FSN Capital

FSN Capital is a Nordic private equity investment firm established in 1999 and based in Oslo, Norway, with regional offices in Sweden, Germany, and Denmark. The firm focuses on the middle-market segment and seeks to invest in growth-stage companies across various sectors, including commercial products, transportation, healthcare products, information technology, and consumer goods. FSN Capital is known for its long-term investment approach, supported by Nordic and international institutions that provide sustainable capital. This patient funding enables FSN Capital to implement transformative initiatives aimed at enhancing the competitiveness and profitability of its portfolio companies during the investment period. The firm emphasizes environmental, social, and governance (ESG) criteria in its investment strategies, aligning with contemporary standards for responsible investing.

Andreas Damgaard

Investment Associate

Lars Denkov

Partner

Nikolai Doepel

Investment Associate

Talitha Eber

Investment Director

Marcus Egelstig

Partner

Debbie Fellmerk

Investment Manager

Kristina Wirén González

Investment Manager

Maria Grøner

Investment Manager

Moritz Hafner

Principal

Nicholas Hjorth

Principal

Line Hjorth-Christensen

Investment Associate

Jesper Isaksen

Partner

Joar Jansson

Investment Manager

Christian Jelsbech

Investment Manager

Adeline Jennische

Principal

Mike Joseph

Investment Associate

Justin Kent

Partner

Eskil Koffeld

Partner

Simon Larsson

Principal

Severin Loos

Investment Director

Moritz Madlener

Investment Manager

Robin Mürer

Co-Managing Partner

Erik Nelson

Partner

Clemens Plainer

Investment Director

Ulrik Smith

Co-Managing Partner

Barbara Stolz

Investment Manager

Frode Strand-Nielsen

Founder and Managing Partner

Kasper Sørensen

Principal

Marie-Christine Volkert

Investment Associate

Eirik Hjeltnes Wabø

Investment Director

Maximilian Weimann

Investment Manager

Marcus Wintersø

Investment Director

Stephan Zogbaum

Investment Associate

36 past transactions

Adragos Pharma

Acquisition in 2021
Adragos Pharma is a global Contract Development and Manufacturing Organisation (CDMO) that specializes in the production of finished dosage forms (FDF) for pharmaceuticals, particularly in the small-molecule segment. The company focuses on providing contract development and manufacturing services, with a strong emphasis on injectables and semi-solid formulations. By acting as a local partner, Adragos Pharma enables clients to access reliable supply solutions at competitive prices, primarily for non-biotech products.

Omegapoint

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.

TASKING

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

MHP Software GmbH

Acquisition in 2020
MHP Software GmbH specializes in software solutions for shipping logistics, mobile warehouse applications, and foreign trade across Europe. The company's offerings in shipping logistics include V-LOG, a multi-carrier shipping software, V-LOG Touch for automating shipping processes, F-COST for managing freight costs, V-NOTIFIER for controlling customized email notifications, Shiptrack.com for monitoring shipment lifecycles, and V-LOG WEB, a mobile solution. Its warehouse logistics products encompass M-CONTROL, which manages various aspects of inventory and order processing. In the realm of foreign trade, MHP provides S-CHECK for export control, Z-EMCS for excise movement monitoring, and Z-INTRA for generating reporting files. Additionally, MHP Software offers hardware such as labels, thermal printers, and scanners, along with consulting, software development, and process enhancement services. Founded in 1999, the company is headquartered in Neustadt, Germany, and has expanded its presence with offices in Austria and Spain.

iMPREG GmbH

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

Rameder

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

Nordlo

Acquisition in 2018
Nordlo is a managed IT services provider based in Stockholm, Sweden, specializing in digitalization for small and medium-sized enterprises (SMEs) and smaller organizations in the Nordic region. The company offers a range of services, including information technology infrastructure, outsourcing, and cloud solutions. By focusing on the specific needs of its clients, Nordlo facilitates collaboration and engagement in the realm of information technology, helping businesses enhance their operational efficiency and digital capabilities.

Sneakersnstuff

Acquisition in 2018
Sneakersnstuff Ab is a retailer based in Stockholm, Sweden, specializing in limited-edition sneakers and apparel for men and women. Founded in 1999, the company offers a diverse range of products, including t-shirts, jackets, sweatpants, and accessories such as bags, socks, hats, and books. Sneakersnstuff operates both brick-and-mortar stores and an online retail platform, serving customers in various locations, including New York, Berlin, London, and Paris. By focusing on unique sneaker offerings, Sneakersnstuff aims to meet the fashion needs of sneaker enthusiasts globally.

Saferoad

Acquisition in 2018
Saferoad Holding AS specializes in designing, manufacturing, and selling road safety and infrastructure products across Northern, Central, and Eastern Europe. The company's extensive product range includes road restraint systems such as guardrails and pedestrian guardrails, as well as traffic signs, lighting columns, road markings, and noise protection solutions. In addition to these, Saferoad offers various infrastructure solutions like soil steel bridges, pipes, culverts, geosynthetics, and water and sewage systems. Established in 1947 and headquartered in Oslo, Norway, Saferoad has expanded its operations with offices in several countries, including the Czech Republic, Denmark, Germany, Italy, and the United Kingdom. The company was formerly known as Cidron Triangle AS before rebranding in May 2017.

Mørenot

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.

Gram Equipment

Acquisition in 2017
Gram Equipment A/S is a leading manufacturer and supplier of equipment and solutions for the ice cream industry, based in Kolding, Denmark, with additional offices in Aarhus, New Jersey, and Shanghai. The company provides a comprehensive range of products including molding, extrusion, filling, wrapping, and packing equipment, along with freezers and ingredient feeders. Their offerings cater to the production of various ice cream products such as stick ice, ice pops, cones, sandwiches, and bulk ice creams. Additionally, Gram Equipment supports its clients with maintenance and repair services, as well as spare parts supply. The company gained prominence in the global market after acquiring Waukesha/Cherry Burrel in 2014, enhancing its ability to deliver high-quality products and services. With a strong network of agents worldwide, Gram Equipment continues to be a key player in the industrial ice production sector.

Holmbergs Safety System

Acquisition in 2017
Holmbergs Safety System is a global supplier of essential safety systems primarily focused on the child safety seat industry. The company specializes in the design and manufacture of fastening systems and child restraint components, as well as harness systems for various applications, including ambulances, wheelchairs, overhead lifts, and sling products. By providing high-quality safety solutions, Holmbergs aims to enhance safety and comfort in transportation, ultimately contributing to the protection of individuals worldwide.

Active Brands

Acquisition in 2017
Active Brands AS, based in Oslo, Norway, specializes in manufacturing and supplying sporting goods to the sports retail industry in the Nordic region. Founded in 2010, the company offers a diverse range of products, including women's sportswear, winter training apparel, compression tights, casual wear, and accessories. Its brand portfolio features well-known names such as Kari Traa, Bula, Vossatassar, Åsnes, Bjørn Dæhlie, and Sweet Protection, providing items like skiwear, kids' clothing, skis, ski helmets, and protective gear. Active Brands exports its products to Europe and the United States, with a focus on building strong brand positions and becoming a preferred partner for retailers. The company had a turnover of approximately NOK 650 million in 2015 and employs around 165 people across various locations, including Oslo, Voss, Gothenburg, and Shanghai. The main shareholder is Holta Invest AS, a Norwegian investment firm, and Active Brands has ambitions for growth through its existing brands and potential future acquisitions.

bygghemma

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.

Netcompany

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.

Roplan

Acquisition in 2015
Roplan AB specializes in the design, development, and manufacturing of custom shaft seals for rotating machinery. Founded in 1977 and based in Tumba, Sweden, the company focuses on providing high-end mechanical seals tailored for pumps, mixers, compressors, and propulsion systems. Roplan serves original equipment manufacturers (OEMs) globally and also offers repair and replacement services, as well as support for product upgrades and new designs. With operational centers located around the world, Roplan has established itself as a niche leader in the industry, providing unique value to its clients through its specialized offerings.

Fitness World AS

Acquisition in 2015
Fitness World A/S is a fitness club operator based in Rødovre, Denmark, managing over 100 fitness centers across Ireland. Founded in 2000, the company offers a range of services including personal training, group training, and nutritional counseling. In addition to its physical locations, Fitness World A/S provides training through an application software, enhancing the fitness experience for its members. The company was formerly known as FITNESS WORLD HOLDING ApS until it rebranded in May 2008. As of January 2020, Fitness World A/S operates as a subsidiary of Pure Gym Limited.

Fibo-Trespo

Acquisition in 2015
Fibo-Trespo AS is a Norwegian manufacturer specializing in laminated products, particularly wall panels designed for bathrooms and wet rooms. Founded in 1952 and based in Lyngdal, the company creates products that include kitchen boards, laminate countertops, and flooring laminates. Fibo-Trespo's wall panels are engineered for use in wet zones and are certified for application on outer walls without the need for a membrane, ensuring compliance with both IFF and Norwegian Wet norms. The kitchen boards feature the same surface and approvals as the wall panels but are specifically tailored for the space between countertops and wall cabinets. Fibo-Trespo offers a wide range of decorative options and continually develops new solutions to meet customer needs, distributing its products through retail channels.

EET Europarts

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 They distribute a large number of leading brands in these product areas. More than 1,000,000 product numbers distributed over more than 700 different brands are represented in the range, including: HP, Lexmark, IBM, Lenovo, Dell, Xerox, Synology, eSTUFF, Incipio, Sandberg, Ernitec, Axis, Milestone, Bosch, Hikvision, NEC, VivoLink, Evoko, SMS, Kramer, Promethean, DataPath, Zebra, Epson Aures, Honeywell, Datalogic, Datamax-O'Neil, Capture, B&O Play, Loewe, Clint, Max, knomo, Samsonite, Sony, Panasonic, Sony Netatmo, Tado and many others. EET Europarts is part of the EET Group, founded in 1986, and today one of Europe's leading IT, monitoring & security solutions distributors and home entertainment and Lifestyle Electronics, with 32 sales offices in 25 countries across Europe and Africa. The Group employs almost 500 people, serves more than 43,000 dealers and manages more than 1,000,000 deliveries per year. EET Group is headquartered in Birkerød and logistics center in Ballerup.

Kjell & Company

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).

Instalco

Acquisition in 2014
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.

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.

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.

Skamol

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 is a manufacturer and designer of fashionable clothing tailored to the specific needs and preferences of mature women. The company operates a network of 45 retail stores across Norway, where it sells its products under its own brands. By focusing on this demographic, PM Retail aims to offer stylish and comfortable clothing options that resonate with the lifestyle and tastes of older women.

HusCompagniet

Acquisition in 2011
HusCompagniet A/S is a prominent house builder based in Horsens, Denmark, specializing in the development of single-family detached houses. Established in 2015, the company designs, sells, and delivers customizable homes primarily built on-site on customer-owned land, alongside semi-detached houses for consumers and professional investors. Furthermore, HusCompagniet produces prefabricated wood-framed detached houses under the VårgårdaHus brand in Sweden. It has gained a significant market share in Denmark, becoming three times larger than its nearest competitor, and is also expanding in Germany and Sweden. The company achieved notable growth, delivering over 1,000 houses in 2014 and generating revenue from DKK 1.2 billion in 2011 to DKK 1.8 billion in 2014. With a workforce of 230 employees, HusCompagniet has been recognized as House Builder of the Year in Denmark for three consecutive years, underscoring its commitment to quality and value in the housing market.

Norman Shark

Acquisition in 2009
Norman Shark specializes in enterprise anti-malware and internet security solutions. The company offers proactive security software services, including forensics malware tools that aid in analyzing and creating defensible networks against advanced targeted attacks. Additionally, Norman Shark is developing software services focused on threat discovery, security analytics, and protection for industrial control systems (ICS). These products are designed to enhance security measures for organizations, helping them to effectively combat evolving cyber threats.

Tactel

Acquisition in 2009
Tactel AB is a technology and innovation company based in Malmö, Sweden, specializing in digital services that enhance business and user experiences. Founded in 1995, Tactel provides a range of services including human insights through research and consumer validation, as well as prototyping, design, and technological development. The company focuses on mobile development, offering design and architecture solutions for banks, in-flight entertainment systems, web development for applications and websites, Internet of Things monitoring, and CRM tools for the retail sector. Tactel serves a diverse clientele, including telecom, internet, and media companies, helping them innovate and create high-performance Android devices while enhancing visual experiences. Additionally, the company operates as a subsidiary of Panasonic Avionics Corporation.

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.

Actic

Acquisition in 2007
Actic is a prominent Nordic health and fitness company that operates fitness clubs primarily in Sweden, Norway, and Germany, with additional locations in Finland and Austria. The company offers a variety of services, including access to fitness facilities, personal training, group training sessions, and swimming. In addition to its fitness services, Actic sells energy bars, drinks, training apparel, and other fitness-related products through online platforms, catering to the needs of health-conscious consumers.

Teres Medical Group

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

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.

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.

Jamo

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