We are dedicated to building better businesses in the Nordic region

See our cases

Altor is a family of private equity funds focused on investing in and developing medium sized companies with a Nordic origin. We want to create enduring values and make a real difference as a valuable partner for owners and managers in building world class companies.

We work with a Nordic team with extensive international experience in fields such as private equity, consulting, investment banking and various industrial sectors.

Leading international institutional investors have committed a total of EUR 5.8 billion to the four Altor funds.

Our investment strategy since 2003 is based on identifying and realizing sustainable performance improvements in areas such as revenue growth, margin expansion and capital efficiency. As a rule of thumb, we only invest in companies where we see a potential for the company to double the operating profit in a five-year perspective.

Altor actively seeks to build and develop businesses in partnership with the prior owners and has achieved such co-ownerships in a majority of its investments.

Immediately after completing an investment, the handpicked Board of Directors and the management team develop the strategic agenda and the operating targets for the company.

A detailed roadmap is developed during an intense six-month period where facts are collected to establish a common perspective on competitive position, current performance and future opportunities. A key tool is a comprehensive benchmarking analysis against world class companies in the same industry. Thereafter, the program clarifies an implementation plan and prioritizes strategic initiatives addressing revenue growth, cost and capital effectiveness.

Altor provides ongoing support to the management team via frequent interactions informally. In addition, we appoint external board members with appropriate backgrounds and experiences that match our high ambitions. Altor can also support the management team with specific resources that can be added in order to complement existing skills and experience base.

We are allies in building a truly better business.

The fund managers of the Altor funds seek local expertise from their investment advisors, and local professional networks. We currently use more than 45 dedicated investment professionals, from the Nordic region, all having international experience in fields such as private equity, consulting, investment banking and from various industrial sectors.

The mix of professional backgrounds allows the team to support the funds and their portfolio companies with expertise and skills relevant to each specific value creation agenda.

Altor Equity Partners, the main investment advisor, operates out of offices in Copenhagen, Helsinki, Oslo and Stockholm to further enhance local networks and facilitate the interaction with our portfolio companies. Having the teams working across countries also ensures and promotes a shared culture and values.

As important, the success is dependent on the ability to attract and retain top talent in the portfolio companies and in the Board of Directors – where Altor has strong relationships with seasoned industrial executives, such as Hans Stråberg, Fredrik Cappelen and Eivind Reitan, who can contribute to building world class companies.

The network is also used to identify specific resources that can be added to management teams of portfolio companies to complement with skills and experiences that are valuable for various situations.

The Altor funds have secured strong support from leading international institutional investors who share Altor’s long term perspective on value creation. They include high quality Nordic institutions, US university endowments, charitable foundations and other leading international institutions. These institutions have committed to invest in the Altor 2003 Fund, Altor Fund II and Altor Fund III, all domiciled in Jersey, Channel Islands and with Altor Equity Partners as investment adviser and Altor Fund IV domiciled in Stockholm, Sweden.

More than 75% of the committed capital comes from investors outside the Nordic countries.

Being a world-class company includes ensuring high environmental, social and governance (ESG) standards. Altor’s commitment goes beyond compliance with rules and regulations – it’s intended to ensure that Altor contributes to the creation of companies that promote a sustainable future for business, society and the environment.
Altor Funds are signatories of PRI, The Principles for Responsible Investment, and are committed to PRI’s Six Principles.
We are also, with our advisors, supporting a number of initiatives we care deeply about, such as Stella, Hand in Hand and Ashoka.

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Companies & Cases

The companies in the Altor Funds have been through remarkable change journeys. Here you can find examples on these stories and cases of how exceptional businesses have been built.

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About private equity

Private equity refers to equity investments in enterprises not listed on a public stock exchange. With an active and time-limited form of ownership, private equity investors work together with the management of the companies in which they invest to enhance long term value. Private equity investors typically realize the value of their investment through an initial public offering or through a sale or merger of the company they control.

There are two investment stages. ‘Venture capital’ is an investment in forming and growing early-stage companies. ‘Buyout capital’ (where Altor is active) refers to acquisitions of significant stakes in larger, more established companies.

The demand for private equity has increased in the Nordic region as a result of the succesful investments made in the region. Further, a new wave of cross-border consolidation in combination with an ongoing focus on core operations resulting in further divestures give a positive outlook on the PE market in the Nordic region. This is further strengthened by the increased awareness in family owned businesses of the benefits of partnering with private equity investors to develop the company to the next level.

We believe that Private Equity is an important ownership form that is sometimes, but not necessarily always, the best for a company.

It all comes down to the situation that the company is in.

We like and are good at making significant improvements and lasting change. For instance expanding a great local brand or business into an international one or improving a company not performing at its full potential via growth initiatives and cost and capital effeciency improvements.

One of the greatest myths about Private Equity is that we act with a short-term mindset. It is true that we own the companies for a limited time, often around five years, but in order to develop the company and make it attractive for future owners – we take long-term actions in areas such as R&D to spur innovation and a sustainable development. Altor can in certain situations own companies for 15 years and beyond.

We are obsessed with building the best companies in the world. This passion can be seen in how actively each company is governed. But this does not lead to an ”us and them” issue with the company’s management – it is a true partnership where we are in it together, as allies.

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Change to the Boards of Altor 2003 Fund, Altor Fund II and Altor Fund III


Hannu Ryöppönen has expressed an interest to gradually reduce his portfolio of board assignments and he has therefore tendered his resignation to the Boards of Directors of Altor 2003 Fund, Altor Fund II and Altor Fund III, but Hannu will remain as Chairman on the Board of Altor Fund Manager AB, the fund manager of Altor Fund IV. The changes have been accepted by the Directors of the funds.

Hannu has contributed greatly throughout his tenure. He will now be succeeded by Hans Henrik Klouman. We are pleased to see this natural succession with Hans Henrik, as he currently sits on the Board of Altor Fund Manager AB.

Hans Henrik Klouman is currently General Counsel and SVP Legal at Statoil.

We extend our sincerest appreciation to Hannu for his contributions and welcome Hans Henrik to the Boards of Altor 2003 Fund, Altor Fund II and Altor Fund III.

About Altor
Since inception, the family of Altor funds has raised some EUR 5.8 billion in total commitments. The funds have invested in excess of EUR 3.6 billion in more than 40 companies. The investments have primarily been made in medium sized companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Rossignol, Byggmax, Dustin, Piab and Transcom. For more information visit www.altor.com.

Press enquiries

Tor Krusell
Head of Communications
Tel: +46 70 543 87 47
E-mail: tor.krusell@altor.com

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Altor Equity Partners A/S
Christian IX’s Gade 7, III
1111 Copenhagen K
Tel. +45 3336 7300
Fax +45 3336 7301



Altor Equity Partners OY
Pohjoisesplanadi 25 B
00100 Helsinki
Tel. +358 9 6829 470
Fax +358 9 6829 4750



Altor Equity Partners AS
Tjuvholmen Allé 19
N-0252 Oslo
Tel. +47 2212 8383
Fax +47 2212 8384



Altor Equity Partners AB
Altor Fond IV
Jakobsgatan 6
111 52 Stockholm
Tel. +46 8 678 9100
Fax +46 8 678 9101


St. Helier

Altor Funds
11-15 Seaton Place
St Helier Jersey JE4 0QH
Channel Islands
Tel. +44 1534 833 000

Dedicated Local Advisory Team

  • Alidah Dahl Rebronja

  • Anders Bierke

    Head of Financing/Partner
  • Andreas Källström


    Andreas works with

  • Anna Tropp

  • Annette Delberger

    Executive Assistant
  • Axel Bonning

    Legal Counsel
  • Åsa Moberg

    Head of Admin
  • Bengt Maunsbach


    Bengt works with
    Haarslev Industries
    Realia Group

  • Birgitta Rudbo

  • Catarina Ekeståhl

    Executive Assistant
  • Claes Ekström

    Senior Advisor

    Claes works with NorthStar, Orchid Orthopedic Solutions and Papyrus.

  • Clara Zverina

    Senior Associate 

    Clara works with Carnegie Investment Bank and Qmatic.

  • Harald Mix


    Harald works with
    Carnegie Investment Bank
    Caram (Carnegie Affiliated Managers)

  • Henning Elmberger

  • Henrik Rundqvist

    Purchasing Director
  • Jens Browaldh

    Senior Associate 

    Jens works with
    Rossignol Group
    Orchid Orthopedic Solutions

  • Johan Bladh


    Johan works with Carnegie Investment Bank and Realia Group.

  • Johan Blomquist


    Johan works with Ampco-Pittsburgh and ONE.

  • Johanna Lundgren

  • Jonatan Lund-Kirkhoff

    Legal counsel
  • Karl Svenningsson


    Karl works with Caram (Carnegie Affiliated Managers) and Transcom.

  • Katarina Karlsson

    Executive Assistant
  • Klas Johansson


    Klas works with Transcom, Carnegie Investment Bank and Nova Austral.

  • Linda Nilsson

  • Linda Nyberg

    Executive Assistant
  • Linda Sturesson

    CFO Office Associate
  • Magdalena Sundell

  • Magnus Edlund


    Magnus works with Orchid Orthopedic Solutions and Rossignol Group.

  • Mattias Holmström


    Mattias works with Meltwater, NorthStar and Transcom.

  • Niclas Ekestubbe

  • Omid Ghanei

    Investment Controller
  • Oskar Steneryd

    Senior Associate

    Oskar works with NorthStar, ONE and Ålö.

  • Oskar Wilhelmsson

  • Petter Samlin


    Petter works with Wrist Ship Supply and Caram (Carnegie Affiliated Managers).

  • Pia Irell

    Portfolio development director
  • Sanna Gladéus

  • Sandra Gomejzon

  • Sofia Helgesson


    Sofia works with CTEK and ONE.

  • Stefan Linder


    Stefan works with CTEK, Infotheek and Qmatic.

  • Syzanne Hirsch Neuman

    Executive Assistant
  • Tor Krusell

    Head of Communications
  • Ulrika Hedman

  • Bjoern Hendrik Henatsch


Dedicated Local Advisory Team

  • Andreas Hall

    Senior Associate

    Andreas works with Norsk Gjenvinning.

  • Kjersti Myklatun

  • Kjersti Røken

    Executive Assistant
  • Maria Tallaksen


    Maria works with
    Enhanced Drilling
    Norsk Gjenvinning

  • Pål Stampe


    Pål works with
    Enhanced Drilling
    Norsk Gjenvinning
    Rossignol Group

  • Tom Jovik


    Tom works with
    Health & Fitness Nordic
    Nova Austral
    Skandiabanken ASA

  • Stian Tuv

    Senior Associate

    Stian works with Enhanced Drilling , Navico and Spectrum.

  • Liv Øverby

    Executive Assistant
  • Elisabeth Aanderud-Larsen

    Executive Assistant
  • Dilan Landgraff

    Senior Associate

    Dilan works with Health & Fitness Nordic and Nova Austral.

  • Herman Korsgaard

    Senior Associate

    Herman works with Rossignol Group, Skandiabanken ASA and Constructor.

  • Tor Herman Smedsrud

    Senior Associate

    Tor Herman works with Navico and Enhanced Drilling .

Dedicated Local Advisory Team

  • Anna Brusch

  • Christian Jelsbech

    Student Analyst
  • Daniel Reimann


    Daniel works with Norican Group and Hamlet Protein.

  • David Hess


    David works with Navico and Wrist Ship Supply.

  • Diana Kristensen

    Executive Assistant
  • Ken Madsen

  • Oliver Hanquist

    Student Analyst
  • Peter Bason


    Peter works with Haarslev Industries and Ålö.

  • Sophia Sahin

    Executive Assistant
  • Søren Johansen


    Søren works with
    Caram (Carnegie Affiliated Managers)
    Haarslev Industries
    Norican Group
    Wrist Ship Supply
    Hamlet Protein

  • Thomas Kvorning


    Thomas works with Haarslev Industries, Norican Group and Hamlet Protein.

  • Thomas Palm Westermann

    Senior Associate

    Thomas works with Haarslev Industries and Wrist Ship Supply.

Dedicated Local Advisory Team

  • Aksana Eklundh

    Executive Assistant
  • Niko Mokkila


    Niko works with Papyrus and Realia Group.

  • Risto Siivonen


    Risto works with Realia Group and Health & Fitness Nordic.

Local Team

  • Rachael Smith