We are dedicated to building better businesses in the Nordic region

Our portfolio

Altor acquires a minority stake in O’Learys
5.8 billion in four funds

from a long term committed investor base

Our portfolio:
  • Wrist


  • Rossignol Group

    Rossignol Group

  • Qmatic


  • Papyrus


  • Orchid


  • ONE


  • Northstar


  • Norsk Gjenvinning

    Norsk Gjenvinning

  • Navico


  • Haarslev


  • Health Fitness Nordic

    Health Fitness Nordic

  • Enhanced Drilling

    Enhanced Drilling

  • CTEK


  • Constructor


  • Carnegie


  • Ålö


  • Ampco-Pittsburgh Corporation

    Ampco-Pittsburgh Corporation

  • Meltwater


  • Norican Group

    Norican Group

  • Transcom


  • Spectrum


  • Hamlet Protein

    Hamlet Protein

  • Nova Austral

    Nova Austral

  • Infotheek


  • Sbanken ASA

    Sbanken ASA

  • RevolutionRace


  • BTI


  • Nordic Trustee

    Nordic Trustee

  • Caram


1 /
Do you have something on your mind? Feel free to contact us.

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 together with a Nordic focused advisory 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. We like to invest in companies where we see a potential for the company to double the operating profit in a five-year perspective.

We actively seek to build and develop businesses in partnership with the prior owners and have achieved such co-ownerships in a majority of our investments.

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 and a world class investor 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 formalized its ESG efforts through an Investment and Ownership Policy, launched in 2012. The policy outlines how we capture and manage Environmental, Social and Governance (ESG) related matters – risk and opportunities – in the investment process and as active owners.

Altor Funds are signatories of PRI, The Principles for Responsible Investment, and are committed to PRI’s Six Principles. Altor is providing an annual report to PRI. The outcome of historical reports is available on this site, along with the Altor Investment and Ownership Policy.

We are also, with our advisors, supporting a number of initiatives we care deeply about, such as Stella, Hand in Hand and Ashoka.

Private equity refers to equity investments in enterprises generally 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.

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  • Aalborg Industries

    Aalborg Industries

    Acquisition date 2005

    Exit date 2011

  • Aco Hud

    Aco Hud

    Acquisition date 2003

    Exit date 2004

  • AGR Petroleum Services

    AGR Petroleum Services

    Acquisition date 2004

    Exit date 2014

  • Åkers Group
    Supplier to the steel industry

    Åkers Group

    Acquisition date 2008

    Exit date 2015

  • Apotek Hjärtat
    Pharmacy operations

    Apotek Hjärtat

    Acquisition date 2010

    Exit date 2015

  • Byggmax
    DIY retailing


    Acquisition date 2006

    Exit date 2014

  • Curato
    Medical Imaging/Healthcare


    Acquisition date 2013

    Exit date 2016

  • Dustin
    Online IT product reseller


    Acquisition date 2006

    Exit date 2016

  • Dynapac


    Acquisition date 2004

    Exit date 2007

  • Eltek Group
    Energy systems

    Eltek Group

    Acquisition date 2010

    Exit date 2015

  • Euro Cater
    Food Service

    Euro Cater

    Acquisition date 2006

    Exit date 2013

  • Ewos
    Fish feed


    Acquisition date 2013

    Exit date 2015

  • Ferrosan


    Acquisition date 2005

    Exit date 2011

  • Ferrosan Medical Devices

    Ferrosan Medical Devices

    Acquisition date 2011

    Exit date 2016

  • Helly Hansen

    Helly Hansen

    Acquisition date 2006

    Exit date 2015

  • Lindorff Group
    Debt collection

    Lindorff Group

    Acquisition date 2003

    Exit date 2015

  • Max Matthiessen
    Financial services

    Max Matthiessen

    Acquisition date 2009

    Exit date 2014

  • Meyn
    Industrial Food processing equipment


    Acquisition date 2005

    Exit date 2012

  • Nimbus Boats

    Nimbus Boats

    Acquisition date 2006

    Exit date 2012

  • Norsk Gjenvinning

    Norsk Gjenvinning

    Acquisition date March 2011

  • OW Bunker
    Marine fuel

    OW Bunker

    Acquisition date 2007

    Exit date 2014

  • Palodex
    Dental-imaging equipment


    Acquisition date 2005

    Exit date 2009

  • PIAB
    Vacuum technology


    Acquisition date 2006

    Exit date 2015

  • Relacom
    Telecom services


    Acquisition date 2005

    Exit date 2011

  • Sonion
    Hearing aid components and solutions


    Acquisition date 2009

    Exit date 2014

  • SPT Group
    Energy Oil Service Software

    SPT Group

    Acquisition date 2006

    Exit date 2012

  • Vatus
    Medical Supplies


    Exit date 2009

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Altor evaluates an investment opportunity based on industry attractiveness, the company’s market position and its’ value creation potential. We look for opportunities to capitalize on Altor’s experience with complex transactions and with driving change for substantial revenue growth, margin expansion and improved capital management.

Altor has invested in more than 40 companies since inception. A few things are significant for Altor as an owner:

Throughout the years, the investment professionals have gained extensive experience within several specific sectors. Most companies have been developed in sectors such as industrial, retail/wholesale, services, consumer, healthcare, energy and financial services.
This sector expertise enables us to identify similar business opportunities, both in the investment selection stage and as an owner.

A trademark of Altor has been to partner up with previous owners, we believe bridging the experience and the skill set from the the owners to our next phase is essential – also for us to just informally be able to ask for help. A continued partnership also enables the incumbent owner to have the upside of a continued value creation of the business.

We have seen great companies owned by Altor having large remaining value creation
potential after a number of years. To capture this, we have a longer hold than many other funds. Our two latest funds have a 15-year horizon.

We have been given a broad mandate from our investors which allows us to selectively invest also in public companies. We have been able to successfully apply our governance model as the largest minority owner in public companies, making it attractive for Altor to invest in companies traditionally not targeted by Private Equity.

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 initiatives.

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 efficiency.

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.

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  • Aksana Eklundh Executive Assistant
  • Alidah Dahl Rebronja Reception
  • Andreas Hall Director
  • Andreas Källström Säfweräng Director
  • Anita Sundby Executive Assistant
  • Anna Brusch Reception
  • Anna Tropp Communications
  • Annette Delberger Executive Assistant
  • Axel Ahlström Associate
  • Benedicte Skjerve Jørgensen Intern
  • Bengt Maunsbach Partner
  • Birgitta Rudbo Accounting
  • Camilla Vachet Associate
  • Catarina Ekeståhl Executive Assistant
  • Christian Jelsbech Intern
  • Christina Marion Accounting
  • Christoffer Martinell Intern
  • Claes Ekström Senior Advisor
  • Clara Zverina Senior Associate
  • Daniel Reimann Director
  • Daniel Tufte-Kristensen Associate
  • David Hess Director
  • David Persson Associate
  • Diana Kristensen Executive Assistant
  • Dilan M Landgraff Senior Associate
  • Ebba Mattsson Intern
  • Elisabeth Aanderud-Larsen Executive Assistant
  • Ellinor Wänerfjord Intern
  • Emma Edström Reception
  • Gustav Axelson Associate
  • Hans Ragnesjö CFO
  • Harald Mix Partner
  • Henrik Olav Klevar Associate
  • Henrik Rundqvist Purchasing Director
  • Herman Korsgaard Senior Associate
  • Hugo Maurstad Partner
  • Ida Knifh Head of Accounting
  • Ida Westberg Legal Counsel
  • Jakob Hougaard Hentze Associate
  • Jens Browaldh Director
  • Johan Blomquist Partner
  • Johanna Söderlund Reception
  • Jonatan Lund Kirkhoff General Counsel
  • Karl Svenningsson Senior Associate
  • Katarina Karlsson Executive Assistant
  • Ken Taro Madsen Associate
  • Kjersti Myklatun Reception
  • Kjersti Røken Executive Assistant
  • Klas Johansson Partner
  • Kristoffer Hagevik Intern
  • Lars Fromm Head of Finance
  • Linda Nyberg Executive Assistant
  • Linda Sturesson Business controller
  • Liv Øverby Executive Assistant
  • Maria Tallaksen Director
  • Matilda Sundell Reception
  • Matilda Taiminen Intern
  • Mattias Holmström Director
  • Nanna Salomon Reception
  • Nicolai Bonne-Kristiansen Intern
  • Niko Mokkila Director
  • Oliver Hanquist Student Analyst
  • Olivia Brandt Reception
  • Omid Ghanei Investment Controller
  • Pål Stampe Partner
  • Peter Bason Director
  • Petter Samlin Director
  • Pia Irell Portfolio development director
  • Rikke Skyttersæter Iversen Intern
  • Sandra Gomejzon Accounting
  • Sanna Gladéus Reception
  • Sophia Sahin Executive Assistant
  • Søren Johansen Partner
  • Stefan Linder Partner
  • Stian Tuv Senior Associate
  • Syzanne Hirsch Neuman Executive Assistant
  • Thomas Kvorning Director
  • Thomas Palm Westermann Senior Associate
  • Tom Jovik Director
  • Tor Herman Smedsrud Senior Associate
  • Tor Krusell Head of Communications
  • Ulrika Hedman Accounting

The fund managers of the Altor funds seek local expertise from their investment advisors and 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 with expertise and skills relevant to each specific value creation agenda.

Altor Equity Partners, investment advisor to the three first funds, 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.

Altor Fund Manager, is the main operating entity for Altor Fund IV, which has its legal domicile in Sweden and is regulated as an AIFM entity (Alternative Investment Fund Manager) by the Swedish Financial Supervisory Authority.

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.

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


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


Altor Equity Partners A/S
Rosenborggade 15, II
1130 Copenhagen K
Tel. +45 3336 7300


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

St. Helier

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


Altor Equity Partners AG
Churerstrasse 47
CH-8808 Pfäffikon
Phone: +41 55 511 0574

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Altor acquires a minority stake in O’Learys


On March 14th, Altor Fund IV (“Altor”) signed an agreement to acquire a minority stake in the restaurant and entertainment chain, O’Learys Holding AB (“O’Learys”).

O’Learys is the leading chain of sports-themed and entertainment focused restaurants in Europe with approximately 130 restaurants across the world and a combined turnover of 2,3 billion SEK.

“We wanted a strong partner to help us strengthen our existing business and further grow as a market leading entertainment chain in Europe and internationally. We have found the perfect partner in Altor to support us on this journey. Altor has extensive experience of expanding businesses internationally and the ability to contribute with a highly competent and relevant team,” says Christian Bellander, CEO of O’Learys.

“I am excited to see O’Learys take this next step together with Altor on the Company’s 30th anniversary,” says Jonas Reinholdsson, founder of O’Learys. “Altor has an excellent track record of entering into partnerships with founders and management, and we look forward to growing with them as a partner.”

“We are very impressed with O’Learys and see a lot of potential in the development of their current concept and in an international expansion of entertainment centres. We are excited to be able to bring highly relevant people to contribute to the team and support O’Learys going forward” says Andreas Källström Säfweräng, Director at Altor.

The transaction is subject to customary regulatory requirements and approvals.

For more information, please contact:
Christian Bellander, CEO of O’Learys Trademark, Tel: +46 708 560 375
Tor Krusell, Head of Communications at Altor, Tel: +46 70 543 87 47

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 3.8 billion in more than 40 companies. The investments have been made in medium sized Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Ålö, ByggMax, Carnegie Investment Bank, Dustin, Helly Hansen, Lindorff and SATS ELIXIA. For more information visit www.altor.com.

About O’Learys
O’Learys Bar & Restaurant – is a Swedish franchise chain that was founded in 1988 in Gothenburg, Sweden by Jonas Reinholdsson and is run by O’Learys Trademark. Today, there are more than 130 restaurants in Sweden, Norway, Denmark, Finland, Iceland, Belgium, Spain, Hungary, Turkey, United Arab Emirates, Singapore, China and Vietnam. The total revenue was 2017 more than 2,3 billion SEK. As a partner to the Sweden UN association, O’Learys runs the CSR program Meal4Meal, which, so far, has contributed with more than 2,1 million school meals in Etiopia and DR Congo. O’Learys core values are Fair, Passionate, Proud. More information can be found on www.olearyssportsbar.com.

Press enquiries

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

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