The ice cream production industry in the Nordics is a vibrant sector characterized by innovation and a commitment to quality. Companies range from established manufacturing giants to niche producers focused on artisan flavors and health-conscious options. Alongside traditional dairy-based offerings, there’s an increasing trend towards plant-based and vegan ice creams, reflecting growing consumer demand for healthier and more sustainable choices. With a solid export market and a culture that celebrates frozen desserts, the industry is poised for growth, particularly as companies embrace new technologies and diverse ingredients to enhance flavors and formulations.


The investor landscape for ice cream production in the Nordics features a mix of corporate and private equity firms, primarily headquartered in Sweden and Finland. Ranging from seasoned players like Orkla ASA to emerging firms like Kost Capital, each investor varies significantly in size and experience. Companies range from small startups to large corporations, with 2024 generating numerous deals aimed at enriching the food sector. Notably, firms like EQT Group and Creandum have active investment strategies, signaling confidence in industry growth and innovation.


Top 15 Ice Cream Production Investors in the Nordics


1. Orkla ASA

  • Website: orkla.com
  • Type: Corporate
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 2017
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: orkla-asa

Orkla ASA is a leading industrial investment company based in Oslo, Norway, with a focus on branded consumer goods, aluminium solutions, and financial investments. Founded in 2017, the company operates through various sectors, including food, snacks, health, and personal care. In recent years, Orkla has made significant strides in the ice cream production industry through its subsidiary, Orkla Food Ingredients. Key transactions include the acquisition of a 70% stake in Hadecoup, enhancing its position in the ice cream ingredients market in the Benelux region, and an 84% stake in Denali Ingredients, a major supplier of ice cream ingredients in the USA. Additionally, Orkla acquired Laan Heiloo, a supplier of ice cream ingredients in the Netherlands, further solidifying its presence in the soft-serve ice cream market. These strategic investments reflect Orkla's commitment to expanding its footprint in the ice cream sector, making it a notable player in this 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 investment firm founded in 1994, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Based in Stockholm, Sweden, EQT serves institutional investors by providing expertise in managing diverse investment portfolios across multiple sectors and geographies. Among their notable transactions, EQT acquired Findus Sverige, a company involved in the frozen food sector, which may include ice cream products. This acquisition aligns with their strategy of investing in food-related businesses. Additionally, EQT has been involved in various other sectors, showcasing their versatility and willingness to invest in different industries, including food production.


3. Kale United

  • Website: kaleunited.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2018
  • Headcount: 1-10
  • Number of deals in 2024: 2
  • LinkedIn: kaleunited

Kale United is an investment firm based in Stockholm, Sweden, founded in 2018. It focuses on sustainable food production through impact investments in plant-based and foodtech companies. The firm serves both individual and institutional investors who are interested in supporting the transition to a plant-based lifestyle while achieving financial returns. Notably, Kale United has made significant strides in the ice cream production sector by acquiring over 95% of Lily & Hanna's, a Swedish vegan ice cream brand, in May 2023. This acquisition is expected to enhance Kale United's turnover and net asset value. Additionally, they have participated in funding rounds for other plant-based food companies, showcasing their commitment to the sustainable food industry.


4. Mudcake

  • Website: mudcake.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2020
  • Headcount: 1-10
  • Number of deals in 2024: 3
  • LinkedIn: trellisroad

Mudcake is an investment microfund based in Stockholm, Sweden, founded in 2020. The firm specializes in supporting startups within the food industry, providing capital and resources primarily in pre-seed and seed rounds. Mudcake aims to help founders innovate in food production, distribution, and consumption. Their portfolio includes a variety of companies across multiple continents. Notably, Mudcake has participated in funding rounds for companies like Nutropy, which focuses on producing animal-free cheeses, and Stockeld Dreamery, an alt-dairy startup. Although these companies are not directly related to ice cream production, they reflect Mudcake's commitment to innovative food solutions, which could extend to ice cream production in the future.


5. Nordic Foodtech VC


Nordic Foodtech VC is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2019. The firm specializes in early-stage investments in companies focused on deep foodtech innovations, aiming to transform the food system by supporting startups that develop sustainable and health-oriented food technologies. Among their notable transactions, they have invested in Melt&Marble, which raised significant funding in both 2021 and 2022, indicating their commitment to companies that are innovating in the ice cream production space. Additionally, they have invested in Nordic Umami Company, which, while not directly related to ice cream, showcases their broader interest in food technology. Their portfolio primarily includes businesses in the food technology sector located in the Nordics and Baltics, reflecting their strategic focus on the region's food innovation landscape.


6. 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. Creandum provides venture capital investment, strategic support, and networking opportunities to startups across various sectors, including fintech and health tech. Notably, they have invested in Stockeld Dreamery, a company focused on innovative ice cream production, which raised $3,592,931 in a seed round in January 2020. This investment highlights Creandum's interest in the food industry, particularly in companies that are redefining traditional categories. Their business model focuses on nurturing companies from seed to IPO, leveraging their expertise and connections to help entrepreneurs succeed.


7. Novax

  • Website: novax.se
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1999
  • Headcount: 11-50
  • Number of deals in 2024: 3
  • LinkedIn: novax-ab

Novax is a Stockholm-based venture capital firm founded in 1999, specializing in supporting and developing small and medium-sized growth companies across various sectors, including health, technical security, sustainable food, and digital retail infrastructure. In recent transactions, Novax has acquired a majority share in Louis François SAS, a French developer of specialty functional ingredients, and MSK Ingredients, a UK-based leader in specialty ingredients for the food industry. These acquisitions are part of Novax's strategy to expand its network of specialized food businesses and enhance innovation in food ingredients, which can be applicable to ice cream production. Additionally, Novax has participated in funding rounds for companies like Prolupin, focusing on plant-based proteins, which may also intersect with trends in ice cream production, particularly in the growing market for plant-based ice cream alternatives.


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, but has also made significant investments in the food industry. Notable transactions include the acquisition of Greenfood Group, a company involved in the food sector, and Cloetta, a confectionery company. These investments highlight Nordic Capital's strategy of partnering with management teams to drive growth and operational improvements in portfolio companies, with a strong focus on creating long-term value and sustainability. Their involvement in food-related businesses positions them as a potential investor in the ice cream production industry, even if they do not exclusively focus on this sector.


9. 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 focuses on managing investments across various sectors, including services, green transition, industrials, and technology, with a commitment to driving growth and transformation in its portfolio companies. Notably, FSN Capital has made significant investments in the ice cream production context, particularly through their acquisition of Gram Equipment, a Danish company that specializes in advanced process equipment for the ice cream industry. This acquisition, announced in December 2017, and further investment in 2018, highlights FSN Capital's strategic interest in supporting the growth of companies within the ice cream sector, particularly in emerging markets. Their approach caters primarily to institutional investors and pension funds seeking sustainable returns, making them a versatile player in the investment landscape.


10. Procuritas

  • Website: procuritas.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1986
  • Headcount: 11-50
  • LinkedIn: procuritas-ab

Procuritas is a private equity investment firm based in Stockholm, Sweden, founded in 1986. The firm specializes in private equity and growth capital investments, partnering with entrepreneurs and business owners to provide capital and strategic guidance aimed at achieving market leadership. Procuritas has a diverse portfolio that includes various industries, such as e-commerce and healthcare. Notably, they have made significant investments in the ice cream production context, including the acquisition of Gram Equipment AS, a prominent Danish supplier of advanced ice cream machines, in 2010. This company has an annual turnover of approximately €30 million and operates globally, including in key markets like the US and Italy. Additionally, Procuritas has acquired DSI Freezing Solutions A/S and Norvida AB, further demonstrating their engagement in sectors related to ice cream production and processing.


11. Sentica

  • Website: sentica.fi
  • Type: Private Equity
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2004
  • Headcount: 11-50
  • LinkedIn: sentica-partners

Sentica is a private equity firm based in Helsinki, Uusimaa, Finland, founded in 2004. The firm specializes in investment management services, focusing on providing capital and strategic support to businesses seeking growth or restructuring through private equity investments. Notably, Sentica acquired 3 Friends, a Nordic super premium ice cream manufacturer, as part of its growth strategy in July 2021. This acquisition is significant as 3 Friends has expanded its business to over 5,000 stores in Sweden and Finland, generating over EUR 10 million in revenue. Additionally, Sentica has been involved in other acquisitions, such as the majority shareholding in the Kotipizza companies, which showcases their broader investment strategy beyond just ice cream production.


12. Chalmers Ventures


Chalmers Ventures is a venture builder and tech investor based in Sweden, founded in 2015. They focus on deep tech innovations and support researchers and entrepreneurs in commercializing their technology through various programs. Their model emphasizes active ownership and investment in startups, helping them scale and succeed in the market. Notably, Chalmers Ventures has been involved in several funding rounds for Melt&Marble, a company that raised significant amounts in seed funding, including $906,750 in April 2021, $5,269,837 in May 2022, and $867,843 in June 2024. These transactions highlight their commitment to supporting innovative food technology, particularly in the ice cream sector.


13. Kost Capital

  • Website: kostgroup.co
  • Type: Venture Capital
  • Headquarters: Frederiksberg, Frederiksberg, Denmark
  • Founded year: 2023
  • Headcount: 1-10
  • Number of deals in 2024: 4
  • LinkedIn: kost-capital

Kost Capital is a venture capital firm based in Frederiksberg, Denmark, founded in 2023. It operates as a food development studio and venture capital fund, focusing on innovative solutions within the food industry. Kost Capital supports food entrepreneurs and researchers in developing new products and technologies, with a commitment to sustainable food systems. Their investment portfolio includes a variety of food-related ventures, such as healthy snacks and beverages. Notably, they participated in the funding of Numi, a French milktech startup, which raised €3 million in Seed funding. This investment highlights their engagement in sectors related to dairy, which is integral to ice cream production. Additionally, they have invested in other food startups like Foreverland, Sallea, and Nutrumami, further showcasing their active role in the food innovation landscape.


14. 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 corporate investor specializing in refrigeration and HVAC solutions. The company operates a vast network of subsidiaries and branches, focusing on environmentally friendly technologies. In recent years, Beijer Ref has made several strategic acquisitions to enhance its market position in the refrigeration sector. Notable transactions include the acquisition of Chaud Froid Distribution in France, which strengthens their distribution capabilities, and Young Supply Company in North America, which expands their reach in commercial refrigeration. Additionally, their acquisition of Heatcraft's operations in Singapore and United Refrigeration's wholesale operations in the UK and France further solidifies their presence in the refrigeration market. These transactions indicate Beijer Ref's commitment to supporting industries that rely on refrigeration, including food retail and potentially ice cream production, by providing essential cooling solutions.


15. Aak

  • Website: aak.com
  • Type: Corporate
  • Headquarters: Malmo, Skåne, Sweden
  • Founded year: 2005
  • Headcount: 1001-5000
  • LinkedIn: aak-ab

AAK AB is a corporate investor based in Malmo, Skåne, Sweden, founded in 2005. The company specializes in food manufacturing, particularly in vegetable oils and fats, providing a wide range of products for various applications in the food industry, including bakery, dairy, and confectionery. AAK serves businesses in the food manufacturing sector, offering tailored solutions to enhance the quality and sustainability of their products. Notably, AAK has made several strategic acquisitions, such as the acquisition of Soya Group in 2019 and Rapsona AB in 2008, which bolster their capabilities in the food sector. In 2021, AAK acquired BIC Ingredients, focusing on the lecithin market, which is relevant for ice cream production as lecithin is often used as an emulsifier in ice cream formulations. These transactions highlight AAK's commitment to expanding its influence in the food industry, including potential applications in ice cream production.



Ice Cream Production Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
Orkla ASAOslo, Oslo, Norway10001+20171
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
Kale UnitedStockholm, Stockholm, Sweden1-1020182
MudcakeStockholm, Stockholm, Sweden1-1020203
Nordic Foodtech VCHelsinki, Uusimaa, Finland1-1020197
CreandumStockholm, Stockholm, Sweden11-50200317
NovaxStockholm, Stockholm, Sweden11-5019993
Nordic CapitalStockholm, Stockholm, Sweden201-500198910
FSN Capital PartnersOslo, Oslo, Norway51-20019990
ProcuritasStockholm, Stockholm, Sweden11-5019860
SenticaHelsinki, Uusimaa, Finland11-5020040
Chalmers VenturesSweden11-50201526
Kost CapitalFrederiksberg, Frederiksberg, Denmark1-1020234
Beijer RefStockholm, Stockholm, Sweden5001-1000018666
AakMalmo, Skåne, Sweden1001-500020050


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