The physical security industry in the Nordics focuses on safeguarding assets, people, and spaces through innovative safety solutions. Companies within this sector specialize in equipment like surveillance cameras, access control systems, intrusion alarms, and integrated security services. The industry is increasingly integrating technology such as artificial intelligence and IoT, driving improvements in security efficiency and effectiveness. With a growing emphasis on smart city projects and cybersecurity, the Nordics is witnessing a shift toward comprehensive safety solutions that connect physical security with digital technologies, enabling a more holistic approach to protection and risk management.


This list highlights 18 notable physical security investors primarily based in Sweden and Norway. The roster includes corporate giants like ASSA ABLOY and private equity firms like EQT Group, showcasing the mix of backgrounds and expertise in the security market. Collectively, these investors boast workforce sizes ranging from small teams to over 10,000 employees, with most founded in the late 20th century and active deals in 2024 indicating strong market involvement. These entities have laid the groundwork for growth in the security sector, with significant stakes across various sub-industries and technologies.


Top 18 Physical Security Investors in the Nordics


1. ASSA ABLOY Group

  • Website: assaabloy.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 10001+
  • Number of deals in 2024: 21
  • LinkedIn: assaabloy

ASSA ABLOY Group, founded in 1994 and headquartered in Stockholm, Sweden, is a leading security solutions provider that specializes in locks, doors, gates, and entrance automation. With a workforce exceeding 10,000 employees, the company has established itself as a leader in the security industry through a strong focus on innovation and a diverse product portfolio. In recent years, ASSA ABLOY has made significant strides in the physical security market by acquiring several key companies. Notable transactions include the acquisition of InVue Security Products, a company focused on security solutions, and Securitech Group Inc., a manufacturer of high-security mechanical and electronic door hardware. Additionally, their acquisition of SimonsVoss Technologies AG, which specializes in digital locking and access control, further underscores their commitment to enhancing security technologies. These strategic acquisitions reflect ASSA ABLOY's dedication to providing comprehensive security solutions for both consumers and businesses.


2. Securitas Group


Securitas Group, founded in 1934 and headquartered in Stockholm, Sweden, is a leading security services company that provides a comprehensive range of security solutions tailored to various industries, including aviation, construction, and retail. With over 10,000 employees, Securitas has established itself as a key player in the physical security market. The company has made several strategic acquisitions to bolster its position in the electronic security domain, including the acquisition of STANLEY's Electronic Security Solutions business for $3.2 billion in December 2021, which significantly expanded its electronic security capabilities. Additionally, Securitas acquired Diebold's security business for approximately $350 million in February 2016, rebranding it as Securitas Electronic Security. Other notable transactions include the acquisition of STANLEY Security's electronic security businesses in multiple countries for $64 million in September 2020 and the acquisition of Protection One, a German company specializing in remote technology-driven security solutions, for €72 million in July 2021. These acquisitions reflect Securitas' strategy to enhance its service offerings and strengthen its market presence in the physical security 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 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 in the physical security sector, EQT acquired Verisure Securitas Direct in 2008, which is a leading provider of monitored security services. In 2023, they announced the acquisition of SK Shieldus, a major integrated security operator in South Korea, further solidifying their presence in the physical security market. Additionally, EQT has invested in companies like Utimaco, which specializes in cybersecurity and data protection, indicating a broader interest in security-related investments.


4. Lagercrantz Group AB

  • Website: lagercrantz.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2001
  • Headcount: 1001-5000
  • Number of deals in 2024: 6
  • LinkedIn: lagercrantz

Lagercrantz Group AB is a technology group based in Stockholm, Sweden, founded in 2001. The company operates approximately 80 subsidiaries that provide specialized technical solutions across various sectors, with a strong emphasis on acquisitions and organic growth. In recent years, Lagercrantz has made significant strides in the physical security market through strategic acquisitions. Notably, they acquired ISG Systems AB in 2003, a leading supplier of surveillance systems in Sweden, enhancing their capabilities in camera-based solutions. In 2021, they acquired ARAS Security A/S, which includes a Swedish subsidiary, further solidifying their presence in the security sector. Additionally, the acquisition of Profsafe AB in 2017, a company specializing in safes and security products, showcases their commitment to diversifying their offerings in physical security. These transactions highlight Lagercrantz Group's focus on providing tailored technology solutions to business customers, particularly in the realm of physical security.


5. Bravida

  • Website: bravida.se
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2000
  • Headcount: 10001+
  • LinkedIn: bravida

Bravida is a corporate investor based in Stockholm, Sweden, founded in 2000. As a technical service provider, Bravida specializes in the installation and maintenance of various systems, including electrical, heating, sanitation, ventilation, and security systems. They serve property owners and facility managers across the Nordic region, ensuring that essential systems function reliably and efficiently. In recent years, Bravida has made several strategic acquisitions to strengthen its market position. Notably, they acquired Profire Sprinkler AB, a leading installation and service company, which enhances their capabilities in fire safety and security systems. Additionally, their acquisition of KT Elektric A/S further bolsters their electrical service offerings, which often intersect with security system installations. These transactions reflect Bravida's commitment to expanding its service portfolio, including physical security solutions.


6. Ericsson

  • Website: ericsson.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1876
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: ericsson

Ericsson is a leading telecommunications company based in Stockholm, Sweden, founded in 1876. With a workforce of over 10,000 employees, Ericsson specializes in providing advanced connectivity solutions, including 5G networks and IoT platforms, to various industries. Their offerings are designed to enhance operational efficiency and improve user experiences through reliable and high-speed connectivity. In recent years, Ericsson has made strategic investments in companies relevant to the physical security sector. For instance, their investment in Menlo Security, which raised over $40 million in Series C funding, focuses on web security and threat prevention, showcasing Ericsson's interest in enhancing cybersecurity measures. Additionally, their involvement with SAM Seamless Network, which operates in the cybersecurity space, further emphasizes their commitment to security solutions. These transactions highlight Ericsson's potential role as an investor in the physical security industry, despite their primary focus on telecommunications.


7. Telia


Telia Company AB is a telecommunications company based in Solna, Stockholm, Sweden, founded in 1853. It operates primarily in the Nordic and Baltic regions, offering a wide range of services including IoT connectivity, smart city solutions, and telephony services. Telia serves both businesses and public sector organizations, providing innovative solutions aimed at enhancing connectivity and operational efficiency. Notably, Telia Ventures has participated in funding rounds for companies like Aporeto, a cloud security firm, and SlashNext, a phishing protection provider. These investments indicate a strategic interest in security technologies, although they lean more towards cybersecurity than physical security. Their involvement in smart city solutions could also imply a connection to physical security applications, as these often integrate surveillance and safety measures.


8. 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, with a commitment to driving growth and transformation in its portfolio companies. FSN Capital primarily caters to institutional investors and pension funds seeking sustainable returns. Notable transactions include the acquisition of Troax AB, a company specializing in protective solutions, and the majority stake acquisition in Firesafe, a prominent fire safety services provider with over NOK 1 billion in net revenues in 2021. Additionally, FSN Capital's investment in Seriline, a provider of Identity and Access Management solutions, positions them within the broader context of security, including cybersecurity. These transactions highlight FSN Capital's active role in the physical security industry, making them a significant player in this space.


9. Gunnebo

  • Website: gunnebo.com
  • Type: Corporate
  • Headquarters: Gothenburg, Västra Götaland, Sweden
  • Founded year: 1764
  • Headcount: 1001-5000
  • LinkedIn: gunnebo

Gunnebo is a security solutions provider based in Gothenburg, Sweden, founded in 1764. The company specializes in innovative products and services for entrance control and safe storage, catering to a diverse clientele that includes businesses in banking, retail, and public transport. Gunnebo has established itself as a global leader in physical security through strategic acquisitions. Notably, in 2000, Gunnebo acquired Chubb Safes Group, positioning itself as a leader in the physical security market with combined sales of MSEK 6,000. In 2012, the acquisition of Hamilton Safe Companies further solidified its presence in the U.S. market, particularly in providing security products to banks and government entities. The acquisition of Eurofence in 2005 enhanced Gunnebo's market share in outdoor perimeter protection in Europe, while the 2019 acquisition of Cominfo a.s. strengthened its position in the entrance control business. Gunnebo's commitment to sustainability and innovation underpins its growth strategy in the physical security industry.


10. Troax Group

  • Website: troax.com
  • Type: Corporate
  • Headquarters: Hillerstorp, Jonkoping, Sweden
  • Founded year: 1955
  • Headcount: 501-1000
  • Number of deals in 2024: 1
  • LinkedIn: troax-ab

Troax Group is a corporate investor based in Hillerstorp, Jonkoping, Sweden, specializing in safety solutions for various industries. Founded in 1955, Troax has established itself as a leader in providing high-quality, customizable safety solutions that protect both people and assets. The company has been actively expanding its portfolio through strategic acquisitions, including the purchase of Folding Guard, which strengthened its market position in North America, and Garantell, a company specializing in customized mesh solutions, enhancing Troax's offerings in the physical security domain. Other notable acquisitions include Lagermix Rullportar, Satech Safety Technology, and Natom Logistic, all of which contribute to Troax's comprehensive range of industrial safety and security products, making them a significant player in the physical security industry.


11. Norvestor

  • Website: norvestor.com
  • Type: Private Equity
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 1989
  • Headcount: 11-50
  • Number of deals in 2024: 3
  • LinkedIn: norvestor-equity-as

Norvestor is a private equity firm based in Oslo, Norway, founded in 1989. The firm specializes in investment management and advisory services, focusing on partnering with medium-sized Nordic businesses to support their growth and development. Norvestor emphasizes sustainability and invests across various sectors, including IT services and property maintenance. Notably, they have made significant acquisitions such as Robust Ståldörrar, which specializes in steel doors, highlighting their involvement in the physical security industry. Other acquisitions include BST, a company that may have relevance in security solutions, and IT Garden, which focuses on IT consultancy. Their diverse portfolio reflects a commitment to enhancing operational efficiency and market presence for their partner companies.


12. 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. Nordic Capital partners with management teams to drive growth and operational improvements. Among their notable transactions in the physical security context, they acquired iLOQ, a company specializing in electronic locking solutions, and Conscia, a leading provider of complex security and networking solutions in Northern Europe. These investments highlight Nordic Capital's commitment to the physical security industry, alongside their broader investment strategy that includes various sectors.


13. NEA Partners

  • Website: neapartners.se
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2017
  • Headcount: 1-10
  • Number of deals in 2024: 1
  • LinkedIn: nea-partners

NEA Partners is a venture capital investment firm based in Stockholm, Sweden, founded in 2017. The firm specializes in partnering with entrepreneurs to build successful companies, providing investment management and strategic support to small and medium-sized enterprises across various sectors, including technology, consumer goods, and health. Notably, NEA Partners has been involved in several transactions relevant to the physical security industry, such as Cubsec, which raised funds in March 2022, and Hammerglass AB, which secured investment in January 2019. These investments highlight NEA Partners' commitment to supporting companies that contribute to physical security solutions, thereby facilitating growth in this sector.


14. 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 been involved in several transactions that highlight their interest in security technologies. For instance, they invested in ShardSecure, which raised $11 million in a Series A round in May 2022 and previously secured $2 million in a Seed round in December 2019. ShardSecure focuses on data security, which is a critical component of physical security systems. This involvement suggests that Industrifonden is open to investing in companies that contribute to the security landscape, making them a potential player in the physical security sector.


15. Chalmers Ventures


Chalmers Ventures is a venture builder and tech investor based in Sweden, founded in 2015. The firm focuses on deep tech innovations and supports researchers and entrepreneurs in commercializing their technology through various programs, including business guidance, financing, and community networking. They emphasize active ownership and investment in startups to help them scale and succeed in the market. Notably, Chalmers Ventures has invested in Parakey, a startup that has raised funds to enhance its operations, which may include security-related technologies. Additionally, they have invested in Irisity AB, a company that specializes in AI-driven video surveillance solutions, directly linking them to the physical security sector. Their diverse portfolio and active engagement in relevant startups position them as a significant player in the physical security investment landscape.


16. Bravida Norge AS

  • Website: bravida.no
  • Type: Corporate
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 2000
  • Headcount: 1001-5000
  • LinkedIn: bravida-norge

Bravida Norge AS is a corporate investor based in Oslo, Norway, founded in 2000. The company specializes in installation services across various sectors, including electrical, plumbing, ventilation, automation, fire safety, and security services. With a workforce of 1001-5000 employees, Bravida operates through a network of branches throughout Scandinavia, providing maintenance and installation services to ensure efficient building operations. Notably, Bravida has made strategic acquisitions to enhance its service offerings, including the acquisition of Electrosec Elteknik i Östergötland AB in June 2022, which strengthens their position in electrical systems, and the acquisition of Langhus Rør in January 2022 for over $2 million. These transactions reflect Bravida's commitment to expanding its capabilities in technical solutions, including those related to physical security.


17. Intera Partners

  • Website: interapartners.fi
  • Type: Private Equity
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2007
  • Headcount: 11-50
  • Number of deals in 2024: 2
  • LinkedIn: intera-partners

Intera Partners is a private equity firm based in Helsinki, Uusimaa, Finland, founded in 2007. The firm specializes in investment management and advisory services, focusing on growing and internationalizing Finnish and Swedish companies. They provide capital and strategic support to businesses with revenues between €10-200 million, emphasizing responsible investing and building strong partnerships with business owners. Notably, Intera Partners has invested in AVARN Security Services, a company that operates within the physical security industry, raising an undisclosed amount in a private equity round in January 2017. This investment highlights their engagement in the physical security sector, alongside their other investments such as PHM Group, which further demonstrates their diverse portfolio.


18. Addtech AB

  • Website: addtech.se
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1906
  • Headcount: 1001-5000
  • Number of deals in 2024: 9
  • LinkedIn: addtech-ab

Addtech AB is a technology solutions provider based in Stockholm, Sweden, founded in 1906. The company specializes in high-tech products and services across various sectors, including automation, electrification, energy, industrial solutions, and process technology. Addtech serves OEM manufacturers and end-users, helping them enhance operational efficiency and sustainability through innovative solutions. Notably, Addtech has made strategic acquisitions that reflect its interest in security technologies, such as the acquisition of Fibersystem AB in 2018, a company focused on high-tech cyber security innovations. This acquisition, along with others like Birepo ApS and Krv, showcases Addtech's commitment to expanding its portfolio in areas that include security solutions, making it a relevant player in the physical security industry.



Physical Security Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
ASSA ABLOY GroupStockholm, Stockholm, Sweden10001+199421
Securitas GroupStockholm, Stockholm, Sweden10001+19340
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
Lagercrantz Group ABStockholm, Stockholm, Sweden1001-500020016
BravidaStockholm, Stockholm, Sweden10001+20000
EricssonStockholm, Stockholm, Sweden10001+18763
TeliaSolna, Stockholm, Sweden10001+18530
FSN Capital PartnersOslo, Oslo, Norway51-20019990
GunneboGothenburg, Västra Götaland, Sweden1001-500017640
Troax GroupHillerstorp, Jonkoping, Sweden501-100019551
NorvestorOslo, Oslo, Norway11-5019893
Nordic CapitalStockholm, Stockholm, Sweden201-500198910
NEA PartnersStockholm, Stockholm, Sweden1-1020171
IndustrifondenStockholm, Stockholm, Sweden11-5019799
Chalmers VenturesSweden11-50201526
Bravida Norge ASOslo, Oslo, Norway1001-500020000
Intera PartnersHelsinki, Uusimaa, Finland11-5020072
Addtech ABStockholm, Stockholm, Sweden1001-500019069


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