The water sports gear industry in the Nordics is a vibrant sector fueled by a passion for outdoor activities, innovation, and sustainability. Companies design and manufacture a wide range of products, from kayaks, paddleboards, and surfboards to high-tech gear for competitive water sports. Nordic brands are increasingly emphasizing eco-friendly materials and practices in response to growing environmental concerns. With more people engaging in water sports and tourism, the industry is expanding its reach both at home and abroad. Collaborations between tech startups and gear manufacturers are also emerging, promising exciting advancements in product features and performance.

The list features an impressive array of investors focused on the water sports gear industry, including private equity and venture capital firms. These firms, headquartered in cities like Oslo and Stockholm, vary in size from small teams to larger organizations managing hundreds of employees. Founded between 1985 and 2017, they collectively engaged in a notable number of deals in 2024, signaling strong investment interests. Their commitments span various sectors, targeting innovative companies that contribute to the growth of water sports gear.

Top 14 Water Sports Gear Investors in the Nordics

1. 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 involved in several notable transactions, including the acquisition of Rossignol, a prominent brand in the outdoor sports equipment market, which includes products used in water sports. Additionally, Altor's investment in Navico, a company that provides marine electronics and solutions, further emphasizes their engagement in the water sports sector. Their portfolio also includes investments in companies like XXL Sport & Villmark and Revolution Race, which cater to outdoor and sports enthusiasts, thereby reinforcing their relevance in the water sports gear industry.

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 in technology-enabled companies, providing capital and hands-on support to help businesses scale. Verdane focuses on trends in digitalization and decarbonization, primarily targeting technology companies looking to enhance their market position and operational efficiency. Notably, Verdane has been involved in several transactions relevant to the outdoor and sports equipment sectors, including the acquisition of Silva, a company that provides niche outdoor sports equipment, and Mustad, which is associated with outdoor activities. Their investment in Maskinklippet.se also indicates a broader interest in outdoor products, which may include water sports gear. These transactions highlight Verdane's commitment to supporting companies that align with outdoor and sports-related markets.

3. Katapult

• Website: katapult.vc
• Type: Venture Capital
• Headquarters: Oslo, Oslo, Norway
• Founded year: 2017
• Headcount: 11-50
• Number of deals in 2024: 8
• LinkedIn: katapult-accelerator

Katapult is an impact investment firm based in Oslo, Norway, founded in 2017. They specialize in supporting tech startups that address global challenges, particularly in climate-tech and ocean-tech sectors. Katapult provides investment, accelerator programs, and mentorship to early-stage companies. Notable transactions include investments in Ocean Bottle, which focuses on reducing ocean plastic pollution, and Brim Explorer, which is involved in sustainable ocean exploration. These investments highlight Katapult's commitment to ocean sustainability, making them a relevant player in the water sports gear context, as they support innovations that can enhance water-related activities and environmental stewardship.

4. 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. They specialize in early-stage investments in Nordic tech companies, providing entrepreneurs with capital and strategic support to foster growth and innovation. Wellstreet focuses on sectors such as FinTech, E-commerce, and GreenTech, aiming to drive sustainability and technological advancement. Among their notable transactions, they invested in X Shore, which raised €5 million to develop high-speed electric boats, highlighting their engagement in the water sports gear sector. This investment reflects Wellstreet's broader strategy of supporting innovative companies that contribute to sustainable practices, including those in the water sports industry.

5. 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 focus on niche markets, providing specialized technical solutions across various sectors. Their business model emphasizes acquisitions and organic growth, primarily catering to business customers seeking tailored technology solutions. In recent years, Lagercrantz has made significant strides in the water-related sector through strategic acquisitions. In September 2022, they acquired Waterproof Diving International AB, a company likely involved in water sports gear. Additionally, they acquired 80% of Tebul Oy, a Finnish manufacturer of watertight electric sliding doors for ships, and Proagria Miljø A/S, a water flow control company that enhances their presence in aquaculture. These acquisitions reflect Lagercrantz's commitment to expanding their portfolio in areas related to water sports and marine technology.

6. 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. The firm has a strong presence in the Nordic markets and leverages its expertise to manage funds and drive value creation for its clients. Notably, CapMan has made significant investments in the water sports sector, including the acquisition of Marinetek Group, which focuses on marina and water sports infrastructure, and MMSports, a company involved in sports nutrition and equipment. These transactions highlight CapMan's commitment to supporting growth in the sports and water sports industries.

7. 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 specializes in managing investments across various sectors, including services, green transition, industrials, and technology, with a focus on driving growth and transformation in its portfolio companies. Notably, FSN Capital has been involved in significant transactions within the sporting goods sector, such as the acquisition of Active Brands AS in 2017, a Norwegian supplier of premium sporting goods brands. This acquisition aimed to enhance Active Brands' position in the Nordics and accelerate its international growth, indicating FSN Capital's commitment to the sporting goods market. Additionally, FSN Capital's earlier acquisition of Morenot and their involvement in various funding rounds further demonstrate their active engagement in sectors that may intersect with water sports gear.

8. 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, and is known for partnering with management teams to drive growth and operational improvements in portfolio companies. Nordic Capital has a strong focus on creating long-term value and sustainability in its investments. Notably, they have been involved in significant transactions such as the acquisition of Thule Group AB, a company that produces outdoor and sports equipment, including items relevant to water sports. Additionally, they have invested in other sports-related companies like Unisport, which, while primarily focused on football equipment, demonstrates Nordic Capital's engagement in the broader sports gear market. Their diverse investment portfolio and strategic acquisitions suggest a potential interest in the water sports gear sector.

9. Adelis Equity Partners

• Website: adelisequity.com
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2012
• Headcount: 11-50
• Number of deals in 2024: 3
• LinkedIn: adelis-equity-partners

Adelis Equity Partners is a private equity firm based in Stockholm, Sweden, founded in 2012. The firm specializes in growing businesses within the Nordic region, providing investment management and strategic consulting services. Their investment portfolio includes a variety of sectors, notably technology, healthcare, and business services. Among their notable transactions, Adelis acquired a 70% stake in Intersport Sweden, a significant player in the sportswear and sports equipment retail market, on June 18, 2015. This acquisition highlights their engagement in the sports sector. Additionally, they acquired Didriksons, a company known for outdoor clothing, on July 9, 2018. While these transactions do not directly indicate a focus on water sports gear, they suggest a broader interest in the sports equipment market, which could include water sports gear.

10. Ferd AS

• Website: ferd.no
• Type: Private Equity
• Headquarters: Oslo, Oslo, Norway
• Founded year: 1998
• Headcount: 51-200
• LinkedIn: ferd-as

Ferd AS is a private equity investment company based in Oslo, Norway, founded in 1998. The firm focuses on creating lasting value through diverse business activities, including investment management, real estate development, and support for social entrepreneurs. Ferd AS has been involved in several notable transactions, including the acquisition of a 25 percent stake in General Oceans, an ocean technology group, which aims to enhance companies within the maritime sector. This investment aligns with water sports interests, as it encompasses technologies that could benefit the industry. Additionally, Ferd has participated in funding rounds for Eniram, a company specializing in maritime emissions control, further indicating their engagement in the maritime space. Their investment in Swix Sport, a company known for winter sports gear, also shows their interest in sports-related sectors, although it is not directly related to water sports.

11. Herkules Capital

• Website: herkulescapital.no
• Type: Private Equity
• Headquarters: Oslo, Oslo, Norway
• Founded year: 2002
• Headcount: 11-50
• LinkedIn: herkules-capital

Herkules Capital is a private equity firm based in Oslo, Norway, founded in 2002. The firm specializes in managing investments in established companies with strong growth potential across various sectors, including energy, consumer goods, healthcare, services, and industrial technology. Notably, Herkules Capital has been involved in significant transactions within the sportswear industry, such as the acquisition of Odlo Sports Group, which specializes in sportswear, announced on November 2, 2017. This acquisition highlights their interest in the sports sector. Additionally, they have made investments in companies like Didriksons and Beckmann, although these are more focused on outdoor apparel and school backpacks, respectively. Overall, Herkules Capital's engagement in the sportswear market positions them as a potential investor in water sports gear, given the overlap in consumer interests and product categories.

12. Thule Group

• Website: thulegroup.com
• Type: Corporate
• Headquarters: Sweden
• Founded year: 1942
• Headcount: 1001-5000
• Number of deals in 2024: 1
• LinkedIn: thule

Thule Group AB is a manufacturer specializing in outdoor and transportation products, founded in 1942 and based in Sweden. The company develops a range of solutions including cargo carriers, roof racks, and bags designed for active families and outdoor enthusiasts. With a focus on quality and sustainability, Thule Group aims to simplify the logistics of outdoor activities for its customers. In recent years, Thule has made strategic acquisitions to enhance its portfolio in the outdoor sector. Notably, in December 2019, Thule Group acquired Denver Outfitters, a company that specializes in roof rack-mounted fly fishing rod vaults, which directly caters to the water sports community. This acquisition reflects Thule's commitment to expanding its offerings in adventure camping and water sports gear, further solidifying its position in the outdoor equipment market.

13. Seb

• Website: sebgroup.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1856
• Headcount: 10001+
• Number of deals in 2024: 13
• LinkedIn: seb

Skandinaviska Enskilda Banken AB (SEB) is a leading banking group in Northern Europe, providing a wide range of financial services including corporate and investment banking, asset management, and private wealth management. Founded in 1856 and based in Stockholm, Sweden, SEB serves large corporations, institutional clients, and private individuals, helping them manage their financial assets and navigate investment opportunities. In recent years, SEB has made significant investments in the water sports gear sector, including a notable $29 million investment in X Shore, a company focused on electric boats, and a $14 million investment in Candela, which specializes in electric hydrofoils. These transactions highlight SEB's commitment to supporting innovative companies within the water sports industry, further establishing their relevance in this market.

14. EQT Ventures

• Website: eqtventures.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2015
• Headcount: 11-50
• Number of deals in 2024: 28
• LinkedIn: eqt-ventures

EQT Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2015. The firm specializes in investing in early-stage tech startups, providing not only financial support but also operational assistance to entrepreneurs. EQT Ventures connects startups with a global network of industry experts and resources to foster growth and innovation. Notably, EQT Ventures has been actively involved in the water sports gear context through its investments in Candela Technology AB, a Swedish electric hydrofoil maker. Candela aims to revolutionize the boating industry with its electric-powered boats, promoting sustainable practices in water sports. EQT Ventures has participated in several funding rounds for Candela, including a €24.5 million investment in March 2024 and a $20 million funding round in March 2023, demonstrating their commitment to supporting advancements in the water sports sector.

Water Sports Gear Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
Altor Equity Partners	Stockholm, Stockholm, Sweden	51-200	2003	6
Verdane	Oslo, Oslo, Norway	51-200	1985	7
Katapult	Oslo, Oslo, Norway	11-50	2017	8
Wellstreet	Stockholm, Stockholm, Sweden	1-10	2016	3
Lagercrantz Group AB	Stockholm, Stockholm, Sweden	1001-5000	2001	6
CapMan	Helsinki, Uusimaa, Finland	51-200	1989	4
FSN Capital Partners	Oslo, Oslo, Norway	51-200	1999	0
Nordic Capital	Stockholm, Stockholm, Sweden	201-500	1989	10
Adelis Equity Partners	Stockholm, Stockholm, Sweden	11-50	2012	3
Ferd AS	Oslo, Oslo, Norway	51-200	1998	0
Herkules Capital	Oslo, Oslo, Norway	11-50	2002	0
Thule Group	Sweden	1001-5000	1942	1
Seb	Stockholm, Stockholm, Sweden	10001+	1856	13
EQT Ventures	Stockholm, Stockholm, Sweden	11-50	2015	28

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