The cold chain logistics industry in the Nordics plays a pivotal role in maintaining the integrity of temperature-sensitive products. This encompasses food, pharmaceuticals, and biotechnology sectors, where optimal conditions are crucial from production to consumer delivery. Key players include specialized logistics providers, freight forwarding companies, and technology firms that offer innovative tracking and monitoring solutions. As e-commerce expands, the demand for efficient cold chain logistics is expected to grow, driving advancements in automation and smart technologies. Sustainability efforts are also gaining traction, with many companies seeking to reduce waste and energy consumption, thus reshaping industry operations for the better.


This list features a mix of investors in the cold chain logistics sector, showcasing private equity firms and corporate entities. Based in cities like Stockholm and Copenhagen, they range from large organizations with over 10,000 employees to smaller firms focused on specialized investments. Established between 1866 and 2017, these investors collectively engaged in numerous deals, with activities spanning various sectors, addressing operational efficiencies and technological advancements. With a notable 2024 deal count, companies like EQT Group and A.P. Moller - Maersk illustrate significant interest in enhancing the Nordic cold chain logistics ecosystem.


Top 15 Cold Chain Logistics Investors in the Nordics


1. 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 made significant strides in the cold chain logistics sector, acquiring Envirotainer for approximately $2.995 billion in June 2022, a company known for its temperature-controlled air cargo solutions. Additionally, EQT Infrastructure is set to acquire Constellation Cold Logistics, further solidifying its presence in the cold chain logistics space. The firm also holds a stake in va-Q-tec AG, which specializes in thermal insulation and temperature-controlled logistics solutions. These transactions highlight EQT's strategic focus on enhancing cold chain logistics capabilities, making it a relevant player in this industry.


2. A.P. Moller - Maersk

  • Website: maersk.com
  • Type: Corporate
  • Headquarters: Copenhagen, Denmark
  • Founded year: 1904
  • Headcount: 10001+
  • Number of deals in 2024: 4
  • LinkedIn: maersk-group

A.P. Møller – Mærsk A/S is a leading logistics company based in Copenhagen, Denmark, founded in 1904. The company specializes in shipping and logistics services, operating globally to provide comprehensive solutions for shipping, port operations, supply chain management, and warehousing. In recent years, A.P. Moller - Maersk has made significant investments to enhance its logistics capabilities. Notably, the acquisition of Pilot Freight Services for approximately $1.7 billion in cash in February 2022 aims to bolster their integrated logistics offerings, addressing customer demands in both B2C and B2B freight sectors. Additionally, their investments in technology companies such as Wiliot, which focuses on IoT solutions, and Forto, a digital freight forwarder, further demonstrate their commitment to improving logistics efficiency, including cold chain logistics. These transactions highlight Maersk's strategic direction towards enhancing their logistics services, making them a relevant player in the cold chain logistics space.


3. NTG | Nordic Transport Group A/S


NTG | Nordic Transport Group A/S is a logistics company based in Hvidovre, Denmark, specializing in freight forwarding and transportation services. Founded in 2011, NTG operates with a decentralized business model, providing tailored logistics solutions across various industries. In recent years, NTG has made several strategic acquisitions to enhance its service offerings and operational capabilities. Notably, they acquired Aries Global Logistics, Inc. for $70 million, which is expected to bolster their logistics operations significantly. Additionally, the acquisition of Solida Logistik AB, which expanded their warehousing capacity, is crucial for managing temperature-sensitive goods in cold chain logistics. These transactions indicate NTG's commitment to enhancing its logistics capabilities, including those relevant to cold chain logistics.


4. DSV - Global Transport and Logistics

  • Website: dsv.com
  • Type: Corporate
  • Headquarters: Hedehusene, Denmark
  • Founded year: 1976
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: dsv

DSV - Global Transport and Logistics, founded in 1976 and based in Hedehusene, Denmark, is a leading logistics company specializing in comprehensive transport and logistics solutions. With over 10,000 employees, DSV operates across various transport modes, including air, sea, road, and rail, catering to diverse sectors such as automotive and healthcare. The company has made significant acquisitions to enhance its capabilities in the logistics sector. Notably, in 2019, DSV acquired Panalpina for $4.658 billion, a company known for its strong presence in the healthcare and temperature-sensitive logistics markets. In 2024, DSV announced its intention to acquire DB Schenker for €14.3 billion, further expanding its market presence and capabilities. These strategic moves indicate DSV's commitment to enhancing its logistics services, including cold chain logistics, which is crucial for the transportation of temperature-sensitive goods.


5. Dfds

  • Website: dfds.com
  • Type: Corporate
  • Headquarters: Copenhagen, Denmark
  • Founded year: 1866
  • Headcount: 10001+
  • Number of deals in 2024: 2
  • LinkedIn: dfds

DFDS is a prominent logistics and ferry operator based in Copenhagen, Denmark, founded in 1866. The company provides a range of passenger and freight transportation services across Europe, operating a network of ferry routes that cater to both individual travelers and businesses. In recent years, DFDS has made significant strides in enhancing its cold chain logistics capabilities through strategic acquisitions. Notably, in December 2022, DFDS acquired McBurney Transport for nearly £138 million, which allows them to strengthen their cold chain logistics operations, particularly in the food sector within the UK and Ireland. Additionally, their acquisition of Lucey Transport in July 2022 and HSF Logistics Nijmegen B.V. in January 2021 further underscores their commitment to improving supply chain solutions and expanding their logistics network. These transactions highlight DFDS's focus on enhancing its cold chain logistics services while continuing to operate in the broader logistics market.


6. Elanders

  • Website: elanders.com
  • Type: Corporate
  • Headquarters: Gothenburg, Västra Götaland, Sweden
  • Founded year: 1908
  • Headcount: 5001-10000
  • Number of deals in 2024: 2
  • LinkedIn: elanders

Elanders is a logistics and printing company based in Gothenburg, Sweden, founded in 1908. The company specializes in integrated solutions within supply chain management, serving diverse industries such as Automotive, Electronics, and Health Care. Elanders has been actively expanding its capabilities through strategic acquisitions. In 2024, they acquired 88.5% of Bishopsgate, a UK company that specializes in the transportation and installation of medical devices, which is crucial for cold chain logistics. Additionally, their acquisition of Kammac, a contract logistics company, further enhances their market position in the UK, a significant logistics market. Elanders' focus on life cycle management and technical logistics, particularly in healthcare, positions them well within the cold chain logistics context, as these sectors often require temperature-controlled environments for sensitive products.


7. 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 multiple sectors. Notably, they have made significant acquisitions in the logistics sector, including Tempcon Group, which specializes in temperature-controlled logistics, and Tommy Nordbergh Åkeri, a transport company. Their acquisition of Jetpak, a logistics company, further emphasizes their involvement in the logistics industry. In 2022, they acquired Lyngsoe Systems, which provides solutions for supply chain management, indicating a broader interest in logistics and operational efficiency. These transactions highlight Accent Equity's commitment to investing in companies that can enhance their portfolio's value, particularly in the logistics and cold chain sectors.


8. 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 focus on tech startups that address global challenges, providing investment, accelerator programs, and mentorship to early-stage companies. Katapult has been active in various sectors, including climate-tech and ocean-tech. Notably, they have invested in Figorr, a technology firm specializing in IoT solutions for the last-mile delivery of perishable goods, which raised $1.5 million in a seed funding round. They also participated in a funding round for Fortuna Cools, a Philippines-based agritech startup that creates sustainable coolers from coconut fiber, further emphasizing their commitment to innovative solutions in the cold chain logistics space. These transactions highlight Katapult's relevance in supporting technologies that enhance cold chain logistics.


9. 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 focuses on 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, including the acquisition of Nordic Climate Group, a leading services and solutions company in the cooling and heating industry, which had pro forma revenues of approximately 2.2 billion SEK as of April 2022. This acquisition highlights Altor's commitment to sectors that are integral to cold chain logistics. Additionally, Altor has acquired companies such as Wrist Ship Supply and Euro Cater, which are involved in supply chain and logistics services, further demonstrating their engagement in industries that support cold chain operations.


10. 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. They specialize in supporting early-stage entrepreneurs in building global, category-defining companies by providing venture capital investment, strategic support, and networking opportunities. Creandum has a diverse portfolio, with investments spanning various sectors, including fintech and health tech. Notably, they have invested in Packfleet, a delivery startup that raised over $10 million in Series A funding in March 2024 and previously led an £8 million seed funding round in April 2022. Additionally, Creandum has invested in Xeneta, a company that raised significant funding across multiple rounds, including a $28.5 million Series C in June 2021. These transactions highlight Creandum's engagement in the logistics sector, which is relevant to cold chain logistics.


11. Volvo Group

  • Website: volvogroup.com
  • Type: Corporate
  • Headquarters: Sweden
  • Founded year: 1927
  • Headcount: 10001+
  • Number of deals in 2024: 4
  • LinkedIn: volvo-group

Volvo Group is a prominent manufacturing company based in Sweden, established in 1927, specializing in trucks, buses, construction equipment, and marine and industrial engines. The company is dedicated to providing efficient and sustainable solutions for businesses in the transportation and construction sectors. In recent years, Volvo Group has also ventured into the investment space, particularly through its venture capital arm, Volvo Group Venture Capital AB. Notable transactions include their participation in FourKites' Series D financing round, which raised $100 million to enhance supply chain visibility solutions, a critical aspect of cold chain logistics. Additionally, their investments in Flock Freight and Cargomatic highlight their commitment to advancing logistics technology, further solidifying their role as an investor in the logistics sector. In 2024, they also invested in Aifleet, which focuses on logistics optimization, showcasing their ongoing interest in improving logistics operations.


12. Polaris Private Equity


Polaris Private Equity is a private equity firm based in Copenhagen, Denmark, founded in 1998. The firm specializes in investment management, focusing on supporting mid-sized companies in the Nordic region through tailored investment strategies, including private equity, flexible capital, and public equity. Polaris partners with management teams to drive growth and operational improvements, helping these companies realize their full potential. Notably, Polaris has been involved in several transactions relevant to the logistics sector, including the acquisition of Link Logistics A/S, Denmark's largest broker in Express and Courier transportation services, which plays a significant role in logistics operations. Additionally, they have acquired Jetpak, a logistics company, and Molslinjen, which may also have logistics implications. These transactions highlight Polaris's engagement in the logistics industry, making them a relevant player in the cold chain logistics space.


13. Scania Group

  • Website: scania.com
  • Type: Venture Capital
  • Headquarters: Sweden
  • Founded year: 1891
  • Headcount: 10001+
  • Number of deals in 2024: 6
  • LinkedIn: scania

Scania Group, founded in 1891, is a prominent vehicle and engine manufacturer based in Sweden, specializing in commercial vehicles such as heavy trucks and buses. The company not only manufactures vehicles but also provides a range of services including repair, maintenance, and financial solutions aimed at ensuring efficient and sustainable operations in the transportation and logistics sectors. In recent years, Scania has made significant investments in logistics technology, particularly through its involvement with Sennder, a Berlin-based logistics tech startup. Scania participated in multiple funding rounds for Sennder, including Series A, B, C, and D, contributing to a total of over €131 million raised by the company. This strategic investment highlights Scania's commitment to enhancing logistics operations, which is crucial for cold chain logistics, where temperature-sensitive goods require efficient transportation solutions.


14. 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 an investment company based in Stockholm, Sweden, founded in 1936. They partner with innovative entrepreneurs across various sectors, including healthcare, software, marketplaces, and climate tech, providing both capital and operational support to help these companies scale and create long-term value. Kinnevik's investment strategy focuses on redefining industries and addressing pressing global challenges through strategic investments. Notably, Kinnevik has been involved in several funding rounds for Budbee, a logistics technology startup, which raised significant amounts in Series A, B, and C funding rounds. These investments highlight Kinnevik's engagement in the logistics sector, which is relevant to cold chain logistics, as Budbee aims to enhance delivery processes that could include temperature-sensitive goods.


15. 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 in its investments across various sectors, including IT services and property maintenance. Notably, Norvestor acquired approximately 75% ownership in SmartRetur Norge AS, a Norwegian logistics company, making it the largest shareholder. This acquisition highlights their involvement in the logistics sector, which is relevant to cold chain logistics. Other transactions include the acquisition of Sperre Compressors and the Pinja group, showcasing their diverse investment portfolio, although these are less directly related to cold chain logistics.



Cold Chain Logistics Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
A.P. Moller - MaerskCopenhagen, Denmark10001+19044
NTG | Nordic Transport Group A/SHvidovre, Denmark1001-500020113
DSV - Global Transport and LogisticsHedehusene, Denmark10001+19761
DfdsCopenhagen, Denmark10001+18662
ElandersGothenburg, Västra Götaland, Sweden5001-1000019082
Accent EquityStockholm, Stockholm, Sweden11-5019944
KatapultOslo, Oslo, Norway11-5020178
Altor Equity PartnersStockholm, Stockholm, Sweden51-20020036
CreandumStockholm, Stockholm, Sweden11-50200317
Volvo GroupSweden10001+19274
Polaris Private EquityCopenhagen, Denmark51-20019984
Scania GroupSweden10001+18916
KinnevikStockholm, Stockholm, Sweden11-50193610
NorvestorOslo, Oslo, Norway11-5019893


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