The commercial fitness equipment industry in the Nordics is booming, driven by a strong focus on health and wellness among consumers. Companies range from manufacturers of high-end gym machines to tech-driven fitness apps, catering to both commercial gyms and home enthusiasts. Popular offerings include strength training gear, cardio machines, and innovative digital solutions that monitor performance. The Nordic region witnesses a merging of traditional equipment with smart technology, reflecting the growing trend of connected fitness. With a projected increase in global health consciousness, the industry is positioned for further expansion in both product innovation and market accessibility.


The Nordic commercial fitness equipment investment landscape features a blend of private equity firms and corporate investors. Headquartered mainly in Stockholm and Oslo, these entities vary in size, typically employing a range of 11 to over 10,000 individuals. Established primarily in the late 20th century, many investors have made substantial investments in 2024, signaling robust activity. Notably, firms like EQT Group and Nordic Capital emphasize growth across different sectors, shaping the future of commercial fitness equipment through strategic capital management and ownership an expert touch.


Top 16 Commercial Fitness Equipment 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. Among their notable transactions, EQT led a significant funding round for Gympass, raising $85 million in Series F funding, which highlights their commitment to the fitness and wellness sector. Additionally, EQT's acquisition of XXL Sport & Villmark, a leading sports retail chain in the Nordic region, further demonstrates their engagement in the broader sports and fitness market. These transactions reflect EQT's strategic interest in companies that operate within or adjacent to the commercial fitness equipment industry.


2. 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 in technology-enabled companies, providing capital and hands-on support to help businesses scale. Verdane 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 commercial fitness equipment context, including a significant funding round for Urban Sports Club, which raised €95 million in December 2023. This investment highlights Verdane's interest in the fitness sector. Additionally, they have made acquisitions in related areas, such as Eversports, which further indicates their engagement with companies that may intersect with the fitness industry.


3. 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 across various sectors, including technology and consumer products, with a strong focus on enhancing operational efficiency and sustainable growth for its partners. Altor has been involved in several notable transactions relevant to the commercial fitness equipment industry, including their investment in SATS GROUP, a leading fitness center operator, and their involvement with XXL Sport & Villmark, which raised significant funds for sporting goods, including fitness equipment. Additionally, Altor's acquisition of Rossignol, while primarily a winter sports brand, showcases their diverse investment portfolio and capability to manage brands in the sports and fitness sector.


4. Indutrade Life Science

  • Website: indutrade.se
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1978
  • Headcount: 1001-5000
  • Number of deals in 2024: 14
  • LinkedIn: indutrade-life-science

Indutrade Life Science is a corporate investor based in Stockholm, Sweden, founded in 1978. The company is part of an industrial group that focuses on developing and acquiring companies with high technical expertise across various sectors, including technology and industrial products. Indutrade emphasizes long-term relationships with its customers and operates through a decentralized structure, allowing its subsidiaries to maintain independence while benefiting from the group's resources. Notably, in 2022, Indutrade acquired Primed Fysio och Rehab AB, a supplier of professional physiotherapy equipment, which integrates into their Business Area Industrial Components. This acquisition highlights Indutrade's commitment to the fitness and rehabilitation market. Additionally, they have made other acquisitions in the medical and industrial sectors, showcasing their diverse investment strategy while still maintaining a foothold in health-related equipment.


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, with a strong focus on creating long-term value and sustainability in its portfolio companies. Notably, Nordic Capital has made significant investments in the commercial fitness equipment industry, including the acquisition of BRP Systems, a leading Nordic SaaS ERP platform for the fitness industry, aimed at supporting growth and international expansion. Additionally, they have acquired a majority shareholding in Unisport, a football equipment retailer, which operates alongside their other sports concern, Sportmaster. These transactions highlight Nordic Capital's commitment to driving growth and operational improvements in the fitness sector, making them a notable player in the commercial fitness equipment market.


6. 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 a private equity investment management firm based in Helsinki, Finland, founded in 1989. The firm specializes in private equity, real estate, infrastructure, and natural capital investments, serving institutional investors with diverse strategies aimed at sustainable returns. CapMan has a strong presence in the Nordic markets and leverages its expertise to manage funds and drive value creation. Among its notable transactions, CapMan acquired Harvia Oy in 2014, a company known for its sauna and spa products, which are integral to wellness and fitness. In 2021, CapMan Buyout XI acquired a majority equity share in MMSports, a Swedish company focused on sports nutrition and equipment, highlighting their commitment to the fitness equipment sector. Additionally, CapMan has made investments in other companies like Swereco, further showcasing their interest in sectors that intersect with fitness and wellness.


7. 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 strides in the commercial fitness equipment sector, having acquired Fitness World AS, a prominent fitness services company in Denmark, in 2015. This acquisition was aimed at leveraging Fitness World's strong growth, which reached DKK 1 billion in sales. Additionally, FSN Capital acquired Actic, a fitness chain, in 2007, further solidifying their presence in the fitness industry. They also invested in Active Brands AS, a supplier of premium sporting goods, indicating their broader interest in the fitness and sports sector. These transactions highlight FSN Capital's active role in the commercial fitness equipment market and their commitment to fostering growth in this industry.


8. 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, focusing on helping businesses achieve their growth objectives through strategic guidance and financial support. Priveq has a history of investing in over 130 companies, including notable transactions such as the acquisition of Unisport Scandinavia in 2008, which operates in the commercial fitness equipment sector. They also acquired QleanAir Scandinavia in 2012, although this company is not directly related to fitness equipment. In 2021, they participated in a private equity round for Swemac, and in 2022, they acquired Equestrian Stockholm, further showcasing their diverse investment portfolio. Their experience in the sports and fitness equipment industry through Unisport makes them a relevant player in this market.


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. Accent Equity aims to create sustainable growth and superior returns for its clients across multiple sectors. Notably, in 2024, they acquired Unisport, a company involved in the commercial fitness equipment industry, which highlights their engagement in this market. Additionally, their past acquisitions, such as STÅL & HYR and HOOKS HASTSPORT, further demonstrate their capability and interest in sectors related to sports and fitness, making them a versatile investor with a growing footprint in the commercial fitness equipment landscape.


10. 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, Finland, founded in 2012. The firm specializes in seed stage investments, particularly in deep tech startups, and emphasizes social and environmental impact in its investment strategy. Butterfly Ventures has been involved in several notable transactions, including investments in Sports Tracking Technologies and MyPose, both of which are relevant to the fitness technology sector. These companies focus on enhancing athletic performance through innovative tracking solutions. Additionally, Butterfly Ventures supported SpinDrive, a cleantech company, indicating their interest in technology-driven solutions. While their portfolio includes companies that intersect with the fitness industry, their primary focus remains on deep tech and broader impact areas.


11. 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 8fit, a health and fitness company that has helped over 10 million people achieve their fitness goals through customized plans, raising a total of $10M in a Series A round. This investment highlights their commitment to the fitness sector, alongside their broader investment strategy that nurtures companies from seed to IPO.


12. 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 commercial fitness equipment context, acquiring a 70% stake in Intersport Sweden, a prominent sportswear and sports equipment retailer, in June 2015. This acquisition was followed by the purchase of INTERSPORT Sverige AB, further solidifying their involvement in the fitness and sports equipment industry. Through these transactions, Adelis demonstrates a commitment to expanding their portfolio in sectors related to fitness and sports, making them a relevant player in the commercial fitness equipment market.


13. 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 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 in the sports equipment sector, including the acquisition of Salomon from adidas, which bolstered their position in the outdoor sports market. In 2015, they acquired Louisville Slugger, a brand synonymous with baseball equipment, for USD 70 million, further expanding their portfolio in sports equipment. Additionally, the acquisition of Armada Skis in 2017 for approximately USD 4.1 million integrated another brand into their Winter Sports Equipment business unit, showcasing their commitment to diverse sporting goods. These transactions highlight Amer Sports' active role in the sports equipment industry, which may include commercial fitness equipment.


14. Lifeline Ventures


Lifeline Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2009. The firm specializes in early-stage investments in startups across various sectors, providing financial backing and advisory services to entrepreneurs. Lifeline Ventures aims to support resilient founders from the inception of their ventures. Notably, they have invested in Oura, a wearable health tech company known for its wellness ring and app, which has gained traction in the fitness and health monitoring market. Their investment in Oura includes a seed funding round in 2015, which helped the company raise $2.3 million, and they have continued to support Oura through subsequent funding rounds. Additionally, Lifeline Ventures has invested in HumanCharger, a company focused on wellness technology, further demonstrating their interest in health-related innovations that can intersect with the fitness equipment industry.


15. EQT Ventures

  • Website: eqtventures.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2015
  • Headcount: 11-50
  • Number of deals in 2024: 28
  • LinkedIn: eqt-ventures

EQT Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2015. The firm specializes in investing in early-stage tech startups, providing not only financial support but also operational assistance to entrepreneurs. They leverage a global network of industry experts and resources to foster growth and innovation. Among their notable transactions, EQT Ventures invested in Beat81, a Berlin-based fitness technology company that raised €6.4 million in Series A funding. This investment highlights their engagement in the fitness sector, particularly in technology that enhances fitness experiences. Although they have also invested in various other sectors, their involvement with Beat81 positions them as a potential player in the commercial fitness equipment industry.


16. Medicover

  • Website: medicover.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1995
  • Headcount: 10001+
  • Number of deals in 2024: 2
  • LinkedIn: medicover

Medicover is a corporate investor based in Stockholm, Sweden, founded in 1995. It specializes in healthcare services, operating a network of medical clinics, hospitals, and laboratories primarily in Central and Eastern Europe and India. In recent years, Medicover has expanded its portfolio to include fitness-related investments, notably acquiring 14 fitness clubs operated by McFIT in Poland and a chain of 18 fitness clubs under the Fitness Platinium and Smart Gym brands from Verdano. These acquisitions enhance Medicover's presence in the fitness industry, indicating a strategic move to integrate health and fitness services, thereby improving overall well-being for their clients.



Commercial Fitness Equipment Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
VerdaneOslo, Oslo, Norway51-20019857
Altor Equity PartnersStockholm, Stockholm, Sweden51-20020036
Indutrade Life ScienceStockholm, Stockholm, Sweden1001-5000197814
Nordic CapitalStockholm, Stockholm, Sweden201-500198910
CapManHelsinki, Uusimaa, Finland51-20019894
FSN Capital PartnersOslo, Oslo, Norway51-20019990
PriveqStockholm, Stockholm, Sweden11-5019830
Accent EquityStockholm, Stockholm, Sweden11-5019944
Butterfly VenturesHelsinki, Uusimaa, Finland1-1020125
CreandumStockholm, Stockholm, Sweden11-50200317
Adelis Equity PartnersStockholm, Stockholm, Sweden11-5020123
Amer SportsHelsinki, Uusimaa, Finland10001+19500
Lifeline VenturesHelsinki, Uusimaa, Finland1-10200914
EQT VenturesStockholm, Stockholm, Sweden11-50201528
MedicoverStockholm, Stockholm, Sweden10001+19952


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