The hunting apparel industry in the Nordics has gained traction as outdoor activities and nature experiences become increasingly popular. Companies in this sector provide a range of products, including camouflaged clothing, weather-resistant jackets, and specialized gear for hunters and outdoor enthusiasts. Brands focus on durability and performance, often incorporating innovative materials to enhance user experience. The future looks promising, with an emphasis on sustainability and eco-conscious practices. As digital sales platforms rise, more players are keen to reach a broader audience, indicating a shift toward a more connected and environmentally aware market.

The group of investors in the hunting apparel industry showcases a mix of private equity and corporate entities, primarily located in Stockholm and Oslo. Spanning from small firms to large corporations, these investors vary in size, with several employing upwards of 500 people. Founded between 1929 and 2015, they demonstrate a growing interest in the hunting apparel sector, with 2024 deal counts ranging from 1 to 30, reflecting their proactive strategy in a niche market.

Top 9 Hunting Apparel 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 that are poised for scaling. Verdane provides both capital and hands-on support to enhance operational efficiency and market position for its clients. Notably, Verdane has made significant investments in the outdoor and hunting sectors, including the acquisition of Hylte Jakt och Lantman, which aims to create a leading Nordic niche e-tailer in forestry, gardening, hunting, and outdoor products. Additionally, their acquisition of Silva, a provider of niche outdoor sports equipment, further demonstrates their commitment to the outdoor industry. These transactions highlight Verdane's strategic interest in the hunting apparel market, making them a relevant investor in this category.

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 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 their investment in XXL Sport & Villmark, which raised over $8.9 million in post-IPO equity, and Revolution Race, which received venture funding. Additionally, Altor acquired Rossignol, a well-known brand in outdoor sports, further emphasizing their commitment to the outdoor and sporting goods market. Their investments in companies like Dale of Norway and XXL also highlight their engagement in sectors that overlap with hunting apparel, showcasing their diverse portfolio that includes relevant outdoor brands.

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 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 and sporting goods sector, including the acquisition of XXL Sport & Villmark, a leading sports retail chain in the Nordic region, which focuses on outdoor activities, including hunting. Additionally, their acquisition of Lundhags skomakarna, known for its outdoor footwear, and Granngården, the largest retail chain of its kind in Sweden, further emphasizes their engagement in the outdoor lifestyle market. These transactions highlight EQT's strategic interest in companies that cater to outdoor enthusiasts, making them a relevant player in the hunting apparel space.

4. 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 various transactions, including investments in fashion-related companies such as Elevenate, a Swedish fashion manufacturer and retailer that raised $2M for expansion, and Kittelfjall, which raised $553,716 in a seed round. These transactions indicate Almi's engagement in the apparel sector, which could encompass hunting apparel as part of the broader outdoor clothing market.

5. 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 to employ between 1001 and 5000 people. Notably, New Wave Group has made several strategic acquisitions to enhance its market presence. In 2023, they acquired Tenson AB, an outdoor brand, which aligns with their strategy to expand into the outdoor segment. This acquisition could potentially include hunting apparel as part of their offerings. Other significant acquisitions include Cutter & Buck Inc., a designer of upscale sportswear, and BTC Activewear, a multi-brand distributor of clothing and accessories, which further diversifies their portfolio. These transactions reflect New Wave Group's commitment to enhancing their product offerings and market reach, particularly in the outdoor and sportswear sectors.

6. 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 specializes in developing independent companies within the Nordic and DACH regions, providing investment management and strategic support to small- and medium-sized businesses. Nalka emphasizes sustainability and responsible ownership in its investment approach. Notably, Nalka has been involved in several acquisitions, including HOOKS HASTSPORT, which suggests a focus on outdoor and potentially hunting-related apparel. Other acquisitions include Open Air Group and Brunngård Group, which may also relate to outdoor activities, further indicating Nalka's interest in sectors that could encompass hunting apparel.

7. Accent Equity

• Website: accentequity.se
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1994
• Headcount: 11-50
• Number of deals in 2024: 4
• LinkedIn: accent-equity-partners-ab

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 clientele across various sectors. Notably, they acquired HOOKS HASTSPORT in 2011, a company involved in the hunting apparel industry, showcasing their engagement in this market. Additionally, their recent acquisitions, such as Unisport and EAST, reflect their ongoing strategy to invest in growth-oriented companies, which may include opportunities in the hunting apparel sector.

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 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. FSN Capital primarily partners with institutional investors and pension funds seeking sustainable returns. Notably, FSN Capital has been involved in transactions such as the acquisition of Active Brands AS, a Norwegian supplier of premium sporting goods brands, which could encompass hunting apparel. This acquisition, announced in March 2017, aimed to enhance Active Brands' position in the Nordics and accelerate its international growth. Additionally, FSN Capital has made investments in other companies like Sneakersnstuff, although these are less directly related to hunting apparel. Overall, while FSN Capital has some relevant transactions, their broader investment strategy may not align specifically with the hunting apparel sector.

9. Ingman Group

• Website: ingman.com
• Type: Corporate
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 1929
• Headcount: 1-10
• Number of deals in 2024: 1

Ingman Group is a multisectoral company based in Helsinki, Uusimaa, Finland, founded in 1929. The company specializes in food production, technology services, and investment management, offering a diverse range of products including dairy, ice cream, and outdoor clothing. Notably, Ingman Group acquired Halti Oy on June 21, 2012, a company known for its outdoor clothing, which may encompass hunting apparel. This acquisition highlights Ingman Group's interest in the outdoor clothing sector, positioning them as a potential investor in hunting apparel, alongside their other business interests.

Hunting Apparel Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
Verdane	Oslo, Oslo, Norway	51-200	1985	7
Altor Equity Partners	Stockholm, Stockholm, Sweden	51-200	2003	6
EQT Group	Stockholm, Stockholm, Sweden	1001-5000	1994	30
Almi	Stockholm, Stockholm, Sweden	201-500	1994	7
New Wave Group	Gothenburg, Västra Götaland, Sweden	1001-5000	1990	0
Nalka	Stockholm, Stockholm, Sweden	11-50	2015	1
Accent Equity	Stockholm, Stockholm, Sweden	11-50	1994	4
FSN Capital Partners	Oslo, Oslo, Norway	51-200	1999	0
Ingman Group	Helsinki, Uusimaa, Finland	1-10	1929	1

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