway | 2008 | 2018 | Secondary | FSN Capital V | – |
| SiC Processing Industrials · Germany | 2010 | 2012 | – | – | – |
| Tokmanni Consumer · Finland | 2012 | 2016 | IPO | – | – |
Nordic Capital Fund VIRealizedBuyout20060 assets7 exitsBuyout2006 · 20yr–07
Realized
7 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Brightpoint Telecom · US | 2006 | 2007 | Trade Sale | Brightpoint, Inc. | – |
| Capio Healthcare · Sweden | 2006 | 2015 | IPO | – | – |
| Menigo Logistics · Sweden | 2006 | 2010 | Trade Sale | Brakes Group | – |
| Nefab Industrials · Sweden | 2007 | 2014 | Trade Sale | Nordgren/Pihl founding family | – |
| Permobil MedTech · Sweden | 2006 | 2013 | Trade Sale | Investor AB | – |
| Thule Consumer · Sweden | 2007 | 2014 | IPO | – | – |
| Unilabs Healthcare · Switzerland | 2007 | 2017 | Trade Sale | Apax Partners | – |
Nordic Capital (early funds)RealizedBuyout19910 assets40 exitsBuyout1991 · 35yr–040
Realized
40 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Aditro HR Tech · Sweden | 2004 | 2013 | Trade Sale | R12 Kapital | – |
| BE Group Industrials · Sweden | 1999 | 2006 | IPO | – | – |
| Biovitrum Biotech · Sweden | 2001 | 2006 | IPO | – | – |
| BT Industries Logistics · Sweden | 1994 | 1995 | IPO | – | – |
| Bufab Industrials · Sweden | 2005 | 2014 | IPO | – | – |
| C More Group TMT · Sweden | 2003 | 2005 | Trade Sale | SBS Broadcasting | – |
| Candelia Consumer · Sweden | 1993 | 1994 | Trade Sale | Cloetta | – |
| Cloetta Consumer · Sweden | 2005 | 2013 | IPO | – | – |
| Dynal Biotech Biotech · Norway | 2001 | 2005 | Trade Sale | Invitrogen | – |
| Elmo Leather Mobility · Sweden | 1994 | 2004 | MBO | Nalle Johansson and Anders Bengtsson | – |
| Essex Industrials · Sweden | 1998 | 2000 | Trade Sale | Sanmina Corporation | – |
| Falck Business Services · Denmark | 2004 | 2011 | Trade Sale | Lundbeck Foundation and KIRKBI consortium | – |
| FinnvedenBulten Mobility · Sweden | 2005 | 2011 | IPO | – | 3.0x |
| Fougera Pharmaceuticals Inc. (formerly Nycomed US Inc.) Pharma · US | 2005 | 2012 | Trade Sale | Sandoz (Novartis) | – |
| Fritidsresor Group Hospitality · Sweden | 1995 | 1998 | Trade Sale | Thomson Travel Group | – |
| Gislaved Folie Industrials · Sweden | 1994 | 2003 | Trade Sale | Stena Adactum | – |
| Guide Konsult IT Services · Sweden | 2001 | 2006 | Trade Sale | EDB Business Partner | – |
| Hilding Anders Consumer · Sweden | 1997 | 2003 | Trade Sale | Investcorp | – |
| Intentia SaaS · Sweden | 1990 | 1996 | IPO | – | – |
| KappAhl Consumer · Sweden | 2004 | 2006 | IPO | – | – |
| Karlshamns FoodTech · Sweden | 1994 | 2005 | Trade Sale | Aarhus United | – |
| Kompan Consumer · Denmark | 2005 | 2014 | MBO | Christian Dyvig, PFA pension fund and KOMPAN management | – |
| Liber Education · Sweden | 1990 | 1993 | Trade Sale | Wolters Kluwer | – |
| Luvata Industrials · Finland | 2005 | 2014 | Trade Sale | Mitsubishi Materials | – |
| Marioff Construction · Finland | 2001 | 2007 | Trade Sale | United Technologies | – |
| Molnlycke Health Care MedTech · Sweden | 1997 | 2007 | Trade Sale | Investor AB | – |
| Nopco Paper Technology Industrials · Norway | 1999 | 2007 | Secondary | Management and Glitnir | – |
| Nybron Flooring Construction · Sweden | 2000 | 2005 | Secondary | Vestar Capital Partners | – |
| Nycomed Pharma · Switzerland | 2002 | 2011 | Trade Sale | Takeda | – |
| Nycomed Pharma Pharma · Switzerland | 2002 | 2011 | Trade Sale | Takeda | – |
| Plastal Mobility · Sweden | 2005 | 2009 | – | – | – |
| Point (Point Transaction Systems) Fintech · Sweden | 2004 | 2011 | Trade Sale | VeriFone | – |
| Point International Fintech · Sweden | 2004 | 2011 | Trade Sale | VeriFone | – |
| Reynolds Industrials · Sweden | 1999 | 2005 | Trade Sale | Klöckner Distribution Industrielle | – |
| S.a.t.s Consumer · Norway | 2002 | 2006 | Trade Sale | TryghedsGruppen | – |
| Skrivab Business Services · Sweden | 1993 | 1996 | Trade Sale | – | – |
| Sonion MedTech · Denmark | 2000 | 2008 | Trade Sale | Technitrol | – |
| Starkki Construction · Finland | 1999 | 2000 | Trade Sale | DT Group (Danske Traelast) | – |
| Unomedical MedTech · Denmark | 2005 | 2008 | Trade Sale | ConvaTec (Avista Capital) | – |
| Wilson Logistics Group Logistics · Sweden | 1999 | 2004 | Trade Sale | TPG N.V. (TNT) | – |
About Nordic Capital
Nordic Capital is a Nordic private equity firm with €34 billion of assets under management across 13 active funds as of December 2024, headquartered in Stockholm with offices across the Nordics, Frankfurt, London, New York and Asia. The firm was founded in 1989 as an independent partner-owned platform built around operational value creation, and has expanded from a Nordic-focused mid-market specialist into a global mid-market and upper-mid-market buyout franchise. Nordic Capital Evolution II closed at its €2 billion hard cap in December 2024.
Investment thesis
Nordic Capital deploys capital through 13 active funds spanning Nordic Capital flagship buyout (Fund XI investing at €9 billion, Fund X, Fund IX) and Evolution mid-market platform (€3.2 billion committed across Evolution I and II), with strategic focus on healthcare, technology and payments, financial services and services and industrial tech. Geographic deployment combines Nordic core with selective expansion into DACH, UK, North America and Asia from 11 offices across three continents. The firm's operational excellence engine drives approximately 80% of value creation through portfolio earnings growth rather than financial engineering, with five PEI Operational Excellence Awards and top UNPRI ESG scores reflecting the differentiated approach.
Recent activity
Recent realised exits include Clario (healthcare, 2025, announced as the largest global healthcare PE exit of the year), NOBA (financial services IPO, 2024), Sunrise Medical (healthcare and medical devices, 2024) and an additional healthcare realisation in 2024. Recent acquisitions include Evosep (life sciences and proteomics, 2025), Arcadia (healthcare data analytics, 2025) and IntegriChain (healthcare and pharma tech, 2024). Nordic Capital continues to deploy capital across its Fund XI vintage while expanding the Evolution mid-market platform.
Frequently asked questions
- What investment strategy does Nordic Capital focus on?
- Nordic Capital focuses on Buyout strategies in the private equity space.
- How many portfolio companies does Nordic Capital have?
- Nordic Capital has 61 active portfolio companies and 93 completed exits and 7 funds tracked on GP Intel.
- Where is Nordic Capital headquartered?
- Nordic Capital is headquartered in Stockholm, Sweden.
- What is Nordic Capital's assets under management?
- Nordic Capital manages approximately €39.0B in assets under management.
- When was Nordic Capital founded?
- Nordic Capital was founded in 1989.
- What sectors does Nordic Capital invest in?
- Nordic Capital invests across Healthcare, TMT, Financials, Business Services.
- What are Nordic Capital's recent exits?
- Recent realized exits by Nordic Capital include: Clario (2026) to Thermo Fisher Scientific; Resman (2026) to SLB (Schlumberger); Greenfood (2025) to Fidelio Capital; Unisport (2024) to R-GOL (Innova Capital); Consilium Safety Group (2023) to Antin Infrastructure Partners; Macrobond (2023) to Francisco Partners; Macrobond (1) (2023) to Francisco Partners; Bladt Industries (2023) to CS WIND.
Similar firms
Other private equity firms tracked on GP Intel.
