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

Principal

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

Past deals in Norway

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.

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.

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.

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.

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.

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.

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.
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