The sports equipment industry in the Nordics is dynamic and diverse, featuring companies that design, manufacture, and distribute an array of products from athletic wear to specialized gear. Nordic brands like Salomon and Craft focus on innovation while emphasizing sustainability, catering to outdoor enthusiasts and athletes. E-commerce is shaping the market, with increased online purchasing reflecting shifts in consumer behavior. As health consciousness grows, companies innovate with smart technologies, driving trends toward personalized sporting solutions. The industry's future appears promising, with a rising interest in eco-friendly products and a commitment to enhancing user experiences for athletes across the spectrum.

The Nordics host a variety of sports equipment investors, including established private equity firms and venture capital players. Headquartered in key cities like Stockholm and Oslo, these investors range from small firms with fewer than ten employees to corporate giants with thousands. Founded between 1985 and 2018, their 2024 deal counts reflect varying degrees of engagement in the market. Notable firms such as EQT Group and Almi have demonstrated significant activity, revealing a robust commitment to developing opportunities within the Nordic sports sector.

Top 13 Sports Equipment 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 (SMEs) in Sweden. Almi aims to enhance the growth and competitiveness of these businesses by offering tailored financial solutions and guidance. Among their notable transactions, Almi has invested in Skigo AB, a company known for its production of cross-country skiing equipment, and No More Boots, which focuses on innovative solutions for sports footwear. These investments highlight Almi's engagement in the sports equipment sector, alongside their broader investment strategy that includes various industries.

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 notable investments in the sports equipment industry, including the acquisition of CCM Hockey, a prominent player in the hockey equipment market, which holds a significant share of the global market. They also invested in XXL Sport & Villmark, a retailer that specializes in sports and outdoor equipment, showcasing their active role in the sports sector. Through these strategic investments, Altor aims to drive marketing and product development initiatives, particularly targeting underrepresented demographics such as female players and youth.

3. 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. Notably, Verdane has been involved in several transactions relevant to the sports equipment sector, including the acquisition of Silva, a provider of niche outdoor sports equipment, and investments in companies like Outnorth and MM Sports, which also operate in the sports equipment space. These transactions highlight Verdane's engagement in the sports equipment industry, alongside their broader investment strategy in technology and growth sectors.

4. 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. Among their notable transactions in the sports equipment context, EQT acquired a majority stake in 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, they acquired Lundhags skomakarna, a company known for its outdoor footwear, further solidifying their presence in the sports equipment industry. These investments reflect EQT's commitment to the sector and their strategy to capitalize on growth opportunities within the sports equipment market.

5. 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 significant strides in the sports equipment industry. Notably, Nordic Capital acquired a majority shareholding in Unisport, a prominent football equipment retailer, in 2015, and has maintained its operational independence alongside its other sports concern, Sportmaster. Additionally, their acquisition of Thule Group AB in 2008, which produces outdoor and sports equipment, further emphasizes their involvement in the sports sector. Nordic Capital focuses on creating long-term value and sustainability in its investments, making them a strategic partner for companies in the sports equipment market.

6. Seed Capital Denmark

• Website: seedcapital.dk
• Type: Venture Capital
• Headquarters: Frederiksberg, Frederiksberg, Denmark
• Founded year: 2004
• Headcount: 1-10
• Number of deals in 2024: 5
• LinkedIn: seed-capital-denmark

Seed Capital Denmark is a venture capital firm based in Copenhagen, specializing in providing seed funding and advisory services to technology startups in Denmark. Founded in 2004, the firm has a strong track record of successful investments, particularly in sectors such as SaaS and Fintech. However, they have also shown interest in the sports technology sector, as evidenced by their investments in companies like Veo, which raised significant funding to develop sports camera and AI technology, and Sportcaster, which focuses on sports-related innovations. Seed Capital supports its portfolio companies from seed stage to exit, helping founders navigate their growth journey and secure further funding, including in the sports equipment industry.

7. Butterfly Ventures

• Website: butterfly.vc
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2012
• Headcount: 1-10
• Number of deals in 2024: 5
• LinkedIn: butterfly-ventures

Butterfly Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2012. The firm specializes in seed stage investments, particularly in deep tech startups, and emphasizes social and environmental impact. Butterfly Ventures provides capital and strategic support to early-stage companies, helping them navigate growth and market entry challenges. Notably, they have invested in several companies relevant to the sports equipment industry, including Sports Tracking Technologies, which focuses on sports analytics, and Zenniz, which is involved in sports technology. These transactions highlight their engagement in the sports sector, complementing their broader investment strategy.

8. Business Finland

• Website: businessfinland.fi
• Type: Corporate
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2018
• Headcount: 501-1000
• Number of deals in 2024: 26
• LinkedIn: business-finland

Business Finland is a public entity established in 2018 that supports Finnish companies in their growth and internationalization efforts. It offers funding, consulting services, and market opportunities to help businesses innovate and succeed in global markets. Among its various transactions, Business Finland has provided grants to companies in the sports equipment sector, such as Pole Bicycles, which raised significant funding through grants in 2013 and 2018. Additionally, it has supported Shoely, a company that raised funds in 2022, indicating its active role in promoting innovation within the sports equipment industry. Overall, Business Finland plays a crucial role in promoting trade, tourism, and foreign investment in Finland, while also contributing to the development of the sports equipment market.

9. FSN Capital Partners

• Website: fsncapital.com
• Type: Private Equity
• Headquarters: Oslo, Oslo, Norway
• Founded year: 1999
• Headcount: 51-200
• LinkedIn: fsn-capital

FSN Capital Partners is a private equity investment firm based in Oslo, Norway, founded in 1999. The firm focuses on managing investments across various sectors, including services, green transition, industrials, and technology, while catering primarily to institutional investors and pension funds seeking sustainable returns. Notably, FSN Capital has made significant investments in the sports equipment sector, including the acquisition of Active Brands AS, a Norwegian supplier of premium sporting goods brands, in 2017. This acquisition aimed to enhance Active Brands' position in the Nordics and accelerate its international growth. Additionally, FSN Capital's involvement with Fitness World AS, a fitness services company, further highlights their commitment to the sports and fitness industry. These transactions illustrate FSN Capital's strategic focus on companies that drive growth and transformation within the sports equipment and fitness sectors.

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 such as Salomon, Wilson, and Louisville Slugger. Amer Sports has actively expanded its presence in the sports equipment market through strategic acquisitions, including the purchase of Salomon from adidas, which bolstered their action and outdoor sports offerings. In 2018, they acquired the Swedish sportswear brand Peak Performance for 255 million euros, enhancing their position in the softgoods market. Additionally, their acquisition of Armada Skis for approximately USD 4.1 million integrated a key player in the winter sports equipment sector into their portfolio. The acquisition of Louisville Slugger for USD 70 million further exemplifies their commitment to the sports equipment industry, granting them rights to a globally recognized brand in baseball equipment. Amer Sports serves athletes and outdoor enthusiasts worldwide, providing high-quality gear designed to enhance performance and enjoyment in various sports.

11. 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, founded in 1990. The company specializes in creating, acquiring, and developing brands and products across various sectors, including corporate, sports, gifts, and home. Notably, New Wave Group has made several strategic acquisitions in the sports equipment and apparel industry, such as the acquisition of Cutter & Buck Inc. in 2007, a designer and marketer of upscale golf and sportswear, for $156.5 million. In 2013, they acquired Craft North America, enhancing their portfolio in performance sports apparel. More recently, in 2023, they acquired Tenson AB, an outdoor brand, further expanding their reach in the sports and outdoor segments. These transactions highlight New Wave Group's commitment to enhancing their offerings in the sports equipment market while serving both businesses and consumers with high-quality apparel and promotional products.

12. Creandum

• Website: creandum.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2003
• Headcount: 11-50
• Number of deals in 2024: 17
• LinkedIn: creandum

Creandum is a venture capital firm based in Stockholm, Sweden, founded in 2003. The firm specializes in supporting early-stage entrepreneurs in building global, category-defining companies. They provide venture capital investment, strategic support, and networking opportunities to startups across various sectors. Notably, Creandum has made significant investments in the sports equipment context, including a series of funding rounds for Cake Bikes, a Swedish electric motorcycle and moped manufacturer, where they participated in multiple funding rounds totaling over $60 million. Additionally, they have invested in Forza Football, a platform with a substantial user base, indicating their engagement in the sports industry. Creandum's business model focuses on nurturing companies from seed to IPO, leveraging their expertise and connections to help entrepreneurs succeed.

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 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. With a strong presence in the Nordic markets, CapMan leverages its expertise to manage funds and drive value creation for its clients. Notably, CapMan has been involved in significant transactions within the sports equipment sector, including the acquisition of MMSports in July 2021, which focuses on sports nutrition and equipment. This strategic investment aims to support MMSports' growth and international expansion, highlighting CapMan's active role in the sports equipment industry. Additionally, their previous investments in companies like Top League and Swereco further illustrate their engagement in sectors related to sports and wellness, reinforcing their relevance as a sports equipment investor.

Sports Equipment Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
Almi	Stockholm, Stockholm, Sweden	201-500	1994	7
Altor Equity Partners	Stockholm, Stockholm, Sweden	51-200	2003	6
Verdane	Oslo, Oslo, Norway	51-200	1985	7
EQT Group	Stockholm, Stockholm, Sweden	1001-5000	1994	30
Nordic Capital	Stockholm, Stockholm, Sweden	201-500	1989	10
Seed Capital Denmark	Frederiksberg, Frederiksberg, Denmark	1-10	2004	5
Butterfly Ventures	Helsinki, Uusimaa, Finland	1-10	2012	5
Business Finland	Helsinki, Uusimaa, Finland	501-1000	2018	26
FSN Capital Partners	Oslo, Oslo, Norway	51-200	1999	0
Amer Sports	Helsinki, Uusimaa, Finland	10001+	1950	0
New Wave Group	Gothenburg, Västra Götaland, Sweden	1001-5000	1990	0
Creandum	Stockholm, Stockholm, Sweden	11-50	2003	17
CapMan	Helsinki, Uusimaa, Finland	51-200	1989	4

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