The hunting gear retail industry in the Nordics thrives on the region's strong outdoor culture and vast natural landscapes. Companies range from specialized retailers offering everything from firearms and ammunition to outdoor clothing and safety equipment. Growing consumer interest in sustainable outdoor practices is leading to an increase in environmentally friendly products, as well as innovations in gear design. The online market is continually expanding, providing more accessibility for consumers. With recreational hunting being a cherished tradition, the industry is expected to evolve with more partnerships and technological advancements, enhancing the hunting gear shopping experience for enthusiasts.

This article highlights top investors in the Nordic hunting gear retail sector with a focus on private equity firms based in Sweden and Norway. Notable companies include EQT Group and Nalka, among others. Founded primarily in the 2000s, these firms vary in size, with number of employees ranging from small teams to over 5,000. In total, these investors made numerous strategic deals in 2024, reflecting their keen interest in nurturing retail players thriving in the outdoor space. Their collective activity indicates a robust confidence in the market's growth potential.

Top 8 Hunting Gear Retail 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. 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. Among their notable transactions, Verdane has acquired controlling stakes in Mustad, a company with a long history in fishing and outdoor products, and Outnorth, which raised funds for outdoor retail. Most relevantly, they acquired Maskinklippet.se and Hylte Jakt och Lantman, aiming to create a leading Nordic niche e-tailer in forestry, gardening, hunting, and outdoor products. This strategic move highlights their commitment to the outdoor and hunting gear retail market, making them a significant player in this sector.

2. 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 managing diverse investment portfolios across multiple sectors and geographies. Notably, EQT has made significant investments in the retail sector, including the acquisition of XXL Sport & Villmark, a leading sports retail chain in the Nordic region, which focuses on outdoor and sporting goods, potentially including hunting gear. Additionally, EQT's acquisition of Lundhags skomakarna, known for its outdoor gear, further emphasizes their commitment to the outdoor retail market. Their investment in Granngården, the largest retail chain of its kind in Sweden, also aligns with their strategy to support companies that cater to outdoor enthusiasts. These transactions highlight EQT's active role in sectors that intersect with hunting gear retail.

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 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 outdoor and sporting goods sector, including the investment in XXL Sport & Villmark, which specializes in outdoor and sporting goods retail, and the acquisition of Rossignol, a well-known brand in the outdoor sports equipment market. Additionally, Altor has participated in funding rounds for companies like Revolution Race and Dale of Norway, which also cater to outdoor enthusiasts. These transactions highlight Altor's engagement in sectors that intersect with hunting gear retail, making them a relevant investor in this space.

4. Nalka

• Website: nalka.com
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2015
• Headcount: 11-50
• Number of deals in 2024: 1
• LinkedIn: nalka

Nalka is a private equity investment firm based in Stockholm, Sweden, founded in 2015. The firm focuses on developing independent companies in the Nordic and DACH regions, providing investment management and strategic support to small- and medium-sized businesses. Nalka emphasizes sustainable growth and responsible ownership. Among its notable transactions, Nalka acquired HOOKS HASTSPORT on March 20, 2014, which is involved in the hunting gear retail sector. This acquisition highlights Nalka's engagement in the hunting gear market. Additionally, Nalka has made other acquisitions, such as Open Air Group and Lekolar, which, while not directly related to hunting gear, demonstrate the firm's active investment strategy in various sectors.

5. Adelis Equity Partners

• Website: adelisequity.com
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2012
• Headcount: 11-50
• Number of deals in 2024: 3
• LinkedIn: adelis-equity-partners

Adelis Equity Partners is a private equity firm based in Stockholm, Sweden, founded in 2012. 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 investments in the retail sector, particularly through their acquisitions of INTERSPORT Sverige AB and Intersport Sweden, both of which are prominent players in the sportswear and sports equipment market. These transactions highlight Adelis's commitment to expanding their portfolio in the retail space, which may include hunting gear as part of the broader sporting goods category. Additionally, they acquired Didriksons, a brand known for outdoor clothing, further emphasizing their interest in sectors related to outdoor activities and sports.

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, with a focus on driving growth and transformation in its portfolio companies. Notably, FSN Capital has made significant investments in the sporting goods sector, including the acquisition of Active Brands AS in 2017, a Norwegian supplier of premium sporting goods brands. This acquisition aimed to enhance Active Brands' position in the Nordics and accelerate its international growth. Additionally, FSN Capital has been involved in other retail-related transactions, such as the acquisition of Sneakersnstuff, further demonstrating their engagement in the retail space.

7. 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, Västra Götaland, Sweden, founded in 1990. The company specializes in creating, acquiring, and developing brands and products across various sectors, including corporate, sports, gifts, and home. In 2023, New Wave Group made a significant move by acquiring Tenson AB, an outdoor brand, for SEK 1, which is part of their strategy to enhance their offerings in the outdoor segment. This acquisition is expected to leverage Tenson's brand value and improve New Wave Group's performance in the outdoor market. Additionally, they have previously acquired Craft North America and BTC Activewear, further diversifying their portfolio in the apparel and accessories market. These transactions highlight New Wave Group's commitment to expanding its brand presence, particularly in sectors that may intersect with outdoor and hunting gear.

8. 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 is a corporate investor based in Sweden, founded in 1942, specializing in outdoor and transportation products. The company develops a range of solutions including cargo carriers, roof racks, and bags designed for active families and outdoor enthusiasts. With a focus on quality and sustainability, Thule Group aims to simplify the logistics of outdoor activities for its customers. In recent years, Thule Group has made strategic acquisitions to enhance its portfolio in the outdoor sector. Notably, they acquired Tepui Outdoors, Inc., a leading North American rooftop tent company, for USD 9.5 million, which aligns with outdoor camping and adventure activities. Additionally, they acquired Denver Outfitters, a company specializing in roof rack-mounted fly fishing rod vaults, as part of their strategy to expand product offerings in the adventure camping segment. These transactions highlight Thule Group's commitment to the outdoor lifestyle, which includes products that can be relevant to hunting enthusiasts.

Hunting Gear Retail Insights: Key Investors in the Nordics

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