The outdoor footwear industry in the Nordics is characterized by brands committed to delivering performance, protection, and sustainability for outdoor enthusiasts. Companies range from established manufacturers to new entrants focused on innovative designs and eco-friendly materials. Popular brands offer everything from hiking boots to winter footwear. The industry is evolving with trends like lightweight designs and sustainable production methods, reflecting increased consumer awareness about environmental impact. Additionally, outdoor activities have gained popularity, driving demand for high-quality footwear that can withstand Nordic weather conditions, positioning this sector for growth in the years ahead.

This list features a blend of investors shaping the outdoor footwear sector, including private equity firms, corporate backers, and venture capitalists. Headquartered primarily in Stockholm, Sweden, these firms range in size from small boutique operations to sizable institutions. Founded as early as the 1920s and as recently as 2015, they collectively accounted for 60 investments in 2024 alone. Notable players include Nordic Capital and EQT Group, demonstrating a robust interest in the Nordic market for outdoor footwear.

Top 15 Outdoor Footwear 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 digitalization and decarbonization trends, primarily targeting technology companies. However, they have also made significant investments in the outdoor sector, including the acquisition of Silva, a company that provides niche outdoor sports equipment, and Maskinklippet.se, which aims to create a leading Nordic niche e-tailer in forestry, gardening, hunting, and outdoor products. These transactions highlight Verdane's engagement in the outdoor market, making them a relevant player in the outdoor footwear investment landscape.

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 enhancing operational efficiency and sustainable growth for its partners through tailored investment strategies and digital transformation solutions. Altor has been actively involved in the outdoor footwear and sportswear sectors, with key transactions including the acquisition of Rossignol in 2013, a brand recognized for its outdoor sports equipment and apparel. They also participated in funding rounds for XXL Sport & Villmark, a retailer focused on outdoor sports, and Revolution Race, which specializes in outdoor clothing. These investments highlight Altor's commitment to the outdoor industry, particularly in areas related to footwear and apparel, showcasing their strategic focus on consumer products that align with outdoor activities.

3. 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 specializes in providing loans, risk capital, and business development support to small and medium-sized enterprises (SMEs) in Sweden. Almi aims to enhance the growth and competitiveness of these businesses by offering tailored financial solutions and guidance. Among its notable transactions, Almi has invested in 'No More Boots', a company that aligns with the outdoor footwear industry, indicating its interest in this sector. Additionally, Almi has participated in funding rounds for other companies such as Elevenate, a fashion manufacturer, and Spektrumare, although these may not be directly related to outdoor footwear. Overall, Almi's investment portfolio reflects a commitment to supporting diverse industries, including outdoor footwear.

4. eEquity

• Website: eequity.se
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2010
• Headcount: 11-50
• LinkedIn: eequity

eEquity is a Stockholm-based venture capital firm founded in 2010, specializing in growth equity with a focus on digitally enabled business models primarily in the Nordics. The firm partners with entrepreneurs in the technology and retail sectors, providing capital and strategic support to help them scale their businesses into regional and global leaders. Notably, eEquity has made investments in companies relevant to the outdoor footwear industry, including PS of Sweden, which raised SEK 50 million to enhance its growth, and Aim'n, which secured $6.6 million in a venture round. These transactions highlight eEquity's engagement in the footwear sector, demonstrating their interest in supporting businesses that align with outdoor and retail markets.

5. 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 investments in the outdoor footwear context, including the acquisition of Lundhags skomakarna in December 2006, a company known for its outdoor footwear products. Additionally, EQT's acquisition of XXL Sport & Villmark in June 2010, a leading sports retail chain in the Nordic region, further demonstrates their engagement in the outdoor and sporting goods market, which encompasses footwear. These transactions highlight EQT's strategic interest in the outdoor footwear industry, reinforcing their relevance as an investor in this sector.

6. 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, while also showing a notable interest in the sports and outdoor industry. Nordic Capital has a strong focus on creating long-term value and sustainability in its investments, partnering with management teams to drive growth and operational improvements. Among their relevant transactions, they reacquired Ellos Group AB, a leading Nordic e-commerce group, and acquired a majority shareholding in Unisport, a football equipment retailer. Notably, they also acquired Thule Group AB, a company recognized for its outdoor and sports products, including footwear. These transactions highlight Nordic Capital's involvement in the outdoor and sports sectors, aligning them with the interests of outdoor footwear investors.

7. 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 wide range of products, including sporting equipment, footwear, and apparel through its well-known brands such as Salomon and Wilson. Amer Sports serves athletes and outdoor enthusiasts globally, providing high-quality gear designed to enhance performance and enjoyment in various sports. Notably, Amer Sports has made significant acquisitions that bolster its presence in the outdoor footwear market, including the acquisition of Salomon from adidas in 2005, which is a leading brand in outdoor footwear. Additionally, the acquisition of Armada Skis in 2017 and Peak Performance in 2018 further emphasizes Amer's commitment to the outdoor and action sports sectors, enhancing its portfolio of brands that cater to outdoor enthusiasts.

8. 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, specializing in the creation, acquisition, and development of brands and products across various sectors, including corporate, sports, gifts, and home. Founded in 1990, the company has a workforce of 1001-5000 employees. Notably, New Wave Group has made significant strides in the outdoor sector, highlighted by their acquisition of Tenson AB, an outdoor brand, for SEK 1 in June 2023. This acquisition is part of their strategy to enhance their presence in the outdoor market, leveraging Tenson's brand value estimated at around SEK 31 million. Additionally, New Wave Group has a history of acquiring brands that complement their portfolio, such as Cutter & Buck Inc. and Craft North America, which further showcases their capability and intent to diversify and strengthen their offerings in related markets.

9. 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 sustainable growth and responsible ownership in its investment approach. Notably, Nalka has made several acquisitions that are relevant to the outdoor footwear context, including HOOKS HASTSPORT, acquired on March 20, 2014, which is likely involved in outdoor sports and activities. Additionally, their acquisition of Open Air Group in 2016 may also relate to outdoor activities, further supporting their relevance in the outdoor footwear industry.

10. Scope

• Website: scope.se
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2001
• Headcount: 1-10
• LinkedIn: scope-capital-advisory-ab

Scope is an investment management firm based in Stockholm, Sweden, founded in 2001. They focus on building and managing consumer brands, providing investment and advisory services to entrepreneurs and management teams to help them achieve sustainable growth. Their portfolio includes notable brands such as Klättermusen, which specializes in outdoor gear and apparel, and Footbalance, which offers solutions for foot health and custom insoles, both of which are relevant to the outdoor footwear industry. Additionally, Scope has invested in Miss Mary and acquired a stake in Happy Socks, showcasing their diverse investment strategy while maintaining a focus on consumer brands.

11. 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 focuses on 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 sportswear market, acquiring INTERSPORT Sverige AB and a 70% stake in Intersport Sweden, both of which are prominent retailers in the sports equipment and outdoor footwear space. Additionally, they acquired Didriksons, a brand known for its outdoor clothing, further emphasizing their involvement in the outdoor sector. Through these transactions, Adelis demonstrates a commitment to supporting and growing businesses that cater to outdoor and sports enthusiasts.

12. 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 made significant investments in the outdoor and sportswear sector, including the acquisition of Odlo Sports Group, a company specializing in sportswear, in 2017. They also participated in a funding round for Didriksons, a brand known for outdoor clothing, and acquired a majority stake in Beckmann AS, a leading provider of school backpacks. These transactions highlight Herkules Capital's engagement in the outdoor and sportswear market, showcasing their capability and interest in sectors that align with outdoor footwear.

13. 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, while catering primarily to institutional investors and pension funds seeking sustainable returns. Notably, FSN Capital has made significant investments in the outdoor and sporting goods sectors, including the acquisition of Active Brands AS, a Norwegian supplier of premium sporting goods brands, in 2017. This acquisition aimed to enhance Active Brands' position in the Nordics and accelerate its international growth. Additionally, FSN Capital acquired Sneakersnstuff in 2018, a well-known retailer in the sneaker and streetwear market, further solidifying their presence in the footwear industry. These transactions highlight FSN Capital's strategic interest in companies that operate within the outdoor and sporting goods sectors, particularly those related to footwear.

14. 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 investment portfolio, which includes notable transactions such as their investment in Swix Sport, a company known for its outdoor sports products, including footwear. In addition, they participated in a post-IPO equity round for Boozt, an online fashion retailer that may include outdoor apparel and footwear. These transactions highlight Ferd AS's engagement in sectors related to outdoor activities, making them a relevant player in the outdoor footwear investment landscape.

15. Ingman Group

• Website: ingman.com
• Type: Corporate
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 1929
• Headcount: 1-10
• Number of deals in 2024: 1

Ingman Group is a multisectoral company based in Helsinki, Uusimaa, Finland, founded in 1929. The company specializes in food production, technology services, and investment management, offering a diverse range of products including dairy, ice cream, and outdoor clothing. Notably, Ingman Group acquired Halti Oy on June 21, 2012, a company known for its outdoor apparel and gear, which positions them within the outdoor industry. This acquisition highlights their strategic interest in outdoor clothing and related sectors, providing them with expertise and resources that can enhance their operations in this market.

Outdoor Footwear Insights: Key Investors in the Nordics

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