The athletic shoe industry in the Nordics combines a strong tradition of innovation with a growing demand for performance-focused footwear. A mix of established brands, local startups, and globally recognized players drive the market, offering everything from high-tech running shoes to stylish casual options. The outdoor culture prevalent in the region fosters a keen interest in specialized footwear, such as hiking and skiing shoes. As sustainability gains traction, companies strive for eco-friendly materials and practices. With the rise of e-commerce, consumer access to athletic shoes is expanding, influencing the industry’s growth trajectory.


The list features a blend of private equity and venture capital firms from the Nordics, headquartered primarily in Stockholm and Oslo. Founded between 1983 and 2012, these investors range in size from small teams to large organizations, contributing an impressive total of investments in 2024. Investors such as EQT Group and Verdane exemplify the strategic engagement in the athletic sector, showcasing their commitment to fostering growth and innovation within this space.


Top 16 Athletic Shoe 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 focuses on digitalization and decarbonization trends, primarily targeting technology companies looking to enhance their market position and operational efficiency. Notably, Verdane has been involved in several transactions relevant to the athletic shoe context, including investments in Outnorth, a retailer of outdoor gear, and MM Sports, which focuses on sports equipment. Additionally, their acquisition of Silva, a provider of niche outdoor sports equipment, further demonstrates their engagement in the athletic and outdoor sectors.


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 involved in several notable transactions in the athletic and outdoor sector, including the acquisition of Rossignol, a well-known brand in the skiing and outdoor sports market, in July 2013. Additionally, they have invested in XXL, a prominent retailer of sporting goods, which includes athletic shoes and apparel, and Revolution Race, a company focused on outdoor clothing and gear. These transactions highlight Altor's engagement in the athletic and outdoor industry, making them a relevant player in the athletic shoe investment landscape.


3. 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 investments. The firm focuses on digitally enabled business models primarily in the Nordics, partnering with entrepreneurs in the technology and retail sectors to help scale their businesses into regional and global leaders. Notably, eEquity has invested in companies relevant to the athletic shoe industry, such as Aim'n, which raised $6.6 million in 2020 and is known for its activewear products. They also invested in Footway, a shoe retailer, which indicates their engagement in the footwear market. Other investments include PS of Sweden and Caliroots, further showcasing their interest in retail and related sectors. Overall, eEquity's portfolio reflects a commitment to supporting growth in industries that intersect with athletic footwear.


4. 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 athletic shoe context, including the acquisition of Lundhags skomakarna in 2006, which focuses on footwear, and the majority ownership acquisition of XXL Sport & Villmark in 2010, a leading sports retail chain in the Nordic region. These transactions highlight EQT's strategic interest in the athletic and footwear sectors, reinforcing its relevance as an investor in the athletic shoe industry.


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 portfolio companies. Nordic Capital has a strong focus on creating long-term value and sustainability in its investments. Notably, they have made significant investments in the sports sector, including the acquisition of Unisport, a football equipment retailer, in 2015. This acquisition highlights their involvement in the athletic shoe market, as Unisport offers a range of sports-related products. Additionally, Nordic Capital's management of Sportmaster, another sports concern, further emphasizes their commitment to the athletic and sports retail space. Their diverse portfolio and strategic investments position them as a relevant investor in the athletic shoe industry.


6. 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 strategic acquisitions in the athletic and sportswear markets, such as the acquisition of Craft North America in 2013, which focuses on athletic apparel. They also acquired Cutter & Buck Inc. in 2007, a company known for upscale golf and sportswear, enhancing their portfolio in the athletic sector. More recently, in 2023, they acquired Tenson AB, an outdoor brand, which may also include athletic footwear and apparel. These transactions highlight New Wave Group's commitment to expanding its presence in the athletic and sportswear industries, making them a significant player in this market.


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 corporate investor based in Helsinki, Finland, founded in 1950. The company specializes in manufacturing and retailing sporting goods, including footwear, apparel, and equipment. Amer Sports owns several well-known brands, such as Salomon and Wilson, which cater to athletes and outdoor enthusiasts globally. Notably, Amer Sports completed the acquisition of Salomon from adidas in 2005, a brand recognized for its high-quality outdoor footwear. In 2018, Amer Sports further expanded its portfolio by acquiring the Swedish sportswear brand Peak Performance for 255 million euros, enhancing its presence in the softgoods market. Additionally, the acquisition of Armada Skis in 2017 and Louisville Slugger in 2015 demonstrates Amer Sports' strategy to diversify its offerings while maintaining a strong focus on sports-related products, including footwear.


8. Adelis Equity Partners


Adelis Equity Partners is a private equity firm based in Stockholm, Sweden, founded in 2012. The firm specializes in growing businesses within 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 athletic shoe context, particularly through their acquisition of Intersport Sweden, where they acquired a 70% stake in June 2015. This acquisition highlights their commitment to the sportswear and equipment retail market, which includes athletic shoes. Additionally, they acquired INTERSPORT Sverige AB around the same time, further solidifying their presence in the sports retail sector. Their investment in Didriksons, while not directly related to athletic shoes, showcases their broader strategy of investing in companies that align with active lifestyles and outdoor activities.


9. 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. In 2024, Accent Equity acquired Unisport, a company involved in the sports and athletic sector, which highlights their engagement in the athletic shoe industry. Additionally, they have a history of acquiring companies like HOOKS HASTSPORT and EAST, which may also relate to sports and athletic products. Their expertise in investment management allows various businesses across multiple sectors to benefit from their strategic approach, positioning them as a significant player in the athletic shoe market.


10. CapMan

  • Website: capman.com
  • Type: Private Equity
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1989
  • Headcount: 51-200
  • Number of deals in 2024: 4
  • LinkedIn: capman

CapMan Oyj is an investment management firm based in Helsinki, Finland, specializing in private equity, real estate, infrastructure, and natural capital investments. Founded in 1989, CapMan serves institutional investors by providing access to diverse investment strategies aimed at achieving sustainable returns. With a strong presence in the Nordic markets, CapMan leverages its expertise to manage funds and drive value creation for its clients. Notably, CapMan has been involved in transactions relevant to the athletic sector, such as the acquisition of MMSports, a Swedish sports nutrition and equipment company, which aligns with their strategy to support growth and international expansion in the sports industry. This involvement indicates their potential interest in athletic-related investments, including athletic shoes.


11. Butterfly Ventures

  • Website: butterfly.vc
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2012
  • Headcount: 1-10
  • Number of deals in 2024: 5
  • LinkedIn: butterfly-ventures

Butterfly Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2012. The firm specializes in seed stage investments, particularly in deep tech startups, providing both capital and strategic support to help early-stage companies navigate growth challenges. Butterfly Ventures emphasizes social and environmental impact in its investments. Among their notable transactions, they invested in Sports Tracking Technologies, which raised funds in a Seed Round in 2014. This company focuses on sports performance tracking, which is relevant to the athletic shoe market. Other investments include Fasciawear, MyPose, and Think Outside, although these are less directly related to athletic footwear. Their portfolio reflects a commitment to innovation and success in various sectors, including sports technology.


12. 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, with a strong emphasis on sustainable returns for institutional investors and pension funds. Notably, FSN Capital has made significant investments in the athletic shoe and sporting goods sector, including the acquisition of Sneakersnstuff in May 2018, a prominent sneaker retailer. Additionally, they acquired a majority stake in Active Brands AS in March 2017, a Norwegian supplier of premium sporting goods brands, further solidifying their presence in the athletic market. These transactions highlight FSN Capital's commitment to driving growth and transformation within the athletic shoe industry.


13. Industrifonden

  • Website: industrifonden.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1979
  • Headcount: 11-50
  • Number of deals in 2024: 9
  • LinkedIn: industrifonden

Industrifonden is a venture capital fund based in Stockholm, Sweden, founded in 1979. The firm specializes in investing in early-stage companies, particularly in the fields of Deep Tech, Life Science, and Transformative Tech. They provide financial support and strategic guidance to startups, helping them scale their innovative solutions. Notably, Industrifonden has invested in Footway, a Swedish online shoe retailer, which raised SEK28M in equity investment from them in 2012. Additionally, they participated in a recent funding round for TrusTrace, a product traceability and compliance company that counts major athletic brands like adidas and Asics among its customers. This involvement highlights Industrifonden's engagement with the athletic shoe industry, despite their broader investment focus.


14. Cni


CNI Advisory AB is a venture capital firm based in Stockholm, Sweden, founded in 2012. The firm specializes in funding and supporting entrepreneurial businesses across various sectors, including technology, finance, and e-commerce. Cni focuses on creating sustainable shareholder value by providing capital and strategic guidance to its portfolio companies. Notably, Cni led a significant funding round for Volumental, which raised $13 million to expand its global sales and marketing efforts, particularly in the athletic shoe sector. This investment highlights Cni's engagement with companies that have a direct impact on the athletic shoe industry. Other investments include KidsBrandStore and Ideal of Sweden, which, while not directly related to athletic shoes, showcase Cni's diverse investment strategy.


15. Priveq

  • Website: priveq.se
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1983
  • Headcount: 11-50
  • LinkedIn: priveq-investment

Priveq is an investment management and private equity firm based in Stockholm, Sweden, founded in 1983. The firm specializes in providing growth capital to companies across various sectors, with a history of investing in over 130 companies. Priveq focuses on helping businesses achieve their growth objectives through strategic guidance and financial support. Notably, Priveq has been involved in transactions such as the acquisition of Unisport Scandinavia, which operates in the sports sector, including athletic shoes. This involvement suggests a connection to the athletic shoe industry, alongside other investments like Equestrian Stockholm and Trendhim, which showcase their diverse investment strategy.


16. 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 athletic and sportswear industry, including the acquisition of Odlo Sports Group, which specializes in sportswear, announced on November 2, 2017. This transaction highlights their engagement in the athletic market. Additionally, they have been involved in other ventures such as Didriksons and Beckmann, although these are less directly related to athletic shoes. Overall, Herkules Capital's investment in Odlo positions them as a relevant investor in the athletic shoe sector.



Athletic Shoe Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
VerdaneOslo, Oslo, Norway51-20019857
Altor Equity PartnersStockholm, Stockholm, Sweden51-20020036
eEquityStockholm, Stockholm, Sweden11-5020100
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
Nordic CapitalStockholm, Stockholm, Sweden201-500198910
New Wave GroupGothenburg, Västra Götaland, Sweden1001-500019900
Amer SportsHelsinki, Uusimaa, Finland10001+19500
Adelis Equity PartnersStockholm, Stockholm, Sweden11-5020123
Accent EquityStockholm, Stockholm, Sweden11-5019944
CapManHelsinki, Uusimaa, Finland51-20019894
Butterfly VenturesHelsinki, Uusimaa, Finland1-1020125
FSN Capital PartnersOslo, Oslo, Norway51-20019990
IndustrifondenStockholm, Stockholm, Sweden11-5019799
CniStockholm, Stockholm, Sweden1-1020121
PriveqStockholm, Stockholm, Sweden11-5019830
Herkules CapitalOslo, Oslo, Norway11-5020020


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