The sports merchandising industry in the Nordics encompasses a wide range of companies specializing in apparel, footwear, and equipment for various sports. It includes manufacturers, retailers, and e-commerce platforms focused on catering to passionate sports fans and athletes. As trends shift toward sustainability and technology, the industry is leaning into innovative products and digital engagement to enhance customer experiences. An increasing focus on esports and outdoor activities is reshaping demand. With significant growth potential, the Nordic market is poised for advancements in how sports merchandise is designed, marketed, and sold.


In 2024, various investors marked their footprints in the Nordic sports merchandising scene. The list showcases a blend of private equity firms, corporate ventures, and venture capitalists, primarily headquartered in Stockholm and Copenhagen. Notable firms range in size from small to large, with deal counts varying from zero to thirty. Founded between 1983 and 2007, these investors are pivotal players in the industry, reinforcing growth and innovation.


Top 16 Sports Merchandising 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. Specializing in growth equity investments, Verdane focuses on technology-enabled companies, providing capital and hands-on support to help businesses scale. Their investment strategy emphasizes digitalization and decarbonization trends. Among their notable transactions, Verdane acquired Silva, a company that provides niche outdoor sports equipment, highlighting their involvement in the sports sector. Additionally, their investment in MM Sports further illustrates their interest in sports-related ventures. Verdane's portfolio includes various companies, but their activities in the sports merchandising context make them a relevant player in this industry.


2. 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 Sportswik AB, a company that raised $1,142,700 in a venture round in June 2017, which is directly related to the sports industry. Additionally, Almi has participated in funding rounds for other companies like Elevenate, a fashion manufacturer, which, while not directly a sports merchandising company, indicates Almi's engagement in sectors that may overlap with sports merchandising. This diverse investment strategy showcases Almi's commitment to supporting innovative businesses, including those in the sports sector.


3. 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 sports merchandising context, including the acquisition of XXL Sport & Villmark, a leading sports retail chain in the Nordic region, which aims to expand its presence in Norway and Sweden. Additionally, EQT's involvement with Sportfive, a sports marketing company, highlights its commitment to the sports industry. These transactions reflect EQT's strategic interest in the sports merchandising sector, alongside its broader investment activities.


4. Better Collective


Better Collective is a corporate investor based in Copenhagen, Denmark, founded in 2001. The company operates as a digital media entity specializing in sports and esports content, engaging sports fans and bettors through various content formats. Better Collective focuses on performance-based marketing and community building, providing valuable insights and resources for navigating the sports betting landscape. In recent years, Better Collective has made several strategic acquisitions to enhance its position in the sports media sector. Notable transactions include the acquisition of Playmaker for $54 million in July 2023, which aims to expand their audience and media capabilities. Additionally, they acquired Playmaker Capital for $188 million, further solidifying their presence in the sports media landscape. Other acquisitions, such as Soccernews.nl and Torcedores.com, also reflect their commitment to building a robust portfolio in sports-related content. These transactions highlight Better Collective's active role in the sports industry, making them a relevant player in the sports merchandising context.


5. 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 focuses on 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 sports merchandising sector, including the acquisition of CCM Hockey, a prominent player in the hockey equipment market, which holds a 35% share globally. This acquisition highlights Altor's strategy to enhance marketing and product development in the sports sector. Additionally, Altor's involvement with XXL Sport & Villmark, a retailer specializing in sports and outdoor products, further underscores their commitment to the sports merchandising industry. Their diverse portfolio also includes investments in consumer products, indicating a broad approach to enhancing brand value across various sectors.


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, and is known for partnering with management teams to drive growth and operational improvements in its portfolio companies. Nordic Capital has a strong focus on creating long-term value and sustainability in its investments. Notably, the firm has made significant strides in the sports merchandising industry, particularly through its acquisition of Unisport, a leading football equipment retailer, in 2015. This acquisition allowed Nordic Capital to leverage Unisport's brand alongside its other sports concern, Sportmaster. In addition to Unisport, Nordic Capital has been involved in various transactions across different sectors, but its engagement in sports merchandising through Unisport highlights its relevance in this area.


7. 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. Notable transactions include investments in Aim'n, which raised $6.6 million in 2020 and is likely involved in activewear, and PS of Sweden, which raised SEK 50 million to enhance its growth in retail, potentially including sports-related products. Additionally, eEquity has invested in KidsBrandStore, a company managing an ecommerce fashion operation for kids, which may also include sports merchandise for children. These investments highlight eEquity's engagement in sectors that overlap with sports merchandising, reinforcing its relevance in this category.


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, founded in 1990 and based in Gothenburg, Sweden, is a corporate investor and clothing manufacturer that specializes in creating, acquiring, and developing brands and products across various sectors, including corporate, sports, gifts, and home. The company has a workforce of 1001-5000 employees and has been active in the market for over three decades. Notably, New Wave Group has made strategic acquisitions to enhance its presence in the sports merchandising industry. For instance, in 2007, they acquired Cutter & Buck Inc. for $156.5 million, a company known for its upscale golf and sportswear, which significantly bolstered their offerings in the sports apparel market. In 2013, they acquired Craft North America, further solidifying their position in the performance sportswear segment. More recently, in 2022, New Wave Group acquired BTC Activewear, a UK-based distributor of clothing and accessories, which allows them to enhance their sports-related product offerings. Additionally, their acquisition of Tenson AB in 2023 indicates a strategy to expand into outdoor sports apparel. These transactions highlight New Wave Group's active role in the sports merchandising sector, making them a notable investor in this field.


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 various sectors. Notably, the firm has been involved in significant transactions in the sports merchandising context, including the acquisition of Unisport, a company that specializes in sports equipment and apparel, and HOOKS HASTSPORT, which also operates within the sports sector. These investments highlight Accent Equity's commitment to the sports merchandising industry, alongside its broader investment strategy.


10. Heartcore Capital

  • Website: heartcore.com
  • Type: Venture Capital
  • Headquarters: Copenhagen, Denmark
  • Founded year: 2007
  • Headcount: 11-50
  • Number of deals in 2024: 17
  • LinkedIn: heartcorecapital

Heartcore Capital is a venture capital firm based in Copenhagen, Denmark, founded in 2007. The firm specializes in investing in early-stage technology companies and focuses on building long-term relationships with entrepreneurs. Heartcore has been involved in several notable transactions, particularly in the esports sector, which is increasingly relevant to sports merchandising. For instance, they invested in Astralis, a prominent esports organization, and participated in a funding round for BLAST Premier, a Danish esports entertainment startup. These investments highlight Heartcore's engagement with companies that operate at the intersection of technology and sports, making them a relevant player in the evolving sports merchandising landscape.


11. 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 like Salomon, Wilson, and Louisville Slugger. Amer Sports has made strategic acquisitions to enhance its presence in the sports merchandising market, including the acquisition of Salomon from adidas, which bolstered its action and outdoor sports offerings. In 2015, Amer Sports acquired Louisville Slugger for USD 70 million, gaining global brand rights to a leading baseball bat manufacturer. The acquisition of Peak Performance in 2018 for 255 million euros further solidified Amer's position in the softgoods market, while the purchase of Armada Skis for approximately USD 4.1 million expanded its winter sports equipment portfolio. These transactions highlight Amer Sports' commitment to serving athletes and outdoor enthusiasts globally with high-quality gear designed to enhance performance and enjoyment in various sports.


12. Adelis Equity Partners


Adelis Equity Partners is a private equity firm founded in 2012, based in Stockholm, Sweden. The firm specializes in growing businesses within the Nordic region, providing investment management and strategic consulting services across various sectors, including technology, healthcare, and business services. Notably, Adelis has made significant strides in the sports merchandising sector, particularly through their acquisition of Intersport Sweden, where they acquired a 70% stake in 2015. This acquisition highlights their commitment to the sports retail market. Additionally, they have been involved in other transactions, such as acquiring Didriksons, which, while not exclusively a sports merchandising company, operates in the outdoor apparel space, further showcasing their interest in related sectors.


13. 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 significant transactions such as the acquisition of MM Sports, a Swedish sports nutrition and equipment company, which aligns with the sports merchandising sector. This acquisition reflects CapMan's strategy to support growth and international expansion in the sports industry. Additionally, CapMan has made other investments, but the focus on MM Sports highlights its relevance in the sports merchandising context.


14. 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 strides in the sports merchandising industry through its investments in companies like Active Brands AS, which they acquired in 2017. Active Brands is a Norwegian supplier of premium sporting goods brands, and this acquisition aimed to enhance its position in the Nordics and accelerate international growth. Additionally, FSN Capital acquired Sneakersnstuff in 2018, a prominent sneaker retailer, further emphasizing their involvement in the sports merchandising market. These strategic investments highlight FSN Capital's commitment to driving growth and transformation within the sports merchandising sector.


15. 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, and aims to provide both capital and strategic support to early-stage companies. Butterfly Ventures is known for its commitment to social and environmental impact, actively engaging with its portfolio companies to foster innovation and success. Among their notable transactions, they invested in Sports Tracking Technologies, which focuses on technology solutions for the sports industry, indicating their interest in the sports sector. Other investments include MyPose, Fasciawear, and Zenniz, showcasing their diverse portfolio that, while primarily focused on technology, includes companies relevant to sports and potentially sports merchandising.


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. They specialize in supporting early-stage entrepreneurs in building global, category-defining companies across various sectors, including fintech and health tech. Creandum provides venture capital investment, strategic support, and networking opportunities to startups, nurturing them from seed to IPO. Notably, they have invested in Forza Football, a platform with approximately 3 million active users per month, which indicates their engagement in the sports sector. Additionally, they have participated in funding rounds for esports companies like BLAST Premier and RFRSH Entertainment, showcasing their interest in the broader sports entertainment landscape. This diverse portfolio reflects their commitment to innovative companies that can redefine their respective industries, including sports merchandising.



Sports Merchandising Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
VerdaneOslo, Oslo, Norway51-20019857
AlmiStockholm, Stockholm, Sweden201-50019947
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
Better CollectiveCopenhagen, Denmark1001-500020011
Altor Equity PartnersStockholm, Stockholm, Sweden51-20020036
Nordic CapitalStockholm, Stockholm, Sweden201-500198910
eEquityStockholm, Stockholm, Sweden11-5020100
New Wave GroupGothenburg, Västra Götaland, Sweden1001-500019900
Accent EquityStockholm, Stockholm, Sweden11-5019944
Heartcore CapitalCopenhagen, Denmark11-50200717
Amer SportsHelsinki, Uusimaa, Finland10001+19500
Adelis Equity PartnersStockholm, Stockholm, Sweden11-5020123
CapManHelsinki, Uusimaa, Finland51-20019894
FSN Capital PartnersOslo, Oslo, Norway51-20019990
Butterfly VenturesHelsinki, Uusimaa, Finland1-1020125
CreandumStockholm, Stockholm, Sweden11-50200317


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