The industrial gases industry in the Nordics encompasses companies that manufacture and supply gases essential for various applications, including healthcare, energy, and manufacturing. These gases, such as oxygen, nitrogen, and hydrogen, play pivotal roles in medical treatments, machining processes, and renewable energy production. As sustainability takes center stage, innovations aim to produce 'green' hydrogen using renewable resources. With a shift towards cleaner energy sources, the demand for industrial gases that support emissions reductions is expected to rise, fostering investments and sector growth. In particular, advancements in gas technology continually reshape industry capabilities and offerings.


The list of investors in the Nordic industrial gases sector features a mix of private equity and corporate players, primarily rooted in Stockholm. Ranging in size from small teams to larger firms, these investors hold extensive experience in the field. Founded as early as the 1860s and as recently as 2021, many have been actively investing in companies highlighted for pushing the industrial gases agenda forward. Notably, investment activities showcased robust participation in 2024, indicating a strong commitment to growth in this vital industry.


Top 14 Industrial Gases 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 focuses on developing and acquiring companies with high technical expertise across various sectors, including technology and industrial products. Indutrade emphasizes long-term relationships with its customers and operates through a decentralized structure, allowing its subsidiaries to maintain independence while benefiting from the group's resources. Notably, Indutrade has made strategic acquisitions in the industrial gases sector, including the acquisition of UK Gas Technologies Group, which encompasses companies specializing in high purity medical and laboratory gases. This acquisition aims to enhance their position as an innovator in this field. Additionally, their recent acquisition of Pure! GmbH, which specializes in industrial compressed air treatment and process filtration, further demonstrates their commitment to expanding their footprint in the industrial gases market. These transactions highlight Indutrade's active role in the industrial gases industry, alongside their broader focus on technology and industrial solutions.


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. Notably, EQT has been involved in significant transactions relevant to the gas sector, such as the acquisition of Swedegas in 2010, aimed at enhancing the Swedish gas market. Additionally, EQT's acquisition of Desotec in 2017, while not directly an industrial gas company, indicates their interest in companies that may have applications in related fields. Their historical acquisitions, including Sabroe Refrigeration and Haanpaa, further demonstrate their broad investment strategy, which may encompass areas related to industrial gases.


3. 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, founded in 1866 and based in Stockholm, Sweden, is a wholesaler and manufacturer specializing in refrigeration and HVAC solutions. The company provides a range of products including refrigeration systems, air conditioning solutions, and heat pumps, primarily serving installers and businesses in the food retail and commercial sectors. With a strong focus on environmentally friendly technologies, Beijer Ref operates through a vast network of subsidiaries and branches across multiple regions. In recent years, Beijer Ref has made several strategic acquisitions to enhance its market position, including the acquisition of Chillaire Solutions, which may involve industrial cooling technologies. Additionally, their acquisition of Heatcraft Australia and Webb Supply indicates a commitment to expanding their footprint in the HVAC and refrigeration markets, which are closely linked to the industrial gases sector. These transactions reflect Beijer Ref's strategy to strengthen its distribution network and increase its presence in key markets, particularly in the Asia Pacific and U.S. regions.


4. 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 providing technology solutions across various sectors, including automation, electrification, energy, industrial solutions, and process technology. In 2024, Addtech has been active in making strategic acquisitions to enhance its offerings. Notably, they acquired PGS Tec GmbH, which specializes in customized water and gas supply systems, indicating a focus on the industrial gases sector. Additionally, their acquisition of Analytical Solutions and Products B.V. aims to strengthen their capabilities in emission control solutions, further aligning with the industrial gases industry. These transactions reflect Addtech's commitment to enhancing operational efficiency and sustainability, particularly in areas related to gas supply and management.


5. Munters

  • Website: munters.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1955
  • Headcount: 1001-5000
  • Number of deals in 2024: 4
  • LinkedIn: munters

Munters is a climate control solutions provider based in Stockholm, Sweden, specializing in energy-efficient products for industrial and agricultural applications. Founded in 1955, the company offers a range of products including dehumidifiers, air cleaning systems, and cooling solutions. Their customer base spans various sectors, including battery production and food agriculture, which require precise climate control to enhance productivity and sustainability. Recently, Munters has been active in expanding its portfolio through strategic acquisitions. In March 2024, they announced the acquisition of Airprotech, an Italian manufacturer of VOC abatement systems, which enhances their Clean Technology portfolio. In September 2023, they acquired Zeco Aircon Limited, significantly boosting their dehumidification offerings in the Indian market. Additionally, Munters has invested in Qvantum, a company focused on residential propane-based heat pumps, indicating their commitment to energy-efficient technologies that can intersect with industrial gases applications.


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 specializes in enhancing operational efficiency and sustainable growth for its partners through tailored investment strategies and digital transformation solutions. Altor has been involved in several significant transactions that align with the industrial gases sector, particularly in the context of sustainable energy and hydrogen. Notably, they led a €1.5 billion equity funding round for H2 Green Steel, aimed at constructing a large-scale green steel plant that utilizes hydrogen, highlighting their commitment to the hydrogen economy. Additionally, their acquisition of Nordic Climate Group, a company in the cooling and heating industry, further demonstrates their interest in sectors that may overlap with industrial gases. These transactions reflect Altor's strategic focus on sustainability and innovation, making them a noteworthy player in the broader industrial landscape.


7. 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 develops and acquires businesses characterized by high technical expertise, operating through over 200 subsidiaries. Indutrade provides a diverse range of industrial and technological products across various sectors, including infrastructure, medical technology, and energy. Notably, Indutrade has made strategic acquisitions that enhance its presence in the industrial gases sector. For instance, the acquisition of British Precision UK Ltd in May 2018, a manufacturer of medical gas pipeline equipment, highlights Indutrade's commitment to the industrial gases market. Additionally, their acquisition of Alflow Scandinavia A/S in October 2021, which specializes in flow components for industrial markets, further demonstrates their focus on sectors that intersect with industrial gases. Indutrade emphasizes decentralized leadership and long-term relationships with customers and partners, positioning itself as a significant player in the industrial landscape.


8. Nederman

  • Website: nederman.com
  • Type: Corporate
  • Headquarters: Helsingborg, Skåne, Sweden
  • Founded year: 1944
  • Headcount: 1001-5000
  • LinkedIn: nederman

Nederman is a corporate investor based in Helsingborg, Skåne, Sweden, specializing in industrial air filtration solutions. Founded in 1944, the company focuses on providing products and services for dust, smoke, and fume extraction across various industries, including manufacturing and woodworking. In recent years, Nederman has made significant acquisitions to enhance its capabilities in the industrial gases sector. Notably, they acquired Gasmet Technologies Oy in December 2019, a leading provider of FTIR gas analysis solutions, for approximately EUR 56 million. This acquisition allows Nederman to integrate advanced gas monitoring technologies into its offerings. Additionally, in October 2017, they acquired NEO Monitors AS, a company specializing in gas and dust analyzers, for around NOK 402 million. This acquisition further strengthens Nederman's position in the gas analysis market. In July 2022, they also acquired RoboVent, a North American clean air technology company, which enhances their capabilities in weld fume extraction, a critical area in industrial gases. These strategic acquisitions highlight Nederman's commitment to improving workplace safety and environmental sustainability through advanced gas monitoring and filtration technologies.


9. Chalmers Ventures


Chalmers Ventures is a venture builder and tech investor based in Sweden, founded in 2015. They specialize in supporting deep tech innovations by assisting researchers and entrepreneurs in commercializing their technologies. Their model emphasizes active ownership and investment in startups, providing business guidance, financing, and community networking. In 2024, they were involved in 26 investments, showcasing their active role in the startup ecosystem. Notably, they participated in funding Adsorbi, a Gothenburg-based startup that raised €360,000 in seed funding for its air purification material, which has applications in odour removal and art conservation. This investment highlights their engagement in sectors that intersect with industrial gases, particularly in air quality improvement.


10. Norvestor

  • Website: norvestor.com
  • Type: Private Equity
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 1989
  • Headcount: 11-50
  • Number of deals in 2024: 3
  • LinkedIn: norvestor-equity-as

Norvestor is a private equity firm based in Oslo, Norway, founded in 1989. The firm specializes in investment management and advisory services, focusing on partnering with medium-sized Nordic businesses to support their growth and development. Norvestor emphasizes sustainability and invests in various sectors, including IT services and property maintenance. Notably, they have made significant acquisitions in the industrial gases context, such as Sperre Compressors, which they acquired in February 2018. Additionally, they have invested in companies like PG Group (PG Flow Solutions) and Permascand, which may have relevance to the industrial gases sector, further showcasing their diverse investment strategy.


11. Lifeline Ventures


Lifeline Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2009. The firm specializes in early-stage investments, providing financial backing and advisory services to resilient entrepreneurs across various sectors. Lifeline Ventures has been involved in several notable transactions, including investments in companies like P2X Solutions and Carbo Culture. P2X Solutions focuses on converting renewable energy into hydrogen, which is a key component in the industrial gases sector. Carbo Culture, on the other hand, specializes in large-scale CO2 removal using woody waste, raising significant funds to develop carbon removal technologies. These investments highlight Lifeline Ventures' interest in innovative solutions that intersect with the industrial gases industry, particularly in the context of sustainability and carbon management.


12. Yara Growth Ventures


Yara Growth Ventures is a venture capital firm based in Oslo, Norway, founded in 2021. The firm focuses on investing in innovative startups and funds within the agriculture and clean hydrogen sectors. They provide financial support and strategic guidance to help their portfolio companies develop and scale their solutions. Notably, Yara Growth Ventures has been involved in several significant transactions relevant to the industrial gases industry. For instance, they participated in funding rounds for Hydrogen Mem-Tech, which is developing palladium membrane technology for producing pure hydrogen from biogas and natural gas. They also invested in H2Pro, a company that raised $75 million to advance hydrogen production technologies. Furthermore, Yara Growth Ventures was part of a $73 million Series B funding round for Verdagy, which is working on electrolyzer technology essential for hydrogen production. These investments highlight their commitment to facilitating advancements in sustainable energy and industrial gases.


13. Sintef

  • Website: sintef.no
  • Type: Venture Capital
  • Headquarters: Trondheim, Trøndelag, Norway
  • Founded year: 1950
  • Headcount: 1001-5000
  • Number of deals in 2024: 5
  • LinkedIn: sintef

Sintef is a not-for-profit research organization based in Trondheim, Norway, founded in 1950. It specializes in applied research across various fields, including technology, medicine, and social sciences. Sintef collaborates with businesses and government entities to provide innovative solutions and consulting services, enhancing their capabilities in research and development. In recent years, Sintef has been involved in several transactions relevant to the industrial gases sector. Notably, it participated in funding rounds for Hydrogen Mem-Tech, a company focused on palladium membrane technology for hydrogen production, which raised over €16M in 2022. This technology is crucial for the industrial gases market, particularly in the context of clean energy and hydrogen production. Additionally, Sintef has invested in companies like GasSecure and Resman, which may have applications in gas detection and monitoring, further linking them to the industrial gases industry.


14. Alder

  • Website: alder.se
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2008
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: alderfund

Alder is a private equity investment fund based in Stockholm, Sweden, founded in 2008. The firm focuses on sustainable technology companies, providing growth and buyout capital to established firms with a turnover of SEK 100-750 million. Alder aims to create value by leveraging its industrial and financial expertise to support the long-term development of its portfolio companies. Notably, Alder has been involved in several significant transactions, including the acquisition of Gasmet Technologies Oy in 2015, a leading manufacturer of gas monitoring equipment, which aligns with the industrial gases sector. Additionally, Alder has acquired other companies such as Centriair and Scanacon AB, further demonstrating its active role in supporting businesses that may intersect with the industrial gases industry, particularly in sustainable and environmental technology markets.



Industrial Gases Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
Indutrade Life ScienceStockholm, Stockholm, Sweden1001-5000197814
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
Beijer RefStockholm, Stockholm, Sweden5001-1000018666
Addtech ABStockholm, Stockholm, Sweden1001-500019069
MuntersStockholm, Stockholm, Sweden1001-500019554
Altor Equity PartnersStockholm, Stockholm, Sweden51-20020036
Indutrade ABStockholm, Stockholm, Sweden5001-1000019781
NedermanHelsingborg, Skåne, Sweden1001-500019440
Chalmers VenturesSweden11-50201526
NorvestorOslo, Oslo, Norway11-5019893
Lifeline VenturesHelsinki, Uusimaa, Finland1-10200914
Yara Growth VenturesOslo, Oslo, Norway1-1020214
SintefTrondheim, Trøndelag, Norway1001-500019505
AlderStockholm, Stockholm, Sweden11-5020081


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