We are dedicated to building better businesses

Our portfolio

19-02-07
Altor completes successful fundraising for Fund V
News
8.3 billion in five funds

from a long term committed investor base

Our portfolio:
  • Wrist

    Wrist

  • Rossignol Group

    Rossignol Group

  • Qmatic

    Qmatic

  • OptiGroup

    OptiGroup

  • Orchid

    Orchid

  • ONE

    ONE

  • Northstar

    Northstar

  • Norsk Gjenvinning

    Norsk Gjenvinning

  • Navico

    Navico

  • Haarslev

    Haarslev

  • SATS

    SATS

  • Enhanced Drilling

    Enhanced Drilling

  • CTEK

    CTEK

  • Bruynzeel

    Bruynzeel

  • Carnegie

    Carnegie

  • Ålö

    Ålö

  • Ampco-Pittsburgh Corporation

    Ampco-Pittsburgh Corporation

  • Meltwater

    Meltwater

  • Norican Group

    Norican Group

  • Transcom

    Transcom

  • Spectrum

    Spectrum

  • Hamlet Protein

    Hamlet Protein

  • Nova Austral

    Nova Austral

  • Infotheek

    Infotheek

  • Sbanken

    Sbanken

  • RevolutionRace

    RevolutionRace

  • BTI

    BTI

  • Nordic Trustee

    Nordic Trustee

  • Carneo Asset Managers

    Carneo Asset Managers

  • Realia Group

    Realia Group

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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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Companies

  • Aalborg Industries
    Industrial
    Denmark

    Aalborg Industries

    Acquisition date 2005

    Exit date 2011

  • Aco Hud
    Healthcare
    Sweden

    Aco Hud

    Acquisition date 2003

    Exit date 2004

  • AGR Petroleum Services
    Energy
    Norway

    AGR Petroleum Services

    Acquisition date 2004

    Exit date 2014

  • Åkers Group
    Supplier to the steel industry
    Sweden

    Åkers Group

    Acquisition date 2008

    Exit date 2015

  • Apotek Hjärtat
    Pharmacy operations
    Sweden

    Apotek Hjärtat

    Acquisition date 2010

    Exit date 2015

  • Byggmax
    DIY retailing
    Sweden

    Byggmax

    Acquisition date 2006

    Exit date 2014

  • Curato
    Medical Imaging/Healthcare
    Norway

    Curato

    Acquisition date 2013

    Exit date 2016

  • Dustin
    Online IT product reseller
    Sweden

    Dustin

    Acquisition date 2006

    Exit date 2016

  • Dynapac
    Industrial
    Germany

    Dynapac

    Acquisition date 2004

    Exit date 2007

  • Eltek Group
    Energy systems
    Norway

    Eltek Group

    Acquisition date 2010

    Exit date 2015

  • Euro Cater
    Food Service
    Denmark

    Euro Cater

    Acquisition date 2006

    Exit date 2013

  • Ewos
    Fish feed
    Norway

    Ewos

    Acquisition date 2013

    Exit date 2015

  • Ferrosan
    Healthcare
    Denmark

    Ferrosan

    Acquisition date 2005

    Exit date 2011

  • Ferrosan Medical Devices
    MedTech
    Denmark

    Ferrosan Medical Devices

    Acquisition date 2011

    Exit date 2016

  • Helly Hansen
    Apparel
    Norway

    Helly Hansen

    Acquisition date 2006

    Exit date 2015

  • Lindorff Group
    Debt collection
    Norway

    Lindorff Group

    Acquisition date 2003

    Exit date 2015

  • Max Matthiessen
    Financial services
    Sweden

    Max Matthiessen

    Acquisition date 2009

    Exit date 2014

  • Meyn
    Industrial Food processing equipment
    Holland

    Meyn

    Acquisition date 2005

    Exit date 2012

  • Nimbus Boats
    Industrial
    Sweden

    Nimbus Boats

    Acquisition date 2006

    Exit date 2012

  • Norsk Gjenvinning
    Services
    Norway

    Norsk Gjenvinning

    Acquisition date March 2011

  • OW Bunker
    Marine fuel
    Denmark

    OW Bunker

    Acquisition date 2007

    Exit date 2014

  • Palodex
    Dental-imaging equipment
    Finland

    Palodex

    Acquisition date 2005

    Exit date 2009

  • PIAB
    Vacuum technology
    Sweden

    PIAB

    Acquisition date 2006

    Exit date 2015

  • Relacom
    Telecom services
    Sweden

    Relacom

    Acquisition date 2005

    Exit date 2011

  • Sonion
    Hearing aid components and solutions
    Denmark

    Sonion

    Acquisition date 2009

    Exit date 2014

  • SPT Group
    Energy Oil Service Software
    Norway

    SPT Group

    Acquisition date 2006

    Exit date 2012

  • Vatus
    Medical Supplies
    Sweden

    Vatus

    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
  • Alidah Dahl Rebronja Reception
  • Andreas Hall Director
  • Andreas Källström Säfweräng Partner
  • Anita Sundby Executive Assistant
  • Anna Brusch Reception
  • Annette Delberger Executive Assistant
  • Axel Ahlström Associate
  • Bengt Maunsbach Partner
  • Benjamin Eisert Associate
  • Birgitta Rudbo Accounting
  • Camilla Vachet Associate
  • Catarina Ekeståhl Executive Assistant
  • 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
  • Elisabeth Aanderud-Larsen Executive Assistant
  • Eva Hallin Office Manager
  • Giovanna Maag Partner
  • Gustav Axelson Associate
  • Hans Ragnesjö CFO
  • Harald Mix Partner
  • Hege Wold Executive Assistant
  • 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
  • Johanna Söderlund Reception
  • Jonas Aspelin Ramm Associate
  • 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
  • Lars Fromm Head of Financing
  • Linda Nyberg Executive Assistant
  • Linda Sturesson Business Controller
  • Linnea Lindgren Receptionist
  • Maria Tallaksen Partner
  • Matilda Elfving Hauan Associate
  • Matilda Sundell Reception
  • Mattias Holmström Director
  • Nanna Salomon Office Manager
  • Niko Mokkila Director
  • 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
  • Peter Bason Director
  • Petter Samlin Director
  • Pia Irell Portfolio Development Director
  • Pontus Mattson Legal Counsel
  • Rebecca Öhrstedt Reception
  • Sandra Gomejzon Accounting
  • Sanna Gladéus Reception
  • Sara Murad Legal Assistant
  • Søren Johansen Partner
  • Stefan Linder Partner
  • Stian Tuv Senior Associate
  • 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

Interns

  • Adam Orre Intern
  • Carl Lomsdalen Intern
  • Carl Martin Rynning-Tønnesen Intern
  • Erhan Kayhan Intern
  • Frederik Knudsen Intern
  • Gustav Johansson Intern
  • Jawad Shafique Intern
  • Julia Lundholm Intern
  • Mateo Steinbach-Kuenkler Intern
  • Max Stenholm Intern
  • Nicolai Bonne-Kristiansen Intern
  • Rickard Johansson 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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Office
Email
Assistant
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Contact

Stockholm

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

Oslo

Altor Equity Partners AS
Tjuvholmen Allé 19
N-0252 Oslo
Norway
Tel. +47 2212 8383
Fax +47 2212 8384
info@altor.com

Copenhagen

Altor Equity Partners A/S
Rosenborggade 15, II
1130 Copenhagen K
Denmark
Tel. +45 3336 7300
info@altor.com

Helsinki

Altor Equity Partners OY
Pohjoisesplanadi 25 B
00100 Helsinki
Finland
Tel. +358 9 6829 470
Fax +358 9 6829 4750
info@altor.com

St. Helier

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

Zurich

Altor Equity Partners AG
Bellevueplatz 5
CH-8001 Zurich
Switzerland
Tel. +46 8 678 9100
info@altor.com

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Altor completes successful fundraising for Fund V

Posted

Altor has closed its fifth fund, Altor Fund V. The Fund held a single closing at its hard cap of EUR 2.5 billion after a brief fundraising period, where the Fund was substantially oversubscribed. Altor will continue investing in and developing mid‐market companies in the Nordic region but will also focus on opportunities in the German speaking‐region (DACH). The fund is domiciled in Stockholm, Sweden.

93% of the capital has been committed by existing investors, with only a select group of new investors being invited. The investor base consists mainly of university endowments from the US, charitable foundations, insurance companies and pension funds. Nordic and DACH investors represent 32% of total commitments, with remaining capital being committed by investors mainly from the US, elsewhere in Europe and Middle East.

Altor’s previous funds have generated strong total returns since inception in 2003, with overall gross IRR of 26%. Realized total returns have generated a gross IRR of 35% and a money multiple of 3.7x. Altor has consistently been ranked among the leading Private Equity firms globally based on long-term performance. Altor retains its longstanding ambition to create value and generate superior returns by building world‐class companies.

As with prior funds, the new fund will have a 15-year investment term. Investments will generally be made in private companies with revenues typically in the range of EUR 50 to 500 million. More than 50% of investments have been made in partnerships with founders or corporates. The new fund has, as with its predecessors, a flexible investment mandate, which allows for minority investments in publicly traded companies and distressed debt.

“The past year has been an exciting year for Altor, with several exciting new investments (including FH Gruppen, LRF Konsult, O’Learys, Trioplast, Gnist and KonfiDents), the recent partial realization of Orchid as well as our expansion into DACH through our new Zürich‐office” commented Harald Mix, Partner at Altor. “We have during the period also promoted three new partners and also made a number of senior and junior hires to deepen and strengthen the Altor team.”

Altor Fund V is managed by Altor Fund Manager – an authorized manager under the Alternative Investment Funds Act, regulated by the Swedish Financial Supervisory Authority.

“Demand for Altor Fund V has been extremely strong, with many existing investors increasing the size of their investment as well as significant interest from new investors,” said Laurence Zage, a Managing Director at Monument Group, the private fund placement agent supporting Altor in the fundraising process. “This is testament not only to Altor’s track record of value creation and ability to generate superior returns, but also their trustworthiness and transparency. We are proud to have assisted Altor with each of their previous fundraises in a relationship that dates back more than 15 years.”

For more information:
Harald Mix, Partner Altor: tel +46 8 678 91 00
Tor Krusell, Head of Communications Altor: tel. +46 70 543 8747

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 roughly 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 Byggmax, Carnegie Investment Bank, Dustin, Helly Hansen, Lindorff and SATS ELIXIA. For more information visit 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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