The outdoor apparel industry in the Nordics is characterized by a deep connection to nature, as companies design functional and sustainable clothing for outdoor enthusiasts. Brands cater to demanding climates, offering everything from high-performance jackets to technical footwear, supporting activities like hiking, skiing, and camping. With increasing consumer awareness around climate change and sustainable materials, the industry is rapidly evolving towards more eco-friendly products. By embracing innovative technologies and production methods, Nordic companies are positioning themselves for growth in both local and international markets, showcasing their commitment to quality and environmental responsibility.


This list of investors includes a mix of private equity firms, corporate entities, and venture capitalists, all based in the Nordics. Most investors are situated in Sweden, with a few notable firms in Norway and Finland. Founded between the late 1980s and the early 2000s, these firms vary in size, from small teams to large organizations with hundreds of employees. In 2024, the investors made a combined total of more than sixty investments, revealing a robust interest in the outdoor apparel sector and demonstrating confidence in its continued growth potential.


Top 12 Outdoor Apparel Investors in the Nordics


1. Verdane

  • Website: verdane.com
  • Type: Private Equity
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 1985
  • Headcount: 51-200
  • Number of deals in 2024: 7
  • LinkedIn: verdane-capital

Verdane is a private equity investment firm based in Oslo, Norway, founded in 1985. The firm specializes in growth equity investments, primarily targeting technology-enabled companies. Verdane provides capital and hands-on support to help businesses scale, with a focus on digitalization and decarbonization trends. In the outdoor apparel context, Verdane has made notable investments, including the acquisition of Silva, a company known for its niche outdoor sports equipment, and Maskinklippet.se, which aims to create a leading Nordic e-tailer in forestry, gardening, hunting, and outdoor products. Additionally, Verdane's investment in Outnorth further highlights their engagement in the outdoor sector. These transactions reflect Verdane's commitment to supporting and growing companies within the outdoor apparel and equipment market.


2. Altor Equity Partners

  • Website: altor.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2003
  • Headcount: 51-200
  • Number of deals in 2024: 6
  • LinkedIn: altor

Altor Equity Partners is a private equity investment management firm based in Stockholm, Sweden, founded in 2003. The firm specializes in providing consulting services across various sectors, including technology and consumer products, with a focus on enhancing operational efficiency and sustainable growth for its partners. Altor has made significant investments in the outdoor apparel industry, including the acquisition of Rossignol, a prominent brand known for its outdoor sports equipment and apparel. Additionally, they have invested in XXL Sport & Villmark, a retailer specializing in outdoor sports gear, and Dale of Norway, which is renowned for its high-quality woolen apparel. These transactions highlight Altor's commitment to the outdoor apparel sector and their strategy of supporting brands that align with their vision of sustainable growth and operational excellence.


3. 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 various sectors and geographies. Notably, EQT has made significant investments in the outdoor apparel industry, including the acquisition of Lundhags skomakarna in December 2006, a company known for its outdoor clothing and gear. In June 2010, EQT also acquired a majority stake in XXL Sport & Villmark, a leading sports retail chain in the Nordic region, further solidifying their presence in the outdoor apparel market. These strategic investments highlight EQT's commitment to expanding its portfolio in the outdoor and sports sectors, showcasing their expertise in managing investments that cater to outdoor enthusiasts.


4. Almi

  • Website: almi.se
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 201-500
  • Number of deals in 2024: 7
  • LinkedIn: almi-ab

Almi AB is a financial services company based in Stockholm, Sweden, founded in 1994. It specializes in providing loans, risk capital, and business development support to small and medium-sized enterprises (SMEs) in Sweden. Almi aims to enhance the growth and competitiveness of these businesses through tailored financial solutions and guidance. Notably, Almi has participated in several transactions within the outdoor apparel sector, including a $2M investment in Elevenate, a Swedish fashion manufacturer and retailer focused on outdoor clothing, and a $553,716 investment in Kittelfjall, which also operates in the outdoor apparel market. Additionally, Almi has invested in other companies like Tini Garments, which, while not explicitly outdoor-focused, contributes to the broader apparel industry. These transactions highlight Almi's engagement in the outdoor apparel space, reinforcing their relevance as an investor in this sector.


5. eEquity

  • Website: eequity.se
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2010
  • Headcount: 11-50
  • LinkedIn: eequity

eEquity is a Stockholm-based venture capital firm founded in 2010, specializing in growth equity with a focus on digitally enabled business models primarily in the Nordics. The firm partners with entrepreneurs in the technology and retail sectors, providing capital and strategic support to help them scale their businesses into regional and global leaders. Notably, eEquity has invested in Aim'n, which raised $6.6 million in a venture round in March 2020, indicating their engagement in the outdoor apparel market. Additionally, they invested in PS of Sweden, a retail business that raised SEK 50 million (approximately $5.8 million) in August 2020, further showcasing their involvement in the apparel industry. Other investments include SON OF A TAILOR and John Henric, both of which are relevant to the apparel sector, highlighting eEquity's diverse portfolio that includes outdoor and fashion-related companies.


6. Nordic Capital

  • Website: nordiccapital.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1989
  • Headcount: 201-500
  • Number of deals in 2024: 10
  • LinkedIn: nordic-capital

Nordic Capital is a private equity firm based in Stockholm, Sweden, founded in 1989. The firm specializes in investments across various sectors, including healthcare and technology, while also focusing on creating long-term value and sustainability in its portfolio companies. Notably, Nordic Capital has made significant investments in the outdoor and sports apparel context, including the acquisition of Thule Group AB, a company recognized for its outdoor products and gear. Additionally, they reacquired Ellos Group, a leading Nordic e-commerce group, which may include outdoor apparel offerings. Their investment in Unisport, a retailer specializing in sports equipment, further highlights their engagement in the outdoor and sports apparel market. Nordic Capital partners with management teams to drive growth and operational improvements, making them a strategic player in the sectors they invest in.


7. New Wave Group

  • Website: nwg.se
  • Type: Corporate
  • Headquarters: Gothenburg, Västra Götaland, Sweden
  • Founded year: 1990
  • Headcount: 1001-5000
  • LinkedIn: new-wave-group

New Wave Group AB is a clothing manufacturer and brand owner based in Gothenburg, Sweden, specializing in creating, acquiring, and developing brands and products across various sectors, including corporate, sports, gifts, and home. Founded in 1990, the company has made significant strides in the outdoor apparel industry through strategic acquisitions. Notably, in June 2023, New Wave Group acquired Tenson AB, an outdoor brand, for SEK 1, aiming to leverage Tenson's brand value and enhance their performance in the outdoor segment. Additionally, they have acquired Craft North America, which is known for its performance apparel, further solidifying their commitment to the outdoor and sportswear markets. These transactions highlight New Wave Group's active role in the outdoor apparel industry, making them a relevant investor in this space.


8. Amer Sports

  • Website: amersports.com
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1950
  • Headcount: 10001+
  • LinkedIn: amer-sports

Amer Sports, Inc. is a prominent sporting goods manufacturer and retailer based in Helsinki, Finland, founded in 1950. The company offers a diverse range of products, including sporting equipment, footwear, and apparel through its well-known brands like Salomon and Wilson. Amer Sports serves athletes and outdoor enthusiasts globally, providing high-quality gear designed to enhance performance and enjoyment in various sports. Notably, Amer Sports has made strategic acquisitions to strengthen its position in the outdoor apparel market, including the acquisition of Peak Performance, a Swedish sportswear brand, for 255 million euros in 2018, aimed at enhancing its presence in the softgoods segment. Additionally, the acquisition of Salomon, an action and outdoor sports business, from adidas, further solidifies Amer's commitment to the outdoor apparel industry. Furthermore, the acquisition of Armada Skis in 2017, which focuses on winter sports, showcases Amer's dedication to expanding its portfolio in outdoor sports-related products. These transactions highlight Amer Sports' active role in the outdoor apparel sector.


9. Adelis Equity Partners


Adelis Equity Partners is a private equity firm based in Stockholm, Sweden, founded in 2012. The firm focuses on growing businesses in the Nordic region and provides investment management and strategic consulting services across various sectors, including technology, healthcare, and business services. Notably, Adelis has made significant investments in the outdoor apparel industry, acquiring Didriksons, a prominent brand known for its outdoor clothing, in July 2018. They also acquired a 70% stake in Intersport Sweden, a major retailer of sportswear and sporting equipment, in June 2015. These transactions highlight Adelis's commitment to the outdoor apparel sector, showcasing their strategy of partnering with companies that have strong growth potential in this market.


10. Herkules Capital


Herkules Capital is a private equity firm based in Oslo, Norway, founded in 2002. The firm specializes in managing investments in established companies with strong growth potential across various sectors, including energy, consumer goods, healthcare, services, and industrial technology. Notably, Herkules Capital has made significant investments in the outdoor apparel sector, including the acquisition of ODLO Sports Group, a company renowned for its sportswear, in 2017. They also participated in a funding round for Didriksons, a brand recognized for its outdoor clothing. Furthermore, their acquisition of Beckmann AS, a leading provider of school backpacks, showcases their interest in consumer goods related to outdoor activities. These transactions highlight Herkules Capital's commitment to investing in companies that cater to outdoor enthusiasts and the broader consumer market.


11. Accent Equity


Accent Equity is a private equity firm based in Stockholm, Sweden, founded in 1994. The firm specializes in investments in private Nordic companies, focusing on enhancing the value of its portfolio through strategic management and investment. Accent Equity aims to create sustainable growth and superior returns for its clientele across various sectors. Notably, they have been involved in several relevant transactions in the outdoor apparel context, including the acquisition of Mont Blanc in 2007, a company recognized for its outdoor gear and apparel. Additionally, they acquired HOOKS HASTSPORT in 2011, which also operates in the outdoor sports sector. These transactions highlight Accent Equity's engagement in the outdoor apparel industry, making them a significant player in this market.


12. Nalka

  • Website: nalka.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2015
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: nalka

Nalka is a private equity investment firm based in Stockholm, Sweden, founded in 2015. The firm specializes in developing independent companies in the Nordic and DACH regions, providing investment management and strategic support to small- and medium-sized businesses. Nalka emphasizes sustainable growth and responsible ownership in its investment approach. Notably, Nalka has been involved in several acquisitions that may relate to the outdoor apparel industry, including the acquisition of Open Air Group in 2016 and HOOKS HASTSPORT in 2014. These transactions suggest a potential interest in companies that could be linked to outdoor activities and apparel, although the specific nature of these companies' operations is not detailed. Overall, Nalka's investment strategy and past transactions indicate a possible alignment with the outdoor apparel sector.



Outdoor Apparel Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
VerdaneOslo, Oslo, Norway51-20019857
Altor Equity PartnersStockholm, Stockholm, Sweden51-20020036
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
AlmiStockholm, Stockholm, Sweden201-50019947
eEquityStockholm, Stockholm, Sweden11-5020100
Nordic CapitalStockholm, Stockholm, Sweden201-500198910
New Wave GroupGothenburg, Västra Götaland, Sweden1001-500019900
Amer SportsHelsinki, Uusimaa, Finland10001+19500
Adelis Equity PartnersStockholm, Stockholm, Sweden11-5020123
Herkules CapitalOslo, Oslo, Norway11-5020020
Accent EquityStockholm, Stockholm, Sweden11-5019944
NalkaStockholm, Stockholm, Sweden11-5020151


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