The sports apparel industry in the Nordics thrives on a blend of innovation and tradition, driven by a growing demand for active and sustainable lifestyle products. It features a mix of established brands and newer entrants focusing on performance gear, athleisure, and eco-friendly materials. Companies offer everything from high-quality outdoor wear to specialized sports equipment, catering to a range of recreational and competitive athletes. The industry is evolving towards digitalization and increased environmental responsibility, reflecting global trends. With Nordic consumers prioritizing both quality and sustainability, brands that adapt quickly will likely capture the attention of a conscious market.


The Nordics boast a robust investment community supporting the sports apparel sector, including venture capital and private equity firms. Investors like Almi, EQT Group, and Verdane represent varied approaches from early-stage funding to growth equity, showcasing their commitment to this thriving industry. Headquartered primarily in Stockholm and Oslo, these firms span a range of sizes from small teams to large enterprises, reflecting their ambition in this arena. In 2024 alone, these investors collectively participated in several transactions, each aiming to strengthen their presence in the sports apparel market.


Top 13 Sports Apparel 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. Notably, Almi has participated in several transactions relevant to the sports apparel industry, including a $2M investment in Elevenate, a Swedish fashion manufacturer and retailer focused on e-commerce and seasonal collections. Additionally, Almi invested in Tini Garments, which raised $230,145 in a seed round. These investments highlight Almi's engagement in the sports apparel sector, despite their broader investment strategy.


2. 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 keen focus on digitalization and decarbonization trends. Among their notable transactions, Verdane has invested in companies such as MM Sports and Outnorth, both of which are involved in the sports apparel and outdoor equipment sectors. In 2021, Verdane also acquired Silva, a provider of niche outdoor sports equipment, further emphasizing their commitment to the sports and outdoor market. These investments highlight Verdane's strategic interest in the sports apparel industry, making them a significant player in this space.


3. 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 been actively involved in the sports apparel industry, with significant transactions such as the acquisition of CCM Hockey, a leading manufacturer of hockey equipment, and Rossignol, a prominent brand in winter sports apparel. They also invested in XXL Sport & Villmark, a retailer focused on outdoor and sports products. These investments reflect Altor's strategy to engage with companies that have strong market positions in the sports apparel sector, aiming to drive growth and innovation within these brands.


4. eEquity

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

eEquity is a venture capital firm based in Stockholm, Sweden, founded in 2010. The firm specializes in growth equity, focusing on digitally enabled business models primarily in the Nordics. eEquity 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 several companies relevant to the sports apparel industry, including Aim'n, which raised $6.6 million in a venture round in March 2020, and PS of Sweden, which secured SEK 50 million (approximately $5.8 million) in August 2020 to enhance its growth. Additionally, eEquity has invested in KidsBrandStore, a company managing an e-commerce fashion operation for kids, which indicates their involvement in the broader apparel market. These transactions highlight eEquity's active role in supporting businesses that are part of the sports apparel landscape.


5. 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 its notable transactions, EQT has acquired XXL Sport & Villmark, a leading sports retail chain in the Nordic region, aiming to accelerate its expansion in Norway and enter the Swedish market. Additionally, EQT acquired Lundhags skomakarna, further solidifying its presence in the sports apparel sector. These strategic investments highlight EQT's focus on growth within the sports and outdoor apparel markets, showcasing its capability and interest in this industry.


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, but has also made notable investments in the sports apparel industry. One of their key transactions includes the acquisition of a majority shareholding in Unisport, a prominent football equipment retailer, in 2015. This acquisition allowed Unisport to continue operating under its management while benefiting from Nordic Capital's support. Additionally, Nordic Capital has a stake in Sportmaster, another sports-related brand, which further emphasizes their commitment to the sports apparel market. Their investment strategy focuses on partnering with management teams to drive growth and operational improvements, aiming to create long-term value and sustainability in their portfolio companies.


7. Wellstreet

  • Website: wellstreet.se
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2016
  • Headcount: 1-10
  • Number of deals in 2024: 3
  • LinkedIn: wellstreet

Wellstreet is a venture capital firm based in Stockholm, Sweden, founded in 2016. The firm specializes in early-stage investments in Nordic tech companies, providing entrepreneurs with capital and strategic support to foster growth and innovation. While Wellstreet primarily targets sectors like FinTech, E-commerce, and GreenTech, they have also made notable investments in the sports apparel industry, such as their seed round investment in Icaniwill, which raised $456,955 in July 2018. This investment highlights Wellstreet's engagement in the sports apparel market, alongside their other transactions, including investments in companies like Y/ELM+ and Sir of Sweden, which, while not directly related to sports apparel, showcase their diverse investment portfolio.


8. 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 corporate investor based in Gothenburg, Sweden, specializing in the creation, acquisition, and development of brands and products across various sectors, including corporate, sports, gifts, and home. Founded in 1990, the company has grown to employ between 1001 and 5000 people. New Wave Group has made several strategic acquisitions to enhance its presence in the sports apparel market. Notable transactions include the acquisition of Cutter & Buck Inc. in 2007, a company known for its upscale golf and sportswear, and Craft North America in 2013, which focuses on performance sportswear. More recently, in 2022, they acquired BTC Activewear, a UK-based distributor of clothing and accessories, further strengthening their position in the sports apparel sector. Additionally, their acquisition of Tenson AB in 2023, an outdoor brand, indicates their strategy to diversify and enhance their offerings in the sports and outdoor apparel markets.


9. Kinnevik

  • Website: kinnevik.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1936
  • Headcount: 11-50
  • Number of deals in 2024: 10
  • LinkedIn: investment-ab-kinnevik

Kinnevik is a Stockholm-based investment company founded in 1936, known for partnering with innovative entrepreneurs across various sectors, including healthcare, software, marketplaces, and climate tech. They provide capital and operational support to help companies scale and create long-term value. Kinnevik has been involved in several significant transactions in the fashion and apparel industry, such as investing in The Iconic, an Australian fashion portal, and ZALORA, a South-East Asian online beauty and fashion store. They also participated in funding rounds for Lamoda and Namshi, both of which are fashion retailers. Their investments in Global Fashion Group, which includes Jabong, further highlight their engagement in the fashion sector, including sports apparel. This diverse portfolio demonstrates Kinnevik's strategic approach to redefining industries and addressing global challenges through investments in innovative companies.


10. 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 wide array of products, including sporting equipment, footwear, and apparel through its renowned brands like Salomon, Wilson, and Peak Performance. Amer Sports has made strategic acquisitions to enhance its presence in the sports apparel market, including the acquisition of Peak Performance for 255 million euros in 2018, which aimed to strengthen its position in the softgoods segment. Additionally, the acquisition of Salomon from adidas in 2005 and Louisville Slugger in 2015 further demonstrates Amer Sports' focus on expanding its apparel and equipment offerings. With a global reach, Amer Sports serves athletes and outdoor enthusiasts, providing high-quality gear designed to enhance performance and enjoyment in various sports.


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, in the sports apparel context, Accent Equity has made significant acquisitions, including Unisport in November 2024, which is a prominent player in the sports apparel market. Additionally, they acquired HOOKS HASTSPORT in February 2011, further solidifying their presence in the sports sector. Their investment in EAST and East.dk ApS in July 2021 also reflects their strategy of investing in growth-oriented companies, which may include sports apparel brands. Overall, Accent Equity's diverse portfolio and strategic acquisitions position them as a relevant investor in the sports apparel industry.


12. Adelis Equity Partners


Adelis Equity Partners is a private equity firm based in Stockholm, Sweden, founded in 2012. The firm specializes in 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 sports apparel sector, acquiring INTERSPORT Sverige AB and a 70% stake in Intersport Sweden in 2015, both of which are key players in the sportswear and equipment retail market. Additionally, they acquired Didriksons, a brand known for its outdoor apparel, in 2018. These transactions highlight Adelis's active role in the sports apparel industry, showcasing their strategy to partner with and grow businesses in this space.


13. 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 founded in 1989, based in Helsinki, Uusimaa, Finland. The firm specializes in private equity, real estate, infrastructure, and natural capital investments, serving institutional investors with diverse strategies aimed at sustainable returns. Notably, CapMan has made significant strides in the sports apparel sector, particularly with its acquisition of MMSports in July 2021, which focuses on sports nutrition and equipment. This acquisition is part of CapMan's strategy to support the growth and international expansion of MMSports, showcasing their commitment to the sports industry. Additionally, CapMan has been involved in various other transactions, although not all are directly related to sports apparel, their active role in MMSports positions them as a relevant player in this market.



Sports Apparel Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
AlmiStockholm, Stockholm, Sweden201-50019947
VerdaneOslo, Oslo, Norway51-20019857
Altor Equity PartnersStockholm, Stockholm, Sweden51-20020036
eEquityStockholm, Stockholm, Sweden11-5020100
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
Nordic CapitalStockholm, Stockholm, Sweden201-500198910
WellstreetStockholm, Stockholm, Sweden1-1020163
New Wave GroupGothenburg, Västra Götaland, Sweden1001-500019900
KinnevikStockholm, Stockholm, Sweden11-50193610
Amer SportsHelsinki, Uusimaa, Finland10001+19500
Accent EquityStockholm, Stockholm, Sweden11-5019944
Adelis Equity PartnersStockholm, Stockholm, Sweden11-5020123
CapManHelsinki, Uusimaa, Finland51-20019894


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