We are dedicated to building better businesses
Our portfolio
from a long term committed investor base
Wrist
Rossignol Group
Qmatic
OptiGroup
Orchid
ONE
Northstar
Norsk Gjenvinning
Navico
Haarslev
SATS
Enhanced Drilling
CTEK
Bruynzeel
Carnegie
Ålö
Ampco-Pittsburgh Corporation
Meltwater
Norican Group
Transcom
Spectrum
Hamlet Protein
Nova Austral
Infotheek
Sbanken
RevolutionRace
BTI
Nordic Trustee
Carneo Asset Managers
Realia Group
Altor is a family of private equity funds focused on investing in and developing medium sized companies. We want to create enduring value and make a real difference as a valuable partner for owners and managers in building world class companies.
We work together with an 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 8.3 billion to the five Altor funds.
Our investment strategy since 2003 is selective, flexible and contrarian. It is based on identifying and realizing sustainable performance improvements, many times in complex situations with numerous value creation levers, in areas such as revenue growth, margin expansion and capital efficiency. We like to invest long-term 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, as well as in Altor Fund IV and Altor V, 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.
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. 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.
Aalborg Industries
Acquisition date 2005
Exit date 2011
Aco Hud
Acquisition date 2003
Exit date 2004
AGR Petroleum Services
Acquisition date 2004
Exit date 2014
Åkers Group
Acquisition date 2008
Exit date 2015
Apotek Hjärtat
Acquisition date 2010
Exit date 2015
Byggmax
Acquisition date 2006
Exit date 2014
Curato
Acquisition date 2013
Exit date 2016
Dustin
Acquisition date 2006
Exit date 2016
Dynapac
Acquisition date 2004
Exit date 2007
Eltek Group
Acquisition date 2010
Exit date 2015
Euro Cater
Acquisition date 2006
Exit date 2013
Ewos
Acquisition date 2013
Exit date 2015
Ferrosan
Acquisition date 2005
Exit date 2011
Ferrosan Medical Devices
Acquisition date 2011
Exit date 2016
Helly Hansen
Acquisition date 2006
Exit date 2015
Lindorff Group
Acquisition date 2003
Exit date 2015
Max Matthiessen
Acquisition date 2009
Exit date 2014
Meyn
Acquisition date 2005
Exit date 2012
Nimbus Boats
Acquisition date 2006
Exit date 2012
Norsk Gjenvinning
Acquisition date March 2011
OW Bunker
Acquisition date 2007
Exit date 2014
Palodex
Acquisition date 2005
Exit date 2009
PIAB
Acquisition date 2006
Exit date 2015
Relacom
Acquisition date 2005
Exit date 2011
Sonion
Acquisition date 2009
Exit date 2014
SPT Group
Acquisition date 2006
Exit date 2012
Vatus
Exit date 2009
Altor evaluates an investment opportunity based on industry attractiveness, the company’s market position and its’ value creation potential. We have a flexible investment mandate and 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 efficiency.
Altor has invested in ~60 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, such as industrial, B2B/services, consumer, healthcare and financial services. This sector expertise enables us to identify similar business opportunities, both in sourcing new investments and as an owner.
A trademark of Altor has been to partner up with previous owners, as we believe bridging their experience and their skill set is valuable. A continued partnership also enables the incumbent owner to participate in the upside of a continued value creation. Further, Altor has a wide experience of strategic partnerships with financial investors and corporates providing sector insights and expertise.
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 three latest funds have a 15-year horizon.
We have been given a flexible mandate from our investors which allows us to selectively invest in public companies and also in growth cases through minority shareholdings and partnerships. In these investments, we have been able to successfully apply our governance model, making it attractive 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 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. 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.
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 and DACH regions, 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, Stockholm and Zurich 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 and Altor Fund V, 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.
Altor Equity Partners AB
Altor Fond IV
Jakobsgatan 6
111 52 Stockholm
Sweden
Tel. +46 8 678 9100
Fax +46 8 678 9101
info@altor.com
Altor Equity Partners AS
Tjuvholmen Allé 19
N-0252 Oslo
Norway
Tel. +47 2212 8383
Fax +47 2212 8384
info@altor.com
Altor Equity Partners A/S
Rosenborggade 15, II
1130 Copenhagen K
Denmark
Tel. +45 3336 7300
info@altor.com
Altor Equity Partners OY
Pohjoisesplanadi 25 B
00100 Helsinki
Finland
Tel. +358 9 6829 470
Fax +358 9 6829 4750
info@altor.com
Altor Funds
11-15 Seaton Place
St Helier Jersey JE4 0QH
Channel Islands
Tel. +44 1534 833 000
info@altor.je
Altor Equity Partners AG
Bellevueplatz 5
CH-8001 Zurich
Switzerland
Tel. +46 8 678 9100
info@altor.com
