The industrial machinery manufacturing industry in the Nordics thrives on innovation and technology. Companies specialize in producing equipment across various sectors, from mining to automation, ensuring efficiency and sustainability. The industry is characterized by a strong emphasis on adapting to new technologies, such as automation and digitalization, driving growth. The Nordics are known for high-quality engineering and skilled labor, making them a hub for machinery production. Firms like Addtech and ASSA ABLOY reflect a commitment to advanced solutions, helping shape the future with eco-friendly and efficient manufacturing practices that meet global standards and demands.


The listed investors are a mix of corporate and private equity firms, mainly headquartered in Stockholm, Sweden. With a strong presence in the industrial machinery sector, these companies range in size from small firms to major players with thousands of employees. Founded from 1866 to 2020, they have collectively made a significant number of deals in 2024—over 100 in total—highlighting the robust investment activity in this industry. Their strategic focus on acquisition positions them to significantly influence the Nordic machinery manufacturing landscape.


Top 13 Industrial Machinery Manufacturing Investors in the Nordics


1. 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 an industrial group that emphasizes the development and acquisition of companies with high technical expertise across technology and industrial sectors. Indutrade operates through a decentralized structure, allowing its subsidiaries to maintain independence while benefiting from the group's resources. Notably, Indutrade has made several acquisitions relevant to the industrial machinery manufacturing sector, including Milltech Precision Engineering Ltd, which specializes in precision machining and assembly for various manufacturing industries, and other companies like ES Hydagent, Aluflex System AB, Ammertech B.V., and BL Products AB. These transactions highlight Indutrade's commitment to enhancing its portfolio in the industrial machinery domain, making it a significant player in this 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 private equity investment firm based in Stockholm, Sweden, founded in 1994. The firm specializes in various investment strategies, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT serves institutional investors by providing expertise in managing diverse investment portfolios across multiple sectors and geographies. Notably, EQT has made several significant acquisitions in the industrial machinery manufacturing sector, including Dorner Holding Corp, which focuses on industrial automation, and Piab Group Holding, a Swedish industrial technology company. Additionally, EQT acquired Lillbacka Corporation, known for its FINN-POWER brand, and Cimbria, both of which are key players in the industrial machinery space. These transactions highlight EQT's strategic focus on enhancing growth and internationalization within the industrial machinery sector.


3. Addtech AB

  • Website: addtech.se
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1906
  • Headcount: 1001-5000
  • Number of deals in 2024: 9
  • LinkedIn: addtech-ab

Addtech AB is a corporate investor based in Stockholm, Sweden, founded in 1906. The company specializes in high-tech products and services across various sectors, including automation, electrification, energy, industrial solutions, and process technology. Addtech serves OEM manufacturers and end-users, helping them enhance operational efficiency and sustainability through innovative solutions. In recent years, Addtech has made several strategic acquisitions relevant to the industrial machinery manufacturing sector. For instance, in November 2023, Addtech Automation acquired BV Teknik A/S, a company specializing in customized production solutions for the automation industry. This acquisition is expected to positively impact Addtech's earnings per share. Additionally, Addtech has acquired companies like SCN AB and Sensor Control Nordic, both of which contribute to their capabilities in automation and industrial solutions. These transactions highlight Addtech's commitment to expanding its footprint in the industrial machinery sector and enhancing its service offerings.


4. ASSA ABLOY Group

  • Website: assaabloy.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 10001+
  • Number of deals in 2024: 21
  • LinkedIn: assaabloy

ASSA ABLOY Group is a leading security solutions provider based in Stockholm, Sweden, specializing in locks, doors, gates, and entrance automation. Founded in 1994, the company has established itself as a leader in the security industry through a strong focus on innovation and a diverse product portfolio. In recent years, ASSA ABLOY has expanded its reach in the industrial machinery manufacturing sector through strategic acquisitions. Notable transactions include the acquisition of Dynaco, which specializes in high-speed doors, and 4Front Engineered Solutions, which enhances their capabilities in engineered solutions. Additionally, their recent acquisition of Integrated Warehouse Solutions further demonstrates their commitment to expanding their industrial offerings. These transactions highlight ASSA ABLOY's intent to integrate advanced technology and solutions into their product lines, making them a relevant player in the industrial machinery manufacturing space.


5. Indutrade AB

  • Website: indutrade.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1978
  • Headcount: 5001-10000
  • Number of deals in 2024: 1
  • LinkedIn: indutrade-ab

Indutrade AB is a technology and industrial group based in Stockholm, Sweden, founded in 1978. The company focuses on developing and acquiring businesses characterized by high technical expertise across various sectors, including infrastructure, medical technology, and energy. With over 200 subsidiaries, Indutrade provides a wide range of industrial and technological products. Notably, Indutrade has made significant acquisitions in the industrial machinery manufacturing sector, including:1. **Sax Lift A/S** - Acquired in January 2023, Sax Lift specializes in manufacturing standard and custom-made scissor lift tables, contributing to Indutrade's offerings in industrial machinery.2. **Stein Automation GmbH & Co. KG** - Acquired in January 2020, this German company focuses on Industry 4.0-ready pallet transfer systems for assembly lines, further enhancing Indutrade's capabilities in automation and machinery.3. **Finkova Oy** - Acquired in November 2019, Finkova specializes in heavy industry valves, integrating into Indutrade's Flow Technology business area, which is relevant to industrial applications.These acquisitions reflect Indutrade's strategy of strengthening its position in the industrial machinery sector while maintaining a decentralized leadership approach and fostering long-term relationships with customers and partners.


6. 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 focuses on enhancing operational efficiency and sustainable growth for its partners through tailored investment strategies and digital transformation solutions. Altor has a diverse portfolio, but it has made notable investments in the industrial machinery manufacturing sector. Key transactions include the acquisition of Dynapac, a manufacturer of construction equipment, and the Åkers Group, which produces rolls for the steel industry. Additionally, Altor acquired Meyn Food Processing Technology and Piab Group Holding, further showcasing their engagement in sectors that intersect with industrial machinery. Through these investments, Altor demonstrates a commitment to fostering growth and innovation within the industrial machinery landscape.


7. Lagercrantz Group AB

  • Website: lagercrantz.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2001
  • Headcount: 1001-5000
  • Number of deals in 2024: 6
  • LinkedIn: lagercrantz

Lagercrantz Group AB is a technology group based in Stockholm, Sweden, founded in 2001. The company operates approximately 80 subsidiaries that provide specialized technical solutions across various sectors, emphasizing acquisitions and organic growth. In recent years, Lagercrantz has made several significant acquisitions relevant to the industrial machinery manufacturing sector. For instance, they acquired Nikodan Conveyor Systems A/S, which specializes in high-quality belt conveyors and product handling solutions, enhancing their capabilities in material handling. Additionally, they have signed an agreement to acquire Prido AB, a Swedish manufacturer of industrial doors and gates, which is expected to further strengthen their position in the industrial machinery market. Other acquisitions, such as Vihab and Stegborgs El-evator AB, also contribute to their diverse portfolio, catering primarily to business customers seeking tailored technology solutions.


8. Metso

  • Website: metso.com
  • Type: Corporate
  • Headquarters: Espoo, Uusimaa, Finland
  • Founded year: 2020
  • Headcount: 10001+
  • Number of deals in 2024: 2
  • LinkedIn: metso

Metso Corporation, founded in 2020 and based in Espoo, Uusimaa, Finland, is a corporate investor specializing in industrial machinery. The company focuses on technology and services for the mining, aggregates, and oil and gas industries, providing a wide range of products including machinery, spare parts, and lifecycle services aimed at enhancing operational efficiency and sustainability for its business customers. Metso has been actively expanding its portfolio through strategic acquisitions, such as the acquisition of Ab A. Häggblom Oy, a Finnish engineering and manufacturing company specializing in mining truck bodies and buckets, which was announced in June 2023. This acquisition aims to enhance Metso's loading and hauling solutions. Additionally, Metso acquired McCloskey International in June 2019 for $279 million, further solidifying its position in the industrial machinery sector. Other notable acquisitions include Rexnord in January 2015 and P.J. Jonsson & Söner in April 2018, both of which contribute to Metso's capabilities in mobile crushing and screening solutions. Most recently, Metso signed an agreement to acquire Swiss Tower Mills Minerals AG, increasing its ownership from 15% to 100%, with the transaction expected to close in early 2025. These transactions highlight Metso's active role in the industrial machinery manufacturing industry.


9. NIBE Industrier AB

  • Website: nibe.se
  • Type: Corporate
  • Headquarters: Markaryd, Kronoberg, Sweden
  • Founded year: 1952
  • Headcount: 5001-10000
  • LinkedIn: nibe-ab

NIBE Industrier AB is a corporate investor based in Markaryd, Kronoberg, Sweden, specializing in energy-efficient heating and cooling solutions. Founded in 1952, the company has grown to employ between 5,001 and 10,000 people. NIBE offers a range of products including heat pumps, hot water heaters, and smart home technology, primarily targeting homeowners and property managers seeking reliable climate control systems that minimize energy consumption. In addition to their core business, NIBE has made strategic acquisitions to enhance their capabilities in the industrial machinery sector. Notable transactions include the acquisition of Eltwin A/S, a Danish company specializing in industrial electronics, and Therm-x of California, a manufacturer of temperature sensors and heating solutions. These acquisitions reflect NIBE's commitment to expanding its technological expertise and market presence in the industrial machinery manufacturing context.


10. Aboa Venture III Ky


Aboa Venture III Ky is a private equity firm based in Turku, Southwest Finland, founded in 1994. The firm specializes in providing equity financing solutions to Finnish businesses with revenues between 2-20 million euros, focusing on acquisitions and growth investments. Aboa Venture has a diverse portfolio, including notable transactions such as Uudenkaupungin Rautavalimo, which raised funds in a private equity round, indicating its involvement in the industrial machinery manufacturing sector. Other investments include Mamec and Mepu Oy, which, while not explicitly stated as industrial machinery firms, contribute to the firm's experience in the manufacturing domain. Aboa Venture's clientele consists of small to medium-sized enterprises seeking capital for expansion and restructuring, showcasing its commitment to fostering growth in various industries, including industrial machinery.


11. Beijer Ref

  • Website: beijerref.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1866
  • Headcount: 5001-10000
  • Number of deals in 2024: 6
  • LinkedIn: beijerref

Beijer Ref AB is a corporate investor based in Stockholm, Sweden, specializing in refrigeration and HVAC solutions. Founded in 1866, the company has established itself as a wholesaler and manufacturer, providing a wide range of products including refrigeration systems, air conditioning solutions, and heat pumps. Beijer Ref primarily serves installers and businesses in the food retail and commercial sectors, with a strong emphasis on environmentally friendly technologies. In 2024, Beijer Ref has been active in the market, completing several significant acquisitions that enhance its position in the industrial machinery manufacturing context. Notable transactions include the acquisition of Quality Air Equipment, a manufacturer and distributor of HVAC components, and Young Supply Company, a North American distributor of commercial refrigeration. These strategic moves not only expand Beijer Ref's product offerings but also strengthen its market presence in the HVAC and refrigeration sectors, which are critical components of industrial machinery.


12. Epiroc Construction Tools


Epiroc Construction Tools, founded in 2018 and based in Kalmar, Sweden, is a corporate investor specializing in mining and construction equipment. The company offers a diverse range of products, including drill rigs and rock excavation tools, alongside services such as maintenance and digital solutions aimed at enhancing productivity and safety in the mining and construction sectors. Epiroc has been actively expanding its portfolio through strategic acquisitions, such as Remote Control Technologies, which specializes in automation solutions for mining, and Stanley Infrastructure, a significant acquisition valued at $760 million that strengthens Epiroc's presence in the construction market. Additionally, Epiroc's acquisition of RNP Mexico, a manufacturer of rock drills, and the Wain-Roy business, which produces excavator attachments, further solidify its commitment to the industrial machinery manufacturing sector. These transactions reflect Epiroc's strategy to enhance its technological capabilities and market reach in the industrial machinery domain.


13. Lindab Group

  • Website: lindab.com
  • Type: Corporate
  • Headquarters: Grevie, Skåne, Sweden
  • Founded year: 1959
  • Headcount: 1001-5000
  • Number of deals in 2024: 6
  • LinkedIn: lindab

Lindab Group, founded in 1959 and based in Grevie, Skåne, Sweden, is a corporate investor specializing in ventilation systems and building products. The company provides a wide range of solutions aimed at enhancing energy efficiency and ensuring healthy indoor climates for both residential and commercial properties. Their clientele primarily consists of construction companies and contractors who depend on their products for various building projects. In recent years, Lindab has actively expanded its portfolio through strategic acquisitions, including Firmac in May 2023, Klimatek in November 2021, and KlimaSystem in August 2014. These acquisitions reflect Lindab's strategy to strengthen its market position and broaden its offerings in the industrial machinery manufacturing sector, particularly in ventilation and related technologies. Their acquisition of ACOMAT International in December 2024 further emphasizes their commitment to enhancing their presence in the French market and accessing new customer segments.



Industrial Machinery Manufacturing Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
Indutrade Life ScienceStockholm, Stockholm, Sweden1001-5000197814
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
Addtech ABStockholm, Stockholm, Sweden1001-500019069
ASSA ABLOY GroupStockholm, Stockholm, Sweden10001+199421
Indutrade ABStockholm, Stockholm, Sweden5001-1000019781
Altor Equity PartnersStockholm, Stockholm, Sweden51-20020036
Lagercrantz Group ABStockholm, Stockholm, Sweden1001-500020016
MetsoEspoo, Uusimaa, Finland10001+20202
NIBE Industrier ABMarkaryd, Kronoberg, Sweden5001-1000019520
Aboa Venture III KyTurku, Southwest Finland, Finland1-1019940
Beijer RefStockholm, Stockholm, Sweden5001-1000018666
Epiroc Construction ToolsKalmar, Kalmar, Sweden10001+20183
Lindab GroupGrevie, Skåne, Sweden1001-500019596


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