The hiking gear industry in the Nordics reflects a growing demand for outdoor activities amid stunning natural landscapes. Companies range from manufacturers of high-performance gear—such as durable backpacks and weather-resistant clothing—to retailers specializing in outdoor apparel and accessories. With a keen focus on sustainability, many brands are integrating eco-friendly materials into their products. The market is expected to expand as more individuals engage in hiking and other outdoor pursuits, driven by awareness of nature's benefits and a push toward healthy lifestyles. Innovations in technology also promise to enhance gear performance for outdoor enthusiasts.


This article explores 15 notable investors in the hiking gear industry across the Nordics. The list includes private equity firms like Altor Equity Partners and corporate entities like Amer Sports. Investors are concentrated in Stockholm and Oslo, with company sizes ranging from small firms to large corporations. Founded between 1985 and 2015, they reported deal counts from zero to thirty in 2024. This analysis highlights the significant financial interest in outdoor gear, underscoring trends poised to shape future investments in this vibrant sector.


Top 15 Hiking Gear Investors in the Nordics


1. 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, particularly in technology-enabled companies, and provides capital and hands-on support to help businesses scale. Verdane's investment strategy is aligned with trends in digitalization and decarbonization. Notably, Verdane has made significant investments in the outdoor sports equipment sector, including the acquisition of Silva, a company known for its niche outdoor sports products, and Maskinklippet.se, which focuses on outdoor products including hiking gear. These transactions highlight Verdane's commitment to the outdoor industry and their potential as a relevant investor in the hiking gear market.


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 to businesses across various sectors, including technology and consumer products. Altor focuses on enhancing operational efficiency and sustainable growth for its partners through tailored investment strategies and digital transformation solutions. Notably, Altor has made significant investments in the outdoor and sporting goods sector, including the acquisition of Rossignol, a prominent brand in skiing and outdoor sports, in 2013. They also participated in funding rounds for Revolution Race, which specializes in outdoor apparel, and XXL Sport & Villmark, a retailer of sporting goods, including hiking gear. These transactions highlight Altor's commitment to the outdoor and hiking gear market, making them a relevant player in this industry.


3. 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 managing diverse investment portfolios across various sectors and geographies. Notably, EQT has made significant investments in the outdoor and sporting goods sector, including the acquisition of Lundhags skomakarna in December 2006, a company known for its high-quality outdoor gear, particularly for hiking. Furthermore, EQT's acquisition of XXL Sport & Villmark in June 2010 highlights their commitment to expanding in the sports retail market, which encompasses a wide range of outdoor activities, including hiking. These transactions demonstrate EQT's active role in the hiking gear industry, reinforcing their relevance as an investor in this space.


4. 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 diverse range of products, including sporting equipment, footwear, and apparel through its well-known brands like Salomon, which specializes in outdoor sports gear, including hiking equipment. Amer Sports has made significant acquisitions to strengthen its position in the outdoor and action sports markets. Notably, the acquisition of Salomon from adidas in 2005 allowed Amer Sports to enhance its offerings in the hiking and outdoor gear segment. Additionally, the acquisition of Armada Skis in 2017 further diversified its portfolio in winter sports, which often overlaps with hiking activities. The acquisition of Peak Performance in 2018 also indicates Amer's strategy to expand its presence in the softgoods market, which includes outdoor apparel suitable for hiking. Overall, Amer Sports serves athletes and outdoor enthusiasts globally, providing high-quality gear designed to enhance performance and enjoyment in various sports, including hiking.


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, and is known for partnering with management teams to drive growth and operational improvements in its portfolio companies. Nordic Capital has a strong focus on creating long-term value and sustainability in its investments. Notably, they acquired Thule Group AB in December 2008 for $64 million, a company recognized for its outdoor and sports gear, which includes products for hiking. Additionally, Nordic Capital has been involved with other companies such as Ellos Group AB and Unisport, although these are more focused on e-commerce and football equipment, respectively. Their investment in Thule Group highlights their engagement in the outdoor gear market, making them a relevant investor in the hiking gear industry.


6. Adelis Equity Partners


Adelis Equity Partners is a private equity firm based in Stockholm, Sweden, founded in 2012. The firm specializes in growing businesses in the Nordic region and provides investment management and strategic consulting services across various sectors, including technology, healthcare, and business services. Notably, Adelis has made significant investments in the outdoor and sports equipment market, including the acquisition of INTERSPORT Sverige AB, a prominent retailer of sportswear and equipment, and Didriksons, a brand recognized for its outdoor clothing. These transactions highlight Adelis's commitment to the outdoor and sports sector, making them a key player in the hiking gear industry.


7. Nalka

  • Website: nalka.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2015
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: nalka

Nalka is a private equity investment firm based in Stockholm, Sweden, founded in 2015. The firm specializes in developing independent companies in the Nordic and DACH regions, providing investment management and strategic support to small- and medium-sized businesses. Nalka emphasizes sustainability and responsible ownership in its investment approach. Notably, Nalka has been involved in several acquisitions, including HOOKS HASTSPORT, which operates in the outdoor and sports equipment sector, indicating a direct connection to the hiking gear industry. Other acquisitions include Open Air Group and Barnas Hus, which, while not directly related to hiking gear, showcase Nalka's diverse investment portfolio and commitment to supporting various sectors.


8. 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 various sectors. Notably, the firm has been involved in several acquisitions relevant to the hiking gear industry, including Mont Blanc, a company likely associated with outdoor equipment, and HOOKS HASTSPORT, which may also cater to the sports and outdoor market. Their recent acquisition of Unisport further indicates their active engagement in sectors that could overlap with hiking gear, as Unisport is known for sports equipment and apparel. Overall, Accent Equity's investment strategy and portfolio suggest a commitment to enhancing brands that could be significant players in the hiking gear market.


9. 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 significant strides in the outdoor apparel market, highlighted by their acquisition of Tenson AB, an outdoor brand, for SEK 1 in June 2023. This acquisition is part of their strategy to expand into the outdoor segment, leveraging Tenson's brand value estimated at around SEK 31 million. Additionally, they acquired Craft North America in 2013, further solidifying their presence in the sports and outdoor apparel market. These transactions demonstrate New Wave Group's commitment to enhancing their offerings in the outdoor and hiking gear sectors, making them a relevant player in this industry.


10. 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 transactions such as the acquisition of Odlo Sports Group, a company specializing in sportswear, which was announced on November 2, 2017. This investment highlights their interest in the active lifestyle market. Additionally, they participated in a venture round for Didriksons, a brand known for outdoor clothing, which further indicates their engagement in sectors related to outdoor and sports apparel. However, their broader investment strategy encompasses a wide range of industries, suggesting that while they have relevant interests, they are not exclusively focused on hiking gear.


11. 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. FSN Capital partners with companies to drive growth and transformation, primarily catering to institutional investors and pension funds seeking sustainable returns. Notably, FSN Capital has made significant investments in the sporting goods sector, particularly through their 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, highlighting FSN Capital's commitment to the outdoor and sporting goods market. Additionally, they have engaged in other transactions, such as their involvement with Morenot, further showcasing their active role in sectors that may intersect with outdoor and hiking gear.


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 corporate investor based in Sweden, founded in 1942. The company is a manufacturer specializing in outdoor and transportation products, focusing on solutions that cater to active families and outdoor enthusiasts. Thule Group aims to simplify the logistics of outdoor activities through high-quality and sustainable products. Notably, Thule has made strategic acquisitions to enhance its portfolio in the outdoor sector, including the acquisition of Tepui Outdoors, Inc., a leading North American rooftop tent company, for $9.5 million in December 2018. This acquisition was aimed at bolstering Thule's offerings for active lifestyles. In December 2019, Thule also acquired Denver Outfitters, a company specializing in roof rack-mounted fly fishing rod vaults, further expanding its product range in the adventure camping segment. These transactions highlight Thule Group's commitment to the outdoor and adventure market, making it a significant player in the hiking gear industry.


13. Scope


Scope is an investment management firm based in Stockholm, Sweden, founded in 2001. They specialize in building and managing consumer brands, providing investment and advisory services to entrepreneurs and management teams to facilitate sustainable growth. Notably, Scope has invested in Klättermusen AB, a prominent brand in the hiking gear industry, which raised $4,718,236 in a venture round in September 2013. This investment highlights Scope's commitment to the outdoor and hiking gear market. Additionally, they have invested in Happy Plugs, a consumer electronics brand, showcasing their diverse portfolio. However, their focus on sustainability and strategic partnerships remains a core aspect of their investment philosophy, particularly in the context of outdoor brands like Klättermusen.


14. Ratos

  • Website: ratos.se
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1866
  • Headcount: 11-50
  • LinkedIn: ratos

Ratos is a private equity investment company based in Stockholm, Sweden, founded in 1866. The firm operates across various sectors, including construction, manufacturing, and consumer goods, with a strong emphasis on sustainability and efficiency. Notably, Ratos acquired Oase Outdoors on June 30, 2016, for approximately $22.4 million, which specializes in outdoor and camping gear, indicating their engagement in the hiking gear market. Additionally, Ratos has made significant investments in other sectors, such as the acquisition of Plantasjen Group, a leading chain for plants and gardening accessories, and Ledil, a Finnish company specializing in LED optics. While their portfolio is diverse, the acquisition of Oase Outdoors highlights their relevance to the outdoor and hiking gear industry.


15. 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 various business activities, including investment management, real estate development, and support for social entrepreneurs. Ferd AS has a diverse portfolio and partners with businesses to enhance their growth and impact. Notably, they invested in Swix Sport in 2010, a company that produces outdoor and sports gear, including products relevant to hiking. This investment highlights Ferd AS's engagement in the hiking gear industry, despite their broader investment strategy. Additionally, they were involved in a post-IPO equity transaction with NKT A/S, although this company does not relate to hiking gear.



Hiking Gear Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
VerdaneOslo, Oslo, Norway51-20019857
Altor Equity PartnersStockholm, Stockholm, Sweden51-20020036
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
Amer SportsHelsinki, Uusimaa, Finland10001+19500
Nordic CapitalStockholm, Stockholm, Sweden201-500198910
Adelis Equity PartnersStockholm, Stockholm, Sweden11-5020123
NalkaStockholm, Stockholm, Sweden11-5020151
Accent EquityStockholm, Stockholm, Sweden11-5019944
New Wave GroupGothenburg, Västra Götaland, Sweden1001-500019900
Herkules CapitalOslo, Oslo, Norway11-5020020
FSN Capital PartnersOslo, Oslo, Norway51-20019990
Thule GroupSweden1001-500019421
ScopeStockholm, Stockholm, Sweden1-1020010
RatosStockholm, Stockholm, Sweden11-5018660
Ferd ASOslo, Oslo, Norway51-20019980


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