FSN Capital

FSN Capital is supported by a broad range of Nordic and international institutions who share our long-term perspective. Investors provide the FSN Capital Funds with sustainable and patient capital that allows us time to implement our transformation initiatives and create sustainable, long-term change within the FSN Capital Funds’ portfolio companies. FSN Capital Funds’ portfolio companies are offered a clear value proposition: the potential to transform Northern European companies into more competitive, international and profitable entities during the FSN Capital Funds’ period of ownership.

Thomas Broe-Andersen


Lars Denkov



Marcus Egelstig



Tobias Funke

Investment Director


Michael Gentili

Investment Director and Legal Counsel


Moritz Hafner

Investment Director


Nicholas Hjorth

Investment Director


Jesper Isaksen


Patrice Jabet



Adeline Jennische


Justin Kent



Talitha Kirchner

Investment Manager


Knut Kjaer



Eskil Koffeld



Simon Larsson

Investment Director


Severin Loos

Investment Manager


Robin Muerer



Robin Mürer


Erik Nelson



Nicolai Norrbom



Clemens Plainer

Investment Director


Gustaf von Platen

Investment Director


Elisabeth Rustad-Nilssen

Investment Director

Knut Røsjorde


Ulrik Smith



Barbara Stolz

Investment Associate

Frode Strand-Nielsen

Managing Partner

Kasper Sørensen


Niclas Thiel



Eirik Hjeltnes Wabø

Investment Manager

Morten Welo

Partner and COO / IR


Pernilla Westergren



Marcus Wintersø

Investment Director

36 past transactions

Fitness World A/S

Acquisition in 2015
Fitness World A/S owns and operates a chain of fitness centers and gyms. It also provides training through an application software. Fitness World A/S was formerly known as FITNESS WORLD HOLDING ApS and changed its name to Fitness World A/S in May 2008. The company was founded in 2000 and is based in Rødovre, Denmark. As of January 14, 2020, Fitness World A/S operates as a subsidiary of Pure Gym Limited.

Teres Medical Group

Acquisition in 2007
Teres Medical Group is owns and operates hospitals and surgical clinics.

CTEK Smarter

Acquisition in 2008
CTEK Power Inc. designs and develops a unique series of high-tech battery chargers and special solutions for all types of lead-acid batteries for both private and professional use. The cornerstone in CTEK’s successful business concept that allows the development of a new category of battery charger is the extensive knowledge of batteries and electronics. These new battery chargers satisfy not only today’s high demands on battery care, but also take the increasing needs of the growing group of new users into consideration. Safety, simplicity and flexibility are key words and requirements that apply to all the products and solutions currently developed and sold by CTEK. Since their initiation, close to three million battery chargers have been sold in 60 countries throughout the world. CTEK is also a reliable OEM supplier to many of the world’s most prestigious car and motorcycle manufacturers.


Acquisition in 2016
Bygghemma.se is the leading online retailer of do-it-yourself, and building supplies. Since the launch of bygghemma.se in Sweden in 2006, the company has rapidly grown into a builders' merchant with 10 online stores and six stores in the Nordic region. Our mission is to market a wide range of building products online at competitive prices with home delivery. Our target group is mainly individuals who want to buy building supplies from famous brands at attractive prices. In Construction Home Group has around 250 employees in 8 offices in Sweden, Norway, Denmark and Finland. Build Home Group had sales in 2015 of SEK 2 billion and is owned by the investment company Nordstjernan. The group's headquarters are located in Malmö. Welcome to one of the group's stores in Sweden: bygghemma.se, golvshop.se, badshop.se, linoleumkompaniet.se, trademax.se and chilli.se, Finland: taloon.com, netrauta.com, talotarvike.com and TradeMax. fi, Norway: bygghjemme.no and trademax.no, Denmark: byghjemme.dk, frishop.dk and trademax.dk.

MHP Software GmbH

Acquisition in 2020
MHP Solution Group is a solutions provider for shipping logistics and foreign trade, with 70 employees and offices in Germany, Austria and Spain. The range of services covers the entire demand chain from consulting, delivery and implementation of software and hardware solutions.

Adragos Pharma

Acquisition in 2021
Adragos Pharma is a globally operating Contract Development and Manufacturing Organisation.
Holmbergs Safety System is a global supplier of mission critical safety systems to the child safety seat industry.

Alignment Systems

Acquisition in 2006
Alignment Systems is a provider of collision repair solutions. Alignment Systems offers complete systems for passenger cars and commercial vehicles.


Acquisition in 2020
TASKING is a privately held company provides an embedded system compiler technology services.

HusCompagniet A/S

Acquisition in 2011
HusCompagniet A/S develops single-family detached houses in Denmark. The company engages in the design, sale, and delivery of customizable detached houses to consumers primarily built on-site on third-party customer-owned land; and semi-detached houses to consumers and professional investors. It also produces prefabricated wood-framed detached houses under the VårgårdaHus brand in Sweden. The company was incorporated in 2015 and is headquartered in Horsens, Denmark.


Acquisition in 2018
Sneakersnstuff Ab engages in retail of apparel and shoes. Its products include sneakers for men and women; apparel such as t-shirts, jackets, sweatpants, pants, and shorts; and accessories such as bags, socks, hats, and books. Sneakersnstuff Ab operates brick-and-mortar stores and engages in online retail of the products through its website. The company was founded in 1999 and is based in Stockholm, Sweden. It has additional stores in New York, United States; Berlin, Germany; London, United Kingdom; and Paris, France.

Omegapoint Group AB (publ)

Acquisition in 2021
Omegapoint are experts in Safe Digital Transformation and enable secure business for you as a customer. Omegapoint is a market leading expert in system architecture, security and IT management. We deliver solutions within integration, support, maintenance, training and management.

Norman Shark

Acquisition in 2009
Norman Shark provides enterprise anti-malware and internet/computer security.

Active Brands AS

Acquisition in 2017
Active Brands AS manufactures and supplies sporting goods to the sports retail industry in the Nordic region. The company offers women’s sportswear, including winter training-wear, training-wear, compression tights, casual wear, and accessories; winter headwear, hats and beanies, base layers, gloves, socks, and sweaters; skiwear; kids wear; skis; and ski helmets, protection products, and apparel. It exports products to Europe and United States. Active Brands AS was incorporated in 2010 and is based in Oslo, Norway with locations in Oslo, Voss, Gothenburg, and Shanghai.

Actic Group

Acquisition in 2007
Actic is a leading Nordic health and fitness company.

Nordlo Group

Acquisition in 2018
Nordlo is digitalization and managed IT services partners for the SME and smaller enterprise segment in the Nordics.


Acquisition in 2009
Tactel provide world leading Telecom, Internet and Media actors with solutions that strengthens and expands their business. We focus on Android and on creating strong visual experiences. We turn your hardware into a high performance Android device and help you innovate and build your hallmark software. Through our games, applications and services, we define experiences your users want to stay within. We've combined the skills of an expert mobile software development shop a design bureau and a gaming studio. Technology, design and content. What's needed to move frontiers.

Troax AB

Acquisition in 2013
Troax ensures protection from hazardous areas and secures valuable property, with wire mesh machine protection, warehouse partitioning and storage solutions. Safety, versatility and accessibility are a result of many years of development. Read more about Troax from different perspectives.

Gram Equipment A/S

Acquisition in 2017
Gram Equipment developed into one of the suppliers of equipment and solutions for the ice cream industry worldwide. This position was strengthened in 2014 when Gram Equipment acquired Waukesha/Cherry Burrel (WCB). With the acquisition the combined resources and talent of the two companies allowed for the continued supply of the very well-respected brand and quality products. Gram Equipment is now the global leading supplier of advanced equipment and process installations for industrial ice production.
Instalco is a technical installation group in Sweden, focusing on mid-size projects and service. The company offers heating and plumbing, electrical, ventilation, cooling and industrial end-to- end solutions in the Nordic market.


Acquisition in 2019
iMPREG GmbH manufactures hose liner systems for trench-free pipe rehabilitation applications.

EET Europarts A/S

Acquisition in 2015
EET Europarts is Europe´s largest distributor of video surveillance, spare parts and accessories for computers, printers and mobile phones. Their core business is concentrated on eight product divisions: - Server, Computer & Printer Parts - Mobile Parts & Accessories - Home Entertainment & Lifestyle Electronics - Surveillance & Security - Professional AV & Digital Signage - Point of Sale & Auto-ID - Network & KVM - Logistical Services


Acquisition in 2018
Rameder is a E-commerce provider of tow bars and automotive parts.

Fibo-Trespo AS

Acquisition in 2015
Fibo-Trespo AS manufactures wall panels for bathroom, wet room, and other laminated products. The company provides kitchen boards, laminate countertops, flooring laminates, and profiles and other accessories. It offers its products through retailers. Fibo-Trespo AS was founded in 1952 and is based in Lyngdal, Norway.

Saferoad Holding ASA

Acquisition in 2018
Saferoad is a leading road safety and road infrastructure solutions provider in Northern, Central and Eastern Europe. It design, manufacture and deliver products and solutions that improve the road safety and road infrastructure standards.

Validus AS

Acquisition in 2013
Validus AS retails beauty care products businesses in Nordic countries. The company operates duty free and duty paid shops of personal care products in Norwegian airports.


Acquisition in 2018
Morenot Group consists of companies with leading positions in the international market as suppliers to customers in fisheries, aquaculture and marine seismic. Morenot Fishery operates primarily within the purse seine and trawl segments, which has been the cornerstone of the group’s development. They offer close proximity along the entire Norwegian coast and are known for high quality and first-class service. Their primary markets are Norway and the North Sea basin, Russia and the United States. Morenot Aquaculture produces netting and nets in nylon and Dyneema ®, and delivers custom moorings, de-lousing tarpaulins, top nets, dead fish collectors and other equipment to farms. They also offer services such as wash, repair and coating/impregnation.

Kjell & Co Elektronik

Acquisition in 2014
Kjell & Co Elektronik A.B. retails home electronics accessories in Sweden. It offers its products through its chain of stores and Internet sales channels. The company was founded in 1988 and is based in Malmo, Sweden with store locations in Sweden. Kjell & Co Elektronik A.B. is a former subsidiary of ICA Gruppen AB (publ).

Netcompany A/S

Acquisition in 2015
Netcompany is a successful, Danish, business-oriented IT consulting company with approx. 400 employees in offices in Copenhagen, Aarhus and Aalborg. We provide business-critical IT solutions and advice that helps our clients achieve significant business benefits and efficiency by utilizing the latest technology. Our focus areas are business applications, portals, system integration, system management and operation. At Netcompany we combine professional craftsmanship with speed and flexibility. Our broad IT technical, methodical and business skills to ensure that IT solutions are technically sound, organizational anchored and deliver the desired economic results.


Acquisition in 2012
Skamol A/S develops, manufactures, and markets thermal insulating materials for heat-intensive industries and passive fire protection. The company provides bricks and blocks, insulating boards, fire protection boards, insulating mortar, and loose-fill insulation; moler insulating bricks, customized shapes and panels, insulating aggregates, and refractory products; and passive fire protection and mould prevention products, which include materials for lightweight fire doors, and cladding of beams and columns, as well as ventilation and cable ducts.

PM Retail

Acquisition in 2012
PM Retail designs fashionable clothing that addresses the specific needs and preferences of mature women. The company sells its products under its own brands and through its own network of 45 retail stores in Norway.

VIA Travel

Acquisition in 2006
VIA Travel Group ASA is a Norwegian public limited liability company and is the leading Scandinavian travel management company. The company’s core business lies within the corporate travel market represented by VIA Travel and its segments; Business, Marine and Conference & Events.


Acquisition in 2001
Jamo, the largest European producer of loudspeaker systems and home theatre solutions.


Acquisition in 2015
ROPLAN AB designs, develops, and manufactures custom shaft seals for rotating machinery. It offers seals for pumps, mixers, compressors, and propulsion systems. The company also offers repair and replacement services, as well as assists users with upgrades or designing new products. It serves OEM customers worldwide. The company was founded in 1977 and is based in Tumba, Sweden. It has operational centers worldwide.