We are dedicated to building better businesses

Our portfolio

Altor to divest Ålö to JOST
8.3 billion in five funds

from a long term committed investor base

Our portfolio:
  • Wrist


  • Rossignol Group

    Rossignol Group

  • Qmatic


  • OptiGroup


  • Orchid


  • ONE


  • Northstar


  • Norsk Gjenvinning

    Norsk Gjenvinning

  • Navico


  • Haarslev


  • SATS


  • Enhanced Drilling

    Enhanced Drilling

  • CTEK


  • Bruynzeel


  • 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


  • RevolutionRace


  • BTI


  • Nordic Trustee

    Nordic Trustee

  • Carneo Asset Managers

    Carneo Asset Managers

  • Realia Group

    Realia Group

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. 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.

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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

  • Ålö


    Acquisition date 2011

    Exit date 2019

  • Apotek Hjärtat
    Pharmacy operations

    Apotek Hjärtat

    Acquisition date 2010

    Exit date 2015

  • Byggmax
    DIY retailing


    Acquisition date 2006

    Exit date 2014

  • Constructor


    Acquisition date 2007

    Exit date 2018

  • 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

  • Enhanced Drilling

    Enhanced Drilling

    Acquisition date 2004

    Exit date 2019

  • 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 2011

    Exit date 2018

  • NorthStar


    Acquisition date 2007

    Exit date 2019

  • 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

  • TGS (prev. Spectrum)

    TGS (prev. Spectrum)

    Acquisition date 2014

    Exit date 2019

  • 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 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.

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  • Aksana Eklundh Executive Assistant & Office Manager
  • Andreas Hall Director
  • Andreas Källström Säfweräng Partner
  • Anita Sundby Executive Assistant
  • Anna Brusch Reception
  • Annette Delberger Executive Assistant
  • Åse Borgen Executive Assistant
  • Axel Ahlström Associate
  • Bengt Maunsbach Partner
  • Benjamin Eisert Associate
  • Camilla Vachet Associate
  • Catarina Ekeståhl Investor Relations Coordinator
  • Claes Ekström Senior Advisor
  • Clara Been Reception
  • Clara Zverina Director
  • Cornelia Jebsen Anker Associate
  • Daniel Reimann Director
  • Daniel Tufte-Kristensen Senior Associate
  • David Hess Principal
  • David Persson Senior Associate
  • Desirée Sjöblom Legal Secondee
  • Diana Kristensen Executive Assistant
  • Elisabeth Aanderud-Larsen Executive Assistant
  • Filip Lodding Legal Counsel
  • Gabriel Sjöström Associate
  • Gill Bernlo Executive Assistant & Office Manager
  • Giovanna Maag Partner
  • Gustav Axelson Senior Associate
  • Håkon Falck Nordskar Associate
  • Hans Ragnesjö CFO
  • Harald Mix Partner
  • Henrik Olav Klevar Senior Associate
  • Henrik Rundqvist Purchasing Director
  • Herman Korsgaard Director
  • Hugo Maurstad Partner
  • Ida Knifh Head of Accounting
  • Isabella Eichler Director
  • Jakob Hougaard Hentze Associate
  • Jens Browaldh Director
  • Johan Reiersen Portfolio Director
  • Johanna Söderlund Office Manager
  • Jonas Aspelin Ramm Associate
  • Jonatan Lund Kirkhoff General Counsel
  • Karl Svenningsson Senior Associate
  • Katarina Karlsson Executive Assistant
  • Kjersti Myklatun Reception
  • Kjersti Røken Executive Assistant & Office Manager
  • Klas Johansson Partner
  • Kristian Sandaker Associate
  • Lars Fromm Head of Financing
  • Linda Nyberg Executive Assistant
  • Linnea Lindgren Reception
  • Louise Hahn Executive Assistant
  • Maria Tallaksen Partner
  • Mario Hagmann Associate
  • Matilda Elfving Hauan Associate
  • Mattias Holmström Principal
  • Nanna Salomon Executive Assistant & Office Manager
  • Nicolai Kjær Jacobsen Associate
  • Olivia Brandt Executive Assistant
  • Omid Ghanei Head of Valuation and Investment Control
  • Øistein Widding Head of Leadership and Talent
  • Paal Weberg Partner
  • Pål Stampe Partner
  • Petter Samlin Partner
  • Rebecca Öhrstedt Reception
  • Rickard Johansson Purchasing Associate
  • Sabrina Castenfelt Associate
  • Sandra Gomejzon Accounting
  • Sanna Gladéus Team Leader Reception
  • Sara Murad Legal Assistant
  • Senem Kaya Controlling Consultant
  • Søren Johansen Partner
  • Stefan Linder Partner
  • Stephanie Hubold Head of ESG
  • Stian Tuv Director
  • Syzanne Hirsch Neuman Executive Assistant
  • Therese Campbell HR Manager
  • Thomas Kvorning Partner
  • Thomas Palm Westermann Senior Associate
  • Tom Jovik Director
  • Tor Herman Smedsrud Senior Associate
  • Tor Krusell Head of Communications
  • Ulrika Hedman Accounting


  • Anna Sofie Førre Intern
  • Annie Zhang Intern
  • Anton Eriksson Intern
  • Axel Skorup Averås Intern
  • Ellen Lybecker Intern
  • Frederik Knudsen Intern
  • Hendrik Hogrefe Intern
  • Jawad Shafique Intern
  • Mads Dam Jespersen Intern
  • Nicolai Bonne-Kristiansen Intern
  • William Sihver Intern

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.

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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
Bellevueplatz 5
CH-8001 Zurich
Tel. +41 76 445 68 84

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Altor to divest Ålö to JOST


Altor Fund III (“Altor”), Fort Knox Förvaring AB and Management Investors have today signed an agreement to divest Ålö Holding AB (“Ålö”), a world leader within material handling solutions in the agricultural industry to JOST Werke AG (“JOST”). JOST is a world leading supplier of systems to the Truck and Trailer Industry.

Ålö is a global market leader in top-quality front loaders and associated implements for agricultural tractors, with sales in more than 40 countries. Front loaders and implements are sold under the Quicke brand as well as in cooperation with tractor OEMs. The company has production facilities in Sweden, US, China and France.
“We are pleased to have found an excellent new home for Ålö” says Bengt Maunsbach, Partner at Altor Equity Partners. “JOST has strong capabilities to support Ålö in developing its many important OEM relationships and a global manufacturing footprint that will both open up new markets and provide economies of scale”.

“Ålö stands stronger than ever today” says Niklas Åström, CEO of Ålö. “We have during the past years developed and launched breakthrough new products such as the Q-Series premium loader and the Q-Companion digital control system. Together with our leading offer of implements, parts and service this has enabled Ålö to grow with both our OEM partners and in the dealer market”.

“We are delighted to bring Ålö into our portfolio of leading industrial brands” says Joachim Dürr, CEO of JOST. “We look forward to work with Ålö’s strong management team and to help Ålö continue to grow”.

The transaction is conditioned upon merger control approval and is expected to be finalized early 2020. The sellers were advised by Alantra, Swedbank Investment Banking, White & Case and EY.

For more information, please contact:
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 8.3 billion in total commitments. The funds have invested in excess of EUR 4.2 billion in more than 60 companies. The investments have been made in medium sized predominantly Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Dustin, Byggmax, Piab, Aalborg Industries, Trioplast, SATS and RevolutionRace. For more information please visit www.altor.com

About Ålö
Ålö is a world leader in Front Loaders for the Agricultural Industry. The products are sold under the Quicke brand. Ålö develops and manufactures about 40,000 loaders every year and has revenue of about 2 billion SEK and about 700 employees. Ålö has manufacturing in Sweden, China, USA and France. For more information about Ålö please visit https://www.alo.se

About JOST
JOST is a leading global producer and supplier of safety-critical systems for commercial vehicles. The Company’s core brands “JOST”, “ROCKINGER”, “TRIDEC” and “Edbro” are well-recognized in the industry and highly regarded for their quality and continuous innovation. With its sales and production facilities in 22 countries across five continents, JOST has direct access to all major truck and trailer manufacturers and relevant end customers. JOST currently employs about 2,900 staff worldwide and has been listed on the Frankfurt Stock Exchange since 20 July 2017. For more information about JOST please visit https://www.jost-world.com

Press enquiries

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

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