The dairy processing industry in the Nordics is vital to the region's economy, producing a wide array of products such as milk, cheese, and yogurt. Companies range from large-scale manufacturers to innovative startups focusing on alternative dairy products. With a strong emphasis on sustainability and quality, many firms are exploring plant-based options and greener production methods. This shift is driven by consumer demands for healthier choices and environmental responsibility. The market is poised for growth, especially in alternative dairy, while traditional products continue to thrive amid changing dietary preferences.


This list highlights 12 noteworthy investors in the dairy processing sector, including both corporate entities and private equity firms. Headquartered in Oslo, Stockholm, and Copenhagen, these firms vary in size, from those with smaller teams to large corporations. Founded between 1883 and 2023, they collectively influenced the market through numerous deals—30 investments made by EQT Group alone in 2024. Their commitment to funding innovative dairy and food-related ventures showcases their roles in shaping this dynamic industry.


Top 12 Dairy Processing Investors in the Nordics


1. Orkla ASA

  • Website: orkla.com
  • Type: Corporate
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 2017
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: orkla-asa

Orkla ASA is a leading industrial investment company based in Oslo, Norway, founded in 2017. The company operates across various sectors, including branded consumer goods, aluminium solutions, and financial investments. Orkla offers a diverse range of products, including food, snacks, health, and personal care items, serving both consumers and businesses with high-quality branded goods. In the context of dairy processing, Orkla Food Ingredients has made significant strides by acquiring companies that specialize in dairy ingredients, particularly for ice cream. Notable transactions include the acquisition of Denali Ingredients, which provides a strong foothold in the US ice cream ingredient market, and Hadecoup, enhancing their position in the Benelux region. Additionally, the acquisition of Laan Heiloo, a supplier of ice cream ingredients, further emphasizes Orkla's strategic focus on the dairy processing sector. These transactions highlight Orkla's commitment to expanding its capabilities and offerings within the dairy industry.


2. EQT Group

  • Website: eqtgroup.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 1001-5000
  • Number of deals in 2024: 30
  • LinkedIn: eqt-partners

EQT Group is a prominent investment firm founded in 1994, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Based in Stockholm, Sweden, EQT serves institutional investors by managing diverse investment portfolios across multiple sectors and geographies. Among their notable transactions, EQT Ventures led a $50 million Series A funding round for Formo, an innovative company focused on producing animal-free cheese, highlighting their commitment to sustainable food production. Additionally, EQT has made various acquisitions across different industries, showcasing their broad investment strategy while still engaging in sectors relevant to dairy processing.


3. Mudcake

  • Website: mudcake.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2020
  • Headcount: 1-10
  • Number of deals in 2024: 3
  • LinkedIn: trellisroad

Mudcake is an investment microfund based in Stockholm, Sweden, founded in 2020. The firm specializes in supporting startups in the food industry, providing investment in pre-seed and seed rounds to help founders innovate in food production, distribution, and consumption. Mudcake operates globally and has a diverse portfolio of companies across multiple continents. Notably, they have invested in Stockeld Dreamery, a Swedish alt-dairy startup that raised €16.5 million to develop ambitious cheese products. This investment highlights Mudcake's commitment to the dairy processing sector, particularly in the realm of alternative dairy products. Additionally, they have been involved in other food-related investments, such as Nutropy, which focuses on animal-free cheese, further emphasizing their interest in innovative dairy solutions.


4. Heartcore Capital

  • Website: heartcore.com
  • Type: Venture Capital
  • Headquarters: Copenhagen, Denmark
  • Founded year: 2007
  • Headcount: 11-50
  • Number of deals in 2024: 17
  • LinkedIn: heartcorecapital

Heartcore Capital is a venture capital firm based in Copenhagen, Denmark, founded in 2007. The firm specializes in investing in early-stage technology companies and emphasizes building long-term relationships with entrepreneurs to support their growth. In 2024, Heartcore has already made 17 investments, showcasing their active role in the venture capital landscape. Notably, Heartcore invested in Numi, a French milktech startup that raised €3 million in Seed funding in November 2023. This investment highlights Heartcore's engagement in the dairy processing sector, particularly in innovative solutions within the industry. Their portfolio also includes various other food-related startups, indicating a broader interest in the food technology space.


5. Chalmers Ventures


Chalmers Ventures is a venture builder and tech investor based in Sweden, founded in 2015. They specialize in supporting researchers and entrepreneurs in commercializing deep tech innovations through various programs that provide business guidance, financing, and community networking. Their model emphasizes active ownership and investment in startups, helping them scale and succeed in the market. Notably, Chalmers Ventures has been involved in several transactions relevant to the food sector, including multiple seed rounds for Melt&Marble, which raised significant funds in 2021, 2022, and 2024. Melt&Marble is focused on innovative food technologies, which may include dairy processing solutions. Additionally, they have invested in Aquafood AB, which also aligns with the food industry. These transactions highlight Chalmers Ventures' engagement in sectors that could intersect with dairy processing, showcasing their potential relevance in this area.


6. Aak

  • Website: aak.com
  • Type: Corporate
  • Headquarters: Malmo, Skåne, Sweden
  • Founded year: 2005
  • Headcount: 1001-5000
  • LinkedIn: aak-ab

AAK AB is a food manufacturer based in Malmo, Skåne, Sweden, specializing in vegetable oils and fats. Founded in 2005, AAK serves a wide range of applications in the food industry, including bakery, dairy, and confectionery. The company has made several strategic acquisitions to enhance its capabilities and market presence. Notably, AAK acquired BIC Ingredients, which focuses on lecithin, a product that can be used in dairy applications, thereby strengthening its position in the dairy processing market. Additionally, their acquisition of Soya Group and MaasRefinery B.V. further supports their growth in the food manufacturing sector, which encompasses dairy products. AAK's commitment to providing tailored solutions for enhancing the quality and sustainability of food products aligns with the needs of the dairy processing industry.


7. Kost Capital

  • Website: kostgroup.co
  • Type: Venture Capital
  • Headquarters: Frederiksberg, Frederiksberg, Denmark
  • Founded year: 2023
  • Headcount: 1-10
  • Number of deals in 2024: 4
  • LinkedIn: kost-capital

Kost Capital is a venture capital firm based in Frederiksberg, Denmark, founded in 2023. The firm operates as a food development studio and venture capital fund, focusing on innovative solutions within the food industry. They support food entrepreneurs and researchers in developing new products and technologies, with a strong emphasis on sustainable food systems. Kost Capital has been involved in several transactions, including a notable investment in Numi, a French milktech startup that raised €3 million in Seed funding. This investment highlights their commitment to the dairy processing sector. Additionally, they have participated in funding rounds for other food-related startups, such as Sallea, Foreverland, and Nutrumami, further demonstrating their active role in the food innovation landscape.


8. Polaris Private Equity


Polaris Private Equity is a private equity firm based in Copenhagen, Denmark, founded in 1998. The firm specializes in investment management, focusing on supporting mid-sized companies in the Nordic region through tailored investment strategies, including private equity, flexible capital, and public equity. Polaris partners with management teams to drive growth and operational improvements, helping these companies realize their full potential. Notably, Polaris has been involved in several acquisitions relevant to the dairy processing context, including HAMLET PROTEIN, which they acquired in 2007. This company produces protein products that are significant for the animal feed industry, particularly for dairy cattle. Additionally, their acquisition of Novadan in 2000 and FaunaPharma in 2024 further demonstrates their active role in sectors that can intersect with dairy processing. Their recent acquisition of Sealing System and Salfarm also indicates a broad investment strategy that may encompass companies involved in dairy processing supply chains.


9. Novax

  • Website: novax.se
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1999
  • Headcount: 11-50
  • Number of deals in 2024: 3
  • LinkedIn: novax-ab

Novax is a Stockholm-based venture capital firm founded in 1999, specializing in supporting and developing small and medium-sized growth companies across various sectors, including health, technical security, sustainable food, and digital retail infrastructure. In recent years, Novax has made significant investments in the food industry, including the acquisition of Louis François SAS, a French developer of specialty functional ingredients, aimed at expanding their network of specialized food businesses. They also acquired MSK Ingredients, a UK-based leader in specialty ingredients for the food industry, which enhances their position in food ingredient innovation. Additionally, Novax participated in a growth financing round for Prolupin, a plant-based protein company, indicating their commitment to sustainable food solutions. These transactions highlight Novax's active role in the food sector, which encompasses dairy processing.


10. Alfa Laval

  • Website: alfalaval.com
  • Type: Corporate
  • Headquarters: Lund, Skåne, Sweden
  • Founded year: 1883
  • Headcount: 10001+
  • LinkedIn: alfa-laval

Alfa Laval is a corporate investor based in Lund, Skåne, Sweden, founded in 1883. The company specializes in manufacturing and engineering solutions for heat transfer, separation, and fluid handling, serving a variety of industries including food processing, marine, and pharmaceuticals. Their extensive product range and global service network support businesses in optimizing operations and meeting environmental standards. Notably, Alfa Laval has made several strategic acquisitions, such as Hutchison Hayes Separation, which enhances their offerings in separation equipment, and Desmet, which focuses on processing plants for edible oils and biofuels. While these transactions are not directly in the dairy sector, the technologies and solutions provided by Alfa Laval are highly relevant to dairy processing, making them a significant player in the industry.


11. Procuritas

  • Website: procuritas.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1986
  • Headcount: 11-50
  • LinkedIn: procuritas-ab

Procuritas is a private equity investment firm based in Stockholm, Sweden, founded in 1986. The firm specializes in private equity and growth capital investments, partnering with entrepreneurs and business owners to provide capital and strategic guidance aimed at achieving market leadership. Their portfolio includes a diverse range of industries, reflecting a commitment to fostering long-term growth. Notably, Procuritas has been involved in significant transactions such as the acquisition of Gram Equipment AS, a leading supplier of advanced ice cream machines, which highlights their engagement in the dairy processing sector. Additionally, they have acquired companies like Norvida AB and DSI Freezing Solutions A/S, further showcasing their investment strategy in sectors that may intersect with dairy processing.


12. Munters

  • Website: munters.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1955
  • Headcount: 1001-5000
  • Number of deals in 2024: 4
  • LinkedIn: munters

Munters is a climate control solutions provider founded in 1955, headquartered in Stockholm, Sweden. The company specializes in energy-efficient products for industrial and agricultural applications, including dehumidifiers, air cleaning systems, and cooling solutions. Munters serves a diverse range of sectors, including food agriculture, where precise climate control is crucial for enhancing productivity and sustainability. Notably, Munters has made significant acquisitions that bolster its presence in the agricultural sector, such as the acquisition of Reventa, a German company focused on climate control systems for livestock buildings, which strengthens their position in the swine segment. Additionally, their acquisition of Hotraco, a Dutch developer of control systems for agriculture, further enhances their FoodTech portfolio. These transactions highlight Munters' commitment to providing innovative solutions that can benefit dairy processing operations by ensuring optimal environmental conditions.



Dairy Processing Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
Orkla ASAOslo, Oslo, Norway10001+20171
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
MudcakeStockholm, Stockholm, Sweden1-1020203
Heartcore CapitalCopenhagen, Denmark11-50200717
Chalmers VenturesSweden11-50201526
AakMalmo, Skåne, Sweden1001-500020050
Kost CapitalFrederiksberg, Frederiksberg, Denmark1-1020234
Polaris Private EquityCopenhagen, Denmark51-20019984
NovaxStockholm, Stockholm, Sweden11-5019993
Alfa LavalLund, Skåne, Sweden10001+18830
ProcuritasStockholm, Stockholm, Sweden11-5019860
MuntersStockholm, Stockholm, Sweden1001-500019554


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