The outdoor adventure equipment manufacturing industry in the Nordics thrives on a blend of tradition and innovation. Companies here design and produce a wide range of equipment, from outdoor clothing to gear like tents, backpacks, and climbing tools. With a strong emphasis on sustainability, many firms prioritize eco-friendly materials and practices. The market is responding to increasing consumer demands for outdoor activities, catalyzed by a growing trend toward health and environmental awareness. As outdoor exploration gains popularity, this sector is set for continued growth, with firms adapting to embrace digital trends and online retailing for greater reach.


The investors featured in this article showcase a mix of private equity firms and corporate entities, primarily headquartered in Stockholm, Oslo, and Helsinki. Established between 1866 and 2003, these investors vary in size from small teams to large firms with thousands of employees. Each investor had notable activity in 2024, making multiple investments to finance the growth of companies in the outdoor adventure equipment sector. This analysis highlights an engaging blend of financial strategies aimed at supporting a vibrant industry focused on outdoor recreation.


Top 16 Outdoor Adventure Equipment Manufacturing Investors in the Nordics


1. 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 through tailored financial solutions and guidance. Among their notable transactions, Almi has invested in No More Boots, which is relevant to the outdoor adventure equipment sector. This investment indicates Almi's engagement with companies that may produce or sell outdoor gear. Other investments, such as those in Elevenate, a fashion manufacturer, suggest a broader investment strategy, but the presence of outdoor-related companies in their portfolio highlights their potential relevance to the outdoor adventure equipment manufacturing industry.


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 providing consulting services across various sectors, including technology and consumer products, with a focus on enhancing operational efficiency and sustainable growth for its partners. Altor has made significant investments in the outdoor adventure equipment manufacturing sector, including the acquisition of Rossignol, a leading brand in outdoor sports equipment, in July 2013. They also participated in funding rounds for Revolution Race, a company known for outdoor apparel, and XXL Sport & Villmark, a retailer specializing in outdoor equipment. These transactions highlight Altor's strategic interest in the outdoor adventure market, showcasing their commitment to supporting brands that cater to outdoor enthusiasts.


3. 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, primarily targeting technology-enabled companies. Verdane provides capital and hands-on support to help businesses scale, with a focus on digitalization and decarbonization trends. Notably, Verdane has made significant investments in the outdoor adventure equipment sector, including the acquisition of Silva, a company that specializes in niche outdoor sports equipment, and Maskinklippet.se, which aims to create a leading Nordic e-tailer in forestry, gardening, hunting, and outdoor products. These transactions highlight Verdane's commitment to supporting companies within the outdoor adventure equipment manufacturing industry, alongside their broader investment strategy.


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 founded in 1994, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Based in Stockholm, Sweden, EQT serves institutional investors by managing diverse investment portfolios across multiple sectors and geographies. Notably, EQT has made significant investments in the outdoor adventure equipment sector, including the acquisition of Lundhags skomakarna in December 2006, a company known for its outdoor footwear and equipment. In June 2010, EQT acquired a majority stake in XXL Sport & Villmark, a leading sports retail chain in the Nordic region, which focuses on outdoor and sporting goods. These transactions highlight EQT's commitment to the outdoor adventure equipment market, alongside their broader investment strategy.


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 acquired Thule Group AB in December 2008 for $64 million, a company recognized for its outdoor adventure equipment, which aligns with the outdoor adventure equipment manufacturing industry. Additionally, they have been involved in other acquisitions such as Kompan A/S and Ellos Group AB, although these are less relevant to the outdoor adventure sector. Their diverse investment portfolio and commitment to sustainable practices make them a significant player in the private equity landscape.


6. 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. Notably, FSN Capital has made significant investments in the outdoor adventure equipment sector, particularly through their 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, showcasing FSN Capital's commitment to the outdoor adventure equipment market. Additionally, they have been involved in other transactions, such as the acquisition of Morenot, although this company is less directly related to outdoor adventure equipment. Overall, FSN Capital's focus on sustainable returns and growth transformation makes them a relevant player in the outdoor adventure equipment manufacturing industry.


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 has a diverse range of products, including sporting equipment, footwear, and apparel, and is known for its well-established brands such as Salomon, Wilson, and Armada. Amer Sports has made strategic acquisitions to enhance its presence in the outdoor adventure equipment market, including the acquisition of Salomon from adidas in 2005, which is renowned for its outdoor sports gear. In 2017, Amer Sports acquired Armada Skis, a brand focused on skiing, further solidifying its position in the winter sports equipment sector. Additionally, the acquisition of Peak Performance in 2018 expanded their offerings in the softgoods market, which complements their outdoor adventure product lines. These transactions highlight Amer Sports' commitment to serving athletes and outdoor enthusiasts globally, providing high-quality gear designed to enhance performance and enjoyment in various sports.


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 grown significantly, with a workforce of 1001-5000 employees. Notably, New Wave Group has made strategic acquisitions to enhance its market presence in the outdoor adventure equipment sector. In June 2023, they acquired Tenson AB, an outdoor brand, for SEK 1, aiming to leverage Tenson's brand value and expand into the outdoor segment. This acquisition is expected to enhance their performance in 2024. Additionally, their portfolio includes other brands like Cutter & Buck, Craft North America, and BTC Activewear, which, while not exclusively outdoor-focused, contribute to their overall strength in the apparel and sportswear markets.


9. 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 sports equipment sector, including the acquisition of Didriksons, a company known for its outdoor clothing and gear, and a 70% stake in Intersport Sweden, a prominent sportswear and equipment retailer. These transactions highlight Adelis's engagement in the outdoor adventure equipment market, showcasing their capability to support growth in this industry.


10. Husqvarna (China) Machinery Manufacturing Co., Ltd


Husqvarna (China) Machinery Manufacturing Co., Ltd, founded in 1689, is a prominent manufacturer and retailer of outdoor power equipment based in Stockholm, Sweden. The company specializes in products designed for forest, park, and garden maintenance, offering a diverse range of tools including chainsaws, lawn mowers, and robotic mowers. Husqvarna is committed to delivering innovative and high-performance solutions to meet the needs of both professional and consumer markets. Notable transactions include the acquisition of Yazoo/Kees in 1999, which expanded their product offerings, and the acquisition of Gardena AG in 2006, which strengthened their position in the gardening equipment sector. More recently, the acquisition of Orbit Irrigation in 2021 has integrated residential watering solutions into their portfolio, further enhancing their capabilities in outdoor equipment. These strategic acquisitions demonstrate Husqvarna's commitment to being a leader in the outdoor equipment manufacturing industry.


11. Thule Group

  • Website: thulegroup.com
  • Type: Corporate
  • Headquarters: Sweden
  • Founded year: 1942
  • Headcount: 1001-5000
  • Number of deals in 2024: 1
  • LinkedIn: thule

Thule Group AB, founded in 1942 and based in Sweden, is a prominent manufacturer specializing in outdoor and transportation products. The company develops a diverse range of solutions designed for active families and outdoor enthusiasts, including cargo carriers, roof racks, and bags. Thule Group emphasizes quality and sustainability, aiming to simplify the logistics of outdoor activities for its customers. In recent years, Thule Group has made significant acquisitions to enhance its offerings in the outdoor adventure equipment sector. Notably, in December 2018, they acquired Tepui Outdoors, Inc., a leading North American rooftop tent company, for USD 9.5 million, with potential additional earnings based on revenue performance. This acquisition was aimed at bolstering Thule's portfolio focused on an active lifestyle. Additionally, in December 2019, Thule Group acquired Denver Outfitters, a company specializing in roof rack-mounted fly fishing rod vaults, further expanding their product range in the adventure camping segment. These strategic investments highlight Thule Group's commitment to the outdoor adventure equipment market.


12. Ratos

  • Website: ratos.se
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1866
  • Headcount: 11-50
  • LinkedIn: ratos

Ratos is a private equity investment company based in Stockholm, Sweden, founded in 1866. The firm operates across various sectors, including construction, manufacturing, and consumer goods, with a strong emphasis on sustainability and efficiency. Among their notable transactions, Ratos acquired Oase Outdoors on June 30, 2016, for approximately $22.4 million, which specializes in outdoor equipment, indicating their engagement in the outdoor adventure equipment manufacturing industry. Additionally, Ratos has made significant investments in other sectors, such as the acquisition of Plantasjen Group, a leading chain for plants and gardening accessories, and Mobile Climate Control, showcasing their diverse investment portfolio. However, their involvement with Oase Outdoors highlights their capability and interest in the outdoor adventure market.


13. Scope


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. Notably, Scope has invested in Klättermusen AB, which raised approximately $4.7 million in a venture round in 2013, highlighting their involvement in the outdoor adventure equipment sector. Other investments include Happy Plugs and Footbalance, but Klättermusen stands out as a direct link to outdoor adventure equipment. Their portfolio reflects a commitment to sustainability and strategic partnerships, making them a relevant player in the outdoor adventure equipment manufacturing industry.


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 portfolio, with notable transactions including a stake in Swix Sport, a company known for its outdoor sports equipment, which they invested in during a private equity round in 2010. Additionally, they have made significant investments in other sectors, such as acquiring a 25 percent stake in General Oceans, an ocean technology group, and acquiring Servi Group. These transactions highlight Ferd AS's strategy of partnering with businesses to enhance growth and impact, while also engaging in initiatives that promote social entrepreneurship.


15. 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 been involved in transactions such as the acquisition of Odlo Sports Group, a company specializing in sportswear, which aligns with outdoor activities. They also participated in funding Didriksons, a brand known for outdoor clothing, indicating their engagement in the outdoor sector. Despite these relevant transactions, their broader investment focus may limit their alignment with the specific niche of outdoor adventure equipment manufacturing.


16. 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. The firm specializes in supporting early-stage entrepreneurs in building global, category-defining companies. They provide venture capital investment, strategic support, and networking opportunities to startups across various sectors. Notably, Creandum has invested in CAKE, a Swedish electric motorcycle and moped manufacturer, which raised significant funding rounds in 2019 and 2021, totaling over $60 million. This investment highlights Creandum's engagement in the outdoor adventure equipment manufacturing sector, as CAKE's products are designed for outdoor use and adventure activities, thus showcasing their capability to support innovative companies in this space.



Outdoor Adventure Equipment Manufacturing Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
AlmiStockholm, Stockholm, Sweden201-50019947
Altor Equity PartnersStockholm, Stockholm, Sweden51-20020036
VerdaneOslo, Oslo, Norway51-20019857
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
Nordic CapitalStockholm, Stockholm, Sweden201-500198910
FSN Capital PartnersOslo, Oslo, Norway51-20019990
Amer SportsHelsinki, Uusimaa, Finland10001+19500
New Wave GroupGothenburg, Västra Götaland, Sweden1001-500019900
Adelis Equity PartnersStockholm, Stockholm, Sweden11-5020123
Husqvarna (China) Machinery Manufacturing Co., LtdStockholm, Stockholm, Sweden501-100016890
Thule GroupSweden1001-500019421
RatosStockholm, Stockholm, Sweden11-5018660
ScopeStockholm, Stockholm, Sweden1-1020010
Ferd ASOslo, Oslo, Norway51-20019980
Herkules CapitalOslo, Oslo, Norway11-5020020
CreandumStockholm, Stockholm, Sweden11-50200317


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