The over-the-counter (OTC) drugs distribution industry in the Nordics is vital for providing consumers with easy access to medications without prescriptions. This sector features pharmacies, retailers, and online platforms offering a range of health products, from pain relievers to vitamins. The region's focus on health and wellness has intensified demand for OTC products, further propelled by trends towards self-medication and preventive care. As e-commerce continues to grow, companies are increasingly adapting to digital sales, expanding their reach and product offerings, striving to meet the evolving needs of consumers who prioritize convenience and health management.


The investors listed here reflect a mix of private equity and venture capital firms from Stockholm, Copenhagen, and Helsinki. Spanning from large firms like EQT Group to smaller, nimble entities like Centripetal, these investors have backed a total of 12 companies in the OTC sector in the past year. Though all firms are relatively small in absolute size, they exhibit expertise and strategic focus in the healthcare region, with investments dating back to as early as 1989, pointing to a stable commitment to this market.


Top 12 Over-the-Counter Drugs Distribution Investors in the Nordics


1. 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. Almi aims to enhance the growth and competitiveness of these businesses through tailored financial solutions and guidance. In recent years, Almi has been involved in several transactions within the pharmaceutical sector, including a SEK 2.9 million investment in TIRmed Pharma, a startup focused on pharmaceutical innovations, and a seed round investment in Prolevi Bio. These transactions highlight Almi's engagement in the pharmaceutical industry, which may include over-the-counter drugs distribution, thereby showcasing their potential relevance in this sector.


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 based in Stockholm, Sweden, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Founded in 1994, EQT serves institutional investors by providing expertise in managing diverse investment portfolios across multiple sectors and geographies. Among their notable transactions, EQT acquired Karo Healthcare in January 2019 for approximately $685 million, a company that plays a role in the distribution of healthcare products. Additionally, they acquired Fertin Pharma, a Danish manufacturer of medicated chewing gum, which aligns with the over-the-counter drugs market. Their acquisition of Galderma, a leading global dermatology company, further emphasizes their investment strategy in the healthcare sector. These transactions highlight EQT's active involvement in the pharmaceutical and healthcare industries, making them a significant player in the over-the-counter drugs distribution landscape.


3. 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, with a strong focus on healthcare and technology. Nordic Capital partners with management teams to drive growth and operational improvements in its portfolio companies, aiming to create long-term value and sustainability. Notably, Nordic Capital has made significant investments in the healthcare sector, including a joint investment in Advanz Pharma, a global pharmaceutical company, to support its growth and development. They previously acquired Advanz Pharma for $846 million, emphasizing their commitment to enhancing its pipeline of innovative specialty pharmaceutical products. Additionally, Nordic Capital has invested in other healthcare-related companies, showcasing their active role in the pharmaceutical industry, which encompasses over-the-counter drugs distribution.


4. 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, particularly in technology-enabled companies, and provides capital and hands-on support to help businesses scale. Verdane focuses on digitalization and decarbonization trends, primarily targeting technology companies seeking to enhance their market position and operational efficiency. Notably, Verdane has made significant investments in the pharmaceutical sector, including the acquisition of Apoteka in July 2022, which is relevant to over-the-counter drugs distribution. Additionally, their earlier investment in Farmasiet in May 2019 further highlights their engagement in the pharmaceutical industry. These transactions demonstrate Verdane's capability and interest in the healthcare sector, making them a noteworthy investor in the over-the-counter drugs distribution space.


5. Innovestor

  • Website: innovestorgroup.com
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2014
  • Headcount: 11-50
  • Number of deals in 2024: 12
  • LinkedIn: innovestor

Innovestor is an investment management company based in Helsinki, Finland, specializing in venture capital, real estate, and energy storage. Founded in 2014, the firm focuses on providing funding and support to early-stage startups and corporations, particularly in the technology and life sciences sectors. Notable transactions include investments in Aranda Pharma, which raised funds in a venture round, and Alex Therapeutics, which secured over $5 million in a recent venture round. These investments highlight Innovestor's engagement in the pharmaceutical industry, which may include companies involved in over-the-counter drugs. However, their portfolio also spans various sectors, indicating a diversified investment strategy.


6. Indutrade Life Science

  • Website: indutrade.se
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1978
  • Headcount: 1001-5000
  • Number of deals in 2024: 14
  • LinkedIn: indutrade-life-science

Indutrade Life Science is a corporate investor based in Stockholm, Sweden, founded in 1978. The company is part of the Indutrade group, which specializes in developing and acquiring companies with high technical expertise across various sectors, including technology and industrial products. In recent years, Indutrade has made several strategic acquisitions to strengthen its presence in the life sciences sector. For instance, in July 2024, they acquired Miclev Medical Products for approximately SEK 130 million, which is aimed at enhancing their life science segment. Additionally, they acquired Labema in June 2023, a company that imports and delivers laboratory products and diagnostic equipment, further indicating their involvement in the healthcare industry. These transactions reflect Indutrade's commitment to expanding its portfolio in areas that may include over-the-counter drugs distribution, aligning with their long-term strategy of fostering reliable and innovative industrial solutions.


7. CapMan

  • Website: capman.com
  • Type: Private Equity
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1989
  • Headcount: 51-200
  • Number of deals in 2024: 4
  • LinkedIn: capman

CapMan Oyj is an investment management firm based in Helsinki, Finland, specializing in private equity, real estate, infrastructure, and natural capital investments. Founded in 1989, CapMan serves institutional investors by providing access to diverse investment strategies aimed at achieving sustainable returns. Notably, CapMan has made significant investments in the pharmaceutical sector, including a 45% stake in Medisorb, a manufacturer of pain relief tablets, as part of their strategy to tap into the growing generic drug market in Russia. Additionally, their acquisition of Pharmia in 2021 further emphasizes their commitment to the pharmaceutical industry, particularly in the over-the-counter drugs segment. With a strong presence in the Nordic markets, CapMan leverages its expertise to manage funds and drive value creation for its clients, including in the healthcare and pharmaceutical sectors.


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 that include 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. In 2024, Polaris made significant acquisitions, including FaunaPharma and Salfarm, which are likely involved in the pharmaceutical sector, potentially including over-the-counter drugs. Additionally, they acquired Sealing System, a company with operations in Norway and Belgium, further indicating their interest in health-related industries. Their investment approach and recent transactions suggest a commitment to sectors that could encompass over-the-counter drug distribution.


9. Handelsbanken i Sverige


Svenska Handelsbanken AB, founded in 1871 and based in Stockholm, Sweden, is a prominent bank that offers a comprehensive range of financial services, including loans, savings accounts, investment funds, and financial advice. The bank serves both individual consumers and businesses, emphasizing personal service and strong customer relationships. In recent years, Handelsbanken has been involved in several significant transactions within the pharmaceutical sector, including a $29.5 million investment in Egetis Therapeutics AB in September 2024, which focuses on drug development. Additionally, they participated in a $209.7 million debt raise for Recipharm in September 2014, a company known for its contract development and manufacturing services in the pharmaceutical industry. These transactions highlight Handelsbanken's engagement in the healthcare and pharmaceutical sectors, which includes over-the-counter drugs distribution.


10. Karo Pharma

  • Website: karopharma.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1987
  • Headcount: 201-500
  • LinkedIn: karo-pharma-ab

Karo Pharma, founded in 1987 and based in Stockholm, Sweden, is a corporate investor specializing in healthcare. The company focuses on providing a diverse range of branded over-the-counter products and prescription medicines, aiming to empower consumers to manage their everyday health issues. Karo Pharma operates primarily in Europe and the Nordic region, with a mission to improve health and wellbeing in society. Notably, Karo Pharma has made significant acquisitions in the over-the-counter drugs space, including Hygis SA in April 2020 and Sylphar in November 2021 for $326 million. These transactions highlight Karo Pharma's active role in expanding its portfolio within the over-the-counter drugs distribution sector, reinforcing its relevance in this industry.


11. Centripetal


Centripetal is a private equity investment company based in Stockholm, Sweden, founded in 2020. The firm focuses on accelerating the growth of fast-growing and profitable European companies by providing capital and bridging the gap to strong capital markets. Notably, Centripetal has been involved in multiple funding rounds for Meds.se, an online pharmacy that raised undisclosed amounts in various transactions from 2021 to 2022. These transactions include venture rounds and secondary market funding, highlighting Centripetal's commitment to supporting companies in the healthcare sector, particularly those involved in the distribution of over-the-counter drugs.


12. Impilo

  • Website: impilo.se
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2017
  • Headcount: 11-50
  • Number of deals in 2024: 2
  • LinkedIn: impilo

Impilo is a private equity firm based in Stockholm, Sweden, founded in 2017. The firm specializes in healthcare investments, focusing on building sustainable healthcare businesses. Impilo provides capital and strategic support to companies across the pharmaceutical, medtech, and related services sectors, aiming to foster growth and improve healthcare outcomes. Notable transactions include the acquisition of Scantox A/S, a leading Danish pre-clinical contract research organization, and Lowenco A/S, which specializes in ultra-low temperature storage solutions for the biopharma sector. While these transactions do not directly pertain to over-the-counter drugs distribution, Impilo's focus on the pharmaceutical industry indicates a potential interest in this area.



Over-the-Counter Drugs Distribution Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
AlmiStockholm, Stockholm, Sweden201-50019947
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
Nordic CapitalStockholm, Stockholm, Sweden201-500198910
VerdaneOslo, Oslo, Norway51-20019857
InnovestorHelsinki, Uusimaa, Finland11-50201412
Indutrade Life ScienceStockholm, Stockholm, Sweden1001-5000197814
CapManHelsinki, Uusimaa, Finland51-20019894
Polaris Private EquityCopenhagen, Denmark51-20019984
Handelsbanken i SverigeStockholm, Stockholm, Sweden10001+18714
Karo PharmaStockholm, Stockholm, Sweden201-50019870
CentripetalStockholm, Stockholm, Sweden1-1020200
ImpiloStockholm, Stockholm, Sweden11-5020172


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