The aerospace manufacturing industry in the Nordics is a thriving sector characterized by a robust ecosystem of companies engaged in designing, producing, and servicing various aerospace components and systems. This industry includes players ranging from established defense contractors like Saab to innovative startups focusing on sustainable aviation technologies. Known for their emphasis on quality and technological advancement, Nordic companies are heavily involved in areas such as avionics, materials engineering, and propulsion systems. Moreover, the industry's future looks promising with increasing investments in green technologies and space exploration efforts, showcasing a regional commitment to innovation and sustainability.

In the Nordics, 2024 saw a variety of investors making impactful investments in the aerospace manufacturing sector. Venture capital firms like EQT Ventures and established corporates such as Trelleborg Group and Kongsberg Maritime played pivotal roles. Headquartered primarily in Stockholm and Helsinki, these investors range from small firms specializing in early-stage ventures to large corporates with thousands of employees. With a cumulative investment count of over 90 deals, the region has shown a captivating potential for growth and innovation in aerospace manufacturing.

Top 15 Aerospace Manufacturing 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 provides loans, risk capital, and business development support to small and medium-sized enterprises (SMEs) in Sweden, aiming to enhance their growth and competitiveness through tailored financial solutions. Among its notable transactions, Almi has invested in Marstrom Composite, a company known for its work with composite materials, which are critical in aerospace manufacturing. Additionally, Almi has supported Airolit, Finepart Sweden, and Wematter, which, while not exclusively aerospace-focused, operate in advanced manufacturing and technology sectors that could intersect with aerospace applications. These investments reflect Almi's broader strategy of supporting innovative companies that may contribute to the aerospace 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 prominent private equity investment firm based in Stockholm, Sweden, founded in 1994. The firm specializes in a diverse range of investment strategies, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT serves institutional investors by providing expertise in managing varied investment portfolios across multiple sectors and geographies. Notably, EQT has made significant investments in the aerospace manufacturing sector, including the acquisition of EIS Aircraft Group, which focuses on products and services for civil and military aviation, such as cabin interiors and maintenance services. Additionally, EQT's investment in Unilode Aviation Solutions highlights their commitment to the aviation industry. These transactions demonstrate EQT's active role in the aerospace manufacturing landscape, reinforcing their position as a relevant investor in this field.

3. Etteplan

• Website: etteplan.com
• Type: Corporate
• Headquarters: Espoo, Uusimaa, Finland
• Founded year: 1983
• Headcount: 1001-5000
• Number of deals in 2024: 3
• LinkedIn: etteplan-group

Etteplan is a technology service company based in Espoo, Uusimaa, Finland, specializing in providing engineering solutions and software services to industrial businesses. Founded in 1983, the company has grown to employ between 1001 and 5000 people and has made significant strides in enhancing efficiency and sustainability through innovative technologies. Their clientele spans various sectors, including aerospace, automotive, and medical technology, requiring advanced technical expertise and support. In recent years, Etteplan has made several strategic acquisitions to bolster its capabilities. Notably, they acquired Cognitas GmbH, a technical information lifecycle management company, which strengthens their position in technical documentation—a critical aspect in aerospace manufacturing. Additionally, their acquisition of LAE Engineering GmbH, which specializes in electrical planning and industrial automation, further enhances their engineering capabilities relevant to the aerospace sector. These transactions reflect Etteplan's commitment to expanding its expertise and service offerings in industries that include aerospace manufacturing.

4. Trelleborg Group

• Website: trelleborg.com
• Type: Corporate
• Headquarters: Trelleborg, Skåne, Sweden
• Founded year: 1905
• Headcount: 10001+
• Number of deals in 2024: 7
• LinkedIn: trelleborggroup

Trelleborg Group, founded in 1905 and based in Trelleborg, Skåne, Sweden, is a leading manufacturing company specializing in engineered polymer solutions. With a workforce of over 10,000 employees, Trelleborg provides a diverse range of products, including seals, damping solutions, and fluid handling systems, catering to various industries such as aerospace, automotive, healthcare, and marine. In recent years, Trelleborg has made significant strides in the aerospace sector, highlighted by their acquisition of a manufacturer of aerospace components in Tukwila, Washington, aimed at enhancing their position in producing elastomers for aerospace seals. Additionally, they have signed an agreement to acquire Aero-Plastics, a company known for high-performance polymer components for the aerospace industry, further solidifying their commitment to this market. These strategic acquisitions reflect Trelleborg's focus on delivering innovative solutions that meet the demanding needs of aerospace customers, making them a relevant player in aerospace manufacturing.

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 specializes in developing and acquiring companies 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 significant acquisitions relevant to the aerospace manufacturing industry, such as the acquisition of Adaero Precision Components from the Cosworth Group, which specializes in precision components for aerospace applications. This acquisition highlights Indutrade's commitment to expanding its presence in the aerospace sector. Additionally, the company has acquired other firms like Huntingdon Fusion Techniques HFT and a German manufacturer of micro precision tools, which may also serve aerospace applications, showcasing its strategy of enhancing technical capabilities and market reach in high-tech industries.

6. Kongsberg Maritime

• Website: kongsberg.com
• Type: Corporate
• Headquarters: Kongsberg, Buskerud, Norway
• Founded year: 1814
• Headcount: 5001-10000
• Number of deals in 2024: 1
• LinkedIn: kongsberg-maritime

Kongsberg Maritime, part of Kongsberg Gruppen, is a technology provider founded in 1814, specializing in advanced solutions across various sectors, including defence, aerospace, maritime, and digital industries. With a workforce of 5001-10000 employees, Kongsberg operates globally, focusing on sustainable practices and collaboration with stakeholders. Notably, Kongsberg Defence & Aerospace has made significant strides in the aerospace sector through strategic acquisitions. In 2018, Kongsberg acquired Aerospace Industrial Maintenance Norway AS, enhancing its capabilities in military aircraft and helicopter maintenance. Furthermore, the acquisition of NanoAvionics in 2022 for approximately EUR 65 million underscores Kongsberg's commitment to expanding its space offerings and capabilities in the small satellite sector. These transactions reflect Kongsberg's strategic focus on the aerospace manufacturing industry, alongside its broader technological pursuits.

7. 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, they have invested in Heart Aerospace, a Swedish company developing hybrid-electric airplanes, participating in their Series A and Series B funding rounds, which raised significant capital to advance the company's aircraft development and certification processes. This involvement highlights EQT Ventures' interest in the aerospace manufacturing sector, particularly in sustainable aviation technologies.

8. Lifeline Ventures

• Website: lifelineventures.com
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2009
• Headcount: 1-10
• Number of deals in 2024: 14
• LinkedIn: 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. Notably, Lifeline Ventures has made significant investments in the aerospace industry, including a $7.5 million seed round for NewOrbit Space in December 2023, which focuses on space technology. Additionally, they have invested in ICEYE, a company that raised $13 million in a Series A round in August 2017, known for its innovative satellite technology. These transactions highlight Lifeline Ventures' commitment to supporting the growth of aerospace startups, alongside their broader investment strategy.

9. Saab

• Website: saab.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1937
• Headcount: 10001+
• Number of deals in 2024: 1
• LinkedIn: saab

Saab AB, founded in 1937 and based in Stockholm, Sweden, is a prominent corporate investor in the aerospace and defense sectors. With over 10,000 employees, Saab operates globally, providing innovative technologies in aviation, radar, and missile systems. The company has made several strategic acquisitions to enhance its capabilities in aerospace manufacturing. Notable transactions include the acquisition of Aerospace Monitoring and Systems (Pty) Ltd in 2006, which bolstered their avionics business, and the acquisition of Blue Bear Systems Group Ltd in 2023, aimed at enhancing their autonomous systems capabilities. Additionally, Saab's acquisition of Seaeye Holdings Ltd in 2007 expanded their underwater vehicle product portfolio, further solidifying their position in the aerospace and defense market.

10. 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, including Electrify, Control, and TecSec. In 2023, Lagercrantz made a notable acquisition of DP Seals Ltd, a UK-based manufacturer of rubber sealings and mouldings, which positions them within the aerospace and energy sectors. This acquisition aligns with their strategy to leverage high-specification applications in aerospace. Additionally, Lagercrantz has been active in acquiring companies like CP Cases and Mastsystem, which, while not directly related to aerospace, demonstrate their commitment to expanding their technological capabilities. Their focus on tailored technology solutions for business customers further supports their relevance in the aerospace manufacturing industry.

11. Addnode Group AB

• Website: addnodegroup.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2003
• Headcount: 1001-5000
• Number of deals in 2024: 4
• LinkedIn: addnode-group-ab

Addnode Group AB is a corporate investor based in Stockholm, Sweden, specializing in digital solutions that enhance operational efficiency across various sectors, including construction and manufacturing. Founded in 2003, the company has a decentralized business model that supports its subsidiaries in pursuing organic growth and strategic acquisitions. Notably, in 2024, Addnode Group acquired PRIME Aerostructures GmbH, a company that operates within the aerospace manufacturing sector, further expanding its footprint in this industry. This acquisition, along with previous transactions such as the purchase of Optimec, which specializes in Computer-Aided Engineering technologies, and Intrinsys, a provider of PLM software, showcases Addnode Group's commitment to enhancing its capabilities in product lifecycle management and engineering solutions relevant to aerospace manufacturing.

12. NCAB Group

• Website: ncabgroup.com
• Type: Corporate
• Headquarters: Sundbyberg, Stockholm, Sweden
• Founded year: 1993
• Headcount: 501-1000
• Number of deals in 2024: 4
• LinkedIn: ncab-group

NCAB Group is a corporate investor based in Sundbyberg, Stockholm, Sweden, specializing in the manufacturing of printed circuit boards (PCBs) for various industries, including aerospace, automotive, and medical. Founded in 1993, NCAB Group has established itself as a key player in the PCB market, focusing on delivering high-quality products through stringent quality controls and efficient production processes. In 2021, NCAB Group acquired Elmatica, a Norwegian PCB supplier, for €31.5 million, enhancing its market presence. In 2023, they further expanded their footprint by acquiring Phase 3 Technologies, a US-based PCB specialist, for $23.5 million, which is expected to bolster their growth in the US market. Additionally, NCAB Group signed an agreement to acquire the PCB division of DVS Global in Italy for SEK 200 million, expected to close in September 2023. These strategic acquisitions demonstrate NCAB's commitment to enhancing its capabilities and market reach, particularly in sectors that require high-quality PCBs, such as aerospace.

13. SKF Group

• Website: skf.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1907
• Headcount: 10001+
• Number of deals in 2024: 3
• LinkedIn: skf

AB SKF is a manufacturing company based in Stockholm, Sweden, specializing in the production of bearings, seals, and lubrication systems. Founded in 1907, SKF has a global presence and operates through a vast distributor network, ensuring their products meet the needs of various industries. In recent years, SKF has made strategic acquisitions to enhance its capabilities in sectors relevant to aerospace manufacturing. Notably, they acquired the Magnetic Group, a manufacturer of actuation systems, which are crucial for aerospace applications. Additionally, their acquisition of 2C Composites, a supplier of high-performance fiber composites, further strengthens their position in providing advanced materials for aerospace. These transactions reflect SKF's commitment to expanding its technological offerings that support the aerospace manufacturing industry.

14. Ifs

• Website: ifs.com
• Type: Corporate
• Headquarters: Sweden
• Founded year: 1983
• Headcount: 5001-10000
• Number of deals in 2024: 2
• LinkedIn: ifs

IFS is a corporate investor based in Sweden, founded in 1983, with a workforce of 5001-10000 employees. The company specializes in providing enterprise software solutions across various industries, including Aerospace, Energy, Construction, and Manufacturing. IFS's offerings, such as IFS Cloud, Asset Management, and Field Service Management, are designed to optimize operations and enhance service delivery for businesses. Notably, IFS has made significant strides in the aerospace sector through its acquisitions. In 2017, they acquired Mxi Technologies Ltd., a leading provider of maintenance management software for the aviation industry, which bolstered their capabilities in aerospace maintenance solutions. More recently, on July 10, 2024, IFS acquired EmpowerMX, further expanding their portfolio in the aerospace domain. These strategic acquisitions highlight IFS's commitment to improving efficiency and decision-making in the aerospace manufacturing industry through integrated software solutions.

15. Voima Ventures

• Website: voimaventures.com
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2019
• Headcount: 11-50
• Number of deals in 2024: 11
• LinkedIn: voima-ventures

Voima Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2019. The firm specializes in funding early-stage science-based innovations and deep tech ventures, providing capital and expertise to help startups scale their solutions for global challenges. Voima Ventures operates primarily in the Nordic and Baltic regions and has been active in various sectors, including life sciences and advanced manufacturing. Notably, they have invested in Kuva Space, a Finnish company that raised significant funding to develop hyperspectral camera technology and a constellation of commercial cubesats for space applications. This involvement highlights Voima Ventures' commitment to supporting aerospace innovations, alongside their broader investment strategy in deep tech and advanced manufacturing.

Aerospace Manufacturing Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
Almi	Stockholm, Stockholm, Sweden	201-500	1994	7
EQT Group	Stockholm, Stockholm, Sweden	1001-5000	1994	30
Etteplan	Espoo, Uusimaa, Finland	1001-5000	1983	3
Trelleborg Group	Trelleborg, Skåne, Sweden	10001+	1905	7
Indutrade AB	Stockholm, Stockholm, Sweden	5001-10000	1978	1
Kongsberg Maritime	Kongsberg, Buskerud, Norway	5001-10000	1814	1
EQT Ventures	Stockholm, Stockholm, Sweden	11-50	2015	28
Lifeline Ventures	Helsinki, Uusimaa, Finland	1-10	2009	14
Saab	Stockholm, Stockholm, Sweden	10001+	1937	1
Lagercrantz Group AB	Stockholm, Stockholm, Sweden	1001-5000	2001	6
Addnode Group AB	Stockholm, Stockholm, Sweden	1001-5000	2003	4
NCAB Group	Sundbyberg, Stockholm, Sweden	501-1000	1993	4
SKF Group	Stockholm, Stockholm, Sweden	10001+	1907	3
Ifs	Sweden	5001-10000	1983	2
Voima Ventures	Helsinki, Uusimaa, Finland	11-50	2019	11

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