The condiment and sauce manufacturers industry in the Nordics plays a vital role, catering to both local and international markets. This sector features companies that produce an array of products, including sauces, dressings, and spices, often emphasizing quality and taste. Growing awareness around health and sustainability is steering manufacturers toward innovative recipes and ingredients, such as plant-based and organic options. All of this points to a flourishing market where consumer preferences significantly influence product development, and companies are incorporating sustainable practices into their operations to keep pace with trends. Expansion into global markets is also a noteworthy focus.


The investor landscape includes corporate giants and private equity firms, predominantly situated across Stockholm, Oslo, and Helsinki. Founded between 1876 and 2023, these investors vary in size from small funds to corporate powerhouses, with most involved in numerous deals throughout 2024. Together, they support the condiment and sauce manufacturing sector by investing in innovative startups and established companies alike, focusing on food technologies, supply chain enhancements, and sustainability initiatives. Their activities underscore a robust interest in food, driven by changing consumer demands and evolving market trends.


Top 16 Condiment and Sauce Manufacturers 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 private equity investment firm based in Stockholm, Sweden, founded in 1994. The firm specializes in various investment strategies, including private equity, infrastructure, real estate, growth equity, and venture capital. 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 significant player in the food industry, and Classic Fine Foods, which focuses on gourmet food distribution, including sauces and condiments. Additionally, their acquisition of Oterra, a company known for natural food ingredients, highlights their engagement in the food sector, particularly in areas relevant to condiment and sauce manufacturing.


2. 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, founded in 2017. It operates across various sectors, including branded consumer goods, aluminium solutions, and financial investments. Orkla offers a diverse range of products, particularly in food, snacks, health, and personal care. Notably, Orkla has made strategic acquisitions in the condiment and sauce sector, including a 68% stake in Eastern Condiments, a Kerala-based company, which significantly enhances its presence in the condiment market. Additionally, Orkla's acquisition of MTR Foods, a Bangalore-based packaged foods company known for its sauces and spice mixes, further emphasizes its focus on the food sector. These transactions highlight Orkla's strategy to strengthen its portfolio in the foodservice and out-of-home markets, making it a key player in the condiment and sauce manufacturing industry.


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, aiming to enhance their growth and competitiveness. Almi has been involved in several transactions that highlight its engagement in the food sector, particularly in the condiment and sauce manufacturing context. Notable investments include Mörsjö Deli, which raised funds in 2018, and OTTOs barnmat, a company focused on children's food products that received funding in 2013. Additionally, Almi invested in Havredals, which raised $330,000 in 2020, further indicating their interest in food-related businesses. These transactions reflect Almi's commitment to supporting innovative companies within the food industry, making them a relevant investor in the condiment and sauce manufacturing space.


4. Nordic Foodtech VC


Nordic Foodtech VC is a venture capital firm based in Helsinki, Finland, founded in 2019. The firm specializes in early-stage investments in deep foodtech innovations aimed at transforming the food system. They primarily support startups in the Nordics and Baltics that are developing sustainable and health-oriented food technologies. Notably, Nordic Foodtech VC has invested in Nordic Umami Company, which raised €2.6 million in seed funding, indicating a focus on flavor enhancement that is relevant to condiment production. They also participated in funding rounds for Ruokaboksi, a foodtech startup, and Melt&Marble, which may have applications in the food industry, including condiments. Their investment strategy reflects a commitment to advancing food technology, which can include the condiment and sauce manufacturing sector.


5. 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 venture capital investment firm based in Stockholm, Sweden, founded in 1999. The firm focuses on supporting and developing small and medium-sized growth companies across various sectors, including health, technical security, sustainable food, and digital retail infrastructure. Novax provides investment, advisory services, and fosters a collaborative ecosystem to enhance the growth potential of its portfolio companies. Notably, Novax has made strategic acquisitions in the food ingredients sector, such as MSK Ingredients, a UK-based leader in specialty ingredients for the food industry, and Louis François SAS, a French developer of specialty functional ingredients. These investments align with their initiative to expand their network of specialized food businesses, indicating a strong interest in the food sector, particularly in areas relevant to condiment and sauce manufacturing.


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, but has also made significant investments in the food industry. Notably, Nordic Capital acquired Greenfood Group in December 2015, a company that operates in the food sector, which may encompass condiment and sauce manufacturing. Additionally, they have been involved with Ole & Steen and Lagkagehuset, both of which are related to the food service industry. These transactions highlight Nordic Capital's capability and interest in driving growth and operational improvements in food-related businesses, aligning with their focus on creating long-term value and sustainability in their investments.


7. Aak

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

AAK AB is a food manufacturer based in Malmo, Skåne, Sweden, specializing in vegetable oils and fats. Founded in 2005, AAK serves various sectors within the food industry, including bakery, dairy, and confectionery, providing tailored solutions to enhance product quality and sustainability. Notably, AAK has made several strategic acquisitions to bolster its market position. In 2008, they acquired Rapsona AB, and in 2019, they acquired Soya Group, both of which likely contributed to their capabilities in providing essential ingredients for food manufacturing. In the same year, AAK also acquired MaasRefinery B.V., a vegetable oils refinery, which further supports their growth in the European market. More recently, in 2021, AAK acquired BIC Ingredients, focusing on the lecithin market, which is relevant for various food applications, including sauces and condiments. These transactions highlight AAK's commitment to expanding its portfolio in the food ingredient sector, making them a relevant player in the condiment and sauce manufacturing space.


8. Chalmers Ventures


Chalmers Ventures is a venture builder and tech investor based in Sweden, founded in 2015. They specialize in supporting researchers and entrepreneurs in commercializing deep tech innovations through various programs that provide business guidance, financing, and community networking. Chalmers Ventures emphasizes active ownership and investment in startups to help them scale and succeed in the market. Notably, they have made investments in companies like Aquafood AB, which raised funds in pre-seed rounds, indicating a focus on food-related technologies. Additionally, their investment in Melt&Marble, which raised significant funds in a seed round, suggests an interest in innovative food solutions. These transactions highlight their potential relevance to the condiment and sauce manufacturing sector.


9. Paulig Group

  • Website: pauliggroup.com
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1876
  • Headcount: 1001-5000
  • Number of deals in 2024: 2
  • LinkedIn: paulig-group

Paulig Group is a Finnish food and beverage company founded in 1876, headquartered in Helsinki, Uusimaa. The company specializes in a diverse range of products, including Tex Mex, snacks, coffees, and spices, catering to both consumers and businesses. Paulig is dedicated to providing high-quality and sustainable food solutions and operates in multiple countries. Notably, in 2024, Paulig Group acquired Panesar Foods, a UK-based sauce and condiment manufacturer, enhancing their world foods operation and reflecting their commitment to expanding in the condiment sector. This acquisition follows nearly two decades of collaboration between the two companies. Additionally, Paulig has a history of investing in innovative food startups, such as Gold&Green Foods, which focuses on vegetarian products, showcasing their broader interest in the food industry.


10. Maj Invest

  • Website: majinvest.com
  • Type: Private Equity
  • Headquarters: Copenhagen, Denmark
  • Founded year: 2005
  • Headcount: 51-200
  • Number of deals in 2024: 5
  • LinkedIn: maj-invest

Maj Invest is an investment management firm based in Copenhagen, Denmark, specializing in asset management and private equity. Founded in 2005, the firm provides tailored investment solutions to institutional investors, with a focus on sectors such as technology, life sciences, and energy transition. Maj Invest is committed to sustainability and responsible investing, aiming to generate long-term value for its clients. Notably, Maj Invest has been involved in significant transactions within the food sector, including the acquisition of Good Food Group A/S, a family-owned company that operates in food and packaging, and DK-Foods, which further emphasizes their engagement in the food industry. These transactions suggest that Maj Invest has a vested interest in food-related businesses, including potential opportunities in condiment and sauce manufacturing.


11. Lantmännen

  • Website: lantmannen.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2001
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: lantmannen

Lantmännen is a prominent agricultural cooperative based in Stockholm, Sweden, founded in 2001. With over 10,000 employees, it operates across various sectors, including agriculture, machinery, bioenergy, and food products. The cooperative is owned by Swedish farmers and emphasizes sustainable practices throughout its operations. In recent years, Lantmännen has made significant strides in the food sector, highlighted by its acquisition of HKFoods in March 2024, which is expected to enhance its offerings in the food market. Additionally, the acquisition of Myllyn Paras, a Finnish food company generating approximately €60 million in annual sales, demonstrates Lantmännen's strategy to strengthen its presence in the Nordic food industry. These transactions indicate Lantmännen's active role in expanding its portfolio within the food products sector, which includes condiments and sauces.


12. 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 strong emphasis on sustainable food systems. Their investment portfolio includes a variety of food-related ventures, such as Nutrumami, which raised $486,054 in a Pre-Seed round, potentially indicating a focus on flavor enhancement or condiment-related products. They also participated in the Seed funding round for Numi, a milktech startup, which, while not directly related to condiments, showcases their engagement in the food sector. Overall, Kost Capital's activities suggest a commitment to enhancing food culture and science, making them a relevant player in the condiment and sauce manufacturers industry.


13. Holdix Oy Ab

  • Website: holdix.fi
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Headcount: 1-10
  • Number of deals in 2024: 2

Holdix Oy Ab is an investment company based in Helsinki, Finland, focusing on responsible and active ownership with a long-term perspective aimed at sustainable value creation. The company serves investors and organizations looking for effective investment management solutions. In 2023, Holdix participated in a seed funding round for Nordic Umami Company, which raised €2.6 million to develop umami-based products, potentially relevant to the condiment and sauce industry. Additionally, in 2024, Holdix was involved in a $40 million Series A funding round for Onego Bio, a company that, while primarily focused on biotechnology, may intersect with food production and innovation. These transactions indicate Holdix's engagement in sectors that could influence the condiment and sauce market.


14. 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 acquired Maarud, a leading Norwegian snack producer, from Kraft Foods in 2008. This acquisition included the Estrella snack brands and highlighted Herkules' commitment to reversing the declining market share of Maarud through significant investments in product development and marketing. While their portfolio includes diverse investments, their involvement in the food sector, particularly with Maarud, positions them as a potential investor in the condiment and sauce manufacturers industry.


15. Duni Group

  • Website: dunigroup.com
  • Type: Corporate
  • Headquarters: Rekekroken, Skåne, Sweden
  • Founded year: 1949
  • Headcount: 1001-5000
  • Number of deals in 2024: 3
  • LinkedIn: duni-group

Duni Group, founded in 1949 and based in Rekekroken, Skåne, Sweden, is a corporate investor and market leader in sustainable dining and food packaging solutions. The company specializes in innovative products such as napkins, table covers, and food packaging, primarily serving restaurants and catering services. Duni Group operates in over 40 markets worldwide, emphasizing sustainability and circular practices in its offerings. In 2024, Duni Group has made significant strides in expanding its business through strategic acquisitions, including the purchase of Poppies Europe Ltd for 48 million GBP, which will be integrated into their Dining Solutions business area. This acquisition suggests a focus on enhancing their product offerings in the food service sector, potentially including condiments and sauces. Additionally, their acquisition of a 70% stake in Slovenia's SETI, a converter of high-technology tabletop products, further demonstrates their commitment to enhancing dining solutions across Europe. These transactions highlight Duni Group's active role in the food industry, making them a relevant investor in the condiment and sauce manufacturing space.


16. Heino Group Oy

  • Website: heino.fi
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1899
  • Headcount: 51-200
  • Number of deals in 2024: 1
  • LinkedIn: tukkuheino

Heino Group Oy is a corporate investor based in Helsinki, Uusimaa, Finland, founded in 1899. The company operates in the food and beverage sector, providing ready meals, fish products, and beverages through its subsidiaries. Heino Group engages in investments to support local food culture and offers solutions for both consumers and businesses in the food sector. In 2023, they participated in a seed funding round for Nordic Umami Company, which raised €2.6 million, and in 2024, they invested in Vegemi, a Finnish food education startup that closed a half a million funding round. These transactions highlight Heino Group's active role in the food industry, although they do not specifically target condiment and sauce manufacturers at this time.



Condiment and Sauce Manufacturers Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
Orkla ASAOslo, Oslo, Norway10001+20171
AlmiStockholm, Stockholm, Sweden201-50019947
Nordic Foodtech VCHelsinki, Uusimaa, Finland1-1020197
NovaxStockholm, Stockholm, Sweden11-5019993
Nordic CapitalStockholm, Stockholm, Sweden201-500198910
AakMalmo, Skåne, Sweden1001-500020050
Chalmers VenturesSweden11-50201526
Paulig GroupHelsinki, Uusimaa, Finland1001-500018762
Maj InvestCopenhagen, Denmark51-20020055
LantmännenStockholm, Stockholm, Sweden10001+20013
Kost CapitalFrederiksberg, Frederiksberg, Denmark1-1020234
Holdix Oy AbHelsinki, Uusimaa, Finland1-102
Herkules CapitalOslo, Oslo, Norway11-5020020
Duni GroupRekekroken, Skåne, Sweden1001-500019493
Heino Group OyHelsinki, Uusimaa, Finland51-20018991


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