We are dedicated to building better businesses

Our portfolio

Altor divests its shares in TGS-NOPEC Geophysical Company ASA
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

  • 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 August 2007

  • 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 December 2014

  • 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
  • Alidah Dahl Rebronja Project leader
  • 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
  • Birgitta Rudbo Accounting
  • Camilla Vachet Associate
  • Catarina Ekeståhl Investor Relations Coordinator
  • Claes Ekström Senior Advisor
  • Clara Been Reception
  • Clara Zverina Director
  • Daniel Reimann Director
  • Daniel Tufte-Kristensen Associate
  • David Hess Director
  • David Persson Senior Associate
  • Desirée Sjöblom Legal Secondee
  • Diana Kristensen Executive Assistant
  • Elisabeth Aanderud-Larsen Executive Assistant
  • Filip Lodding Legal Counsel
  • Gill Bernlo Executive Assistant
  • Giovanna Maag Partner
  • Gustav Axelson Senior Associate
  • Håkon Falck Nordskar Associate
  • Hans Ragnesjö CFO
  • Harald Mix Partner
  • Henrik Olav Klevar Associate
  • Henrik Rundqvist Purchasing Director
  • Herman Korsgaard Director
  • Hugo Maurstad Partner
  • Ida Knifh Head of Accounting
  • Jakob Hougaard Hentze Associate
  • Jens Browaldh Director
  • Johanna Söderlund Office Manager
  • 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 and Risk Manager AFM
  • Linnea Lindgren Reception
  • Louise Hahn Executive Assistant
  • Maria Tallaksen Partner
  • Mario Hagmann Associate
  • Matilda Elfving Hauan Associate
  • Mattias Holmström Director
  • 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
  • Søren Johansen Partner
  • Stefan Linder Partner
  • 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


  • Anton Eriksson Intern
  • Ellen Lybecker Intern
  • Frederik Knudsen Intern
  • Jawad Shafique Intern
  • Julia Lundholm Intern
  • Mads Dam Jespersen Intern
  • Mateo Steinbach-Kuenkler Intern
  • Nicklas Kövamees Intern
  • Nicolai Bonne-Kristiansen Intern
  • Sebastián Ernst Pérez Intern
  • Shuayb Ibrahim 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 and Curamando to build a digital transformation powerhouse with creative spearheads


STOCKHOLM – December 5, 2019 – Altor Fund V (Altor) has signed an agreement to partner with and invest in a newly formed digital transformation and creatives Group led by Curamando AB (Curamando). The Group will simultaneously be extended by the addition of Kurppa Hosk, Animal and Keybroker.

Curamando has from the start differentiated itself by focusing solely on helping companies transform their operations and grow revenues, in a new digital reality – from strategy to execution. With an organic annual growth rate exceeding 50% in the past three years, Curamando has not had the capacity to build up certain adjacent services requested by their clients. The strategy Curamando has chosen is to join forces with leading companies neighboring their offer to become a one-stop shop for its clients’ digital competitiveness. In 2017, Curamando acquired Conversionista, a leading expert in digital conversion, that since has doubled their revenue. Now, three companies within branding, creative and performance marketing will join the new Group; Kurppa Hosk, Animal and Keybroker. The aggregated revenue for the five companies is currently just south of 400 MSEK.

“We are enthusiastic about the partnership with Altor and I am equally excited to announce a dynamic trio of companies joining our family, making us able to offer the services our clients have requested for their digital growth agenda. The three companies will continue to operate freely and will not disappear, which many times has happened to agencies when they have been acquired by our global peers” says Mattias Olofsson, CEO and founder of Curamando.

“Currently, there is almost a limitless need to support companies in adapting to a new digital reality. At Altor we have seen how ‘digital first’ consultancies outgrow their incumbents by almost 5 times – in Curamando we believe we have found a “McKinsey” of digital growth,” says Stefan Linder, Partner at Altor.

“Next to Kurppa Hosk’s brand and design expertise, our clients will now benefit from a full set of services, including change management, communications and performance marketing. We are excited to have an even larger canvas on which to craft innovative brand experiences,” says Måns Jacobsson Hosk CEO and co-founder of Kurppa Hosk.

“Together we can offer our clients cutting edge services covering all aspects of the digital growth journey. I see an opportunity to offer services that will challenge the norms of our industry,” says Ida Hällkvist, CEO at Keybroker.

”With the complementary service offering, Animal can add a creative boost that will help our clients reach their full market potential. Equally important, with this new multi-faceted group of competences, our employees will have an ocean of career opportunities” says Henrik Palm Johansson, CEO and co-founder of Animal.

“Each of the companies in the Group has been a pioneer in their respective niche, supporting their customers adapting to a new and digital reality. They share a culture and mindset, something that is essential to make a group like this work well together. We really look forward to an amazing journey together with these great entrepreneurs,” says Mattias Holmström, Director at Altor.

All founders will continue working at their respective companies, except Keybroker’s co-founder Fredrik Holmén that will take on a a new role at Curamando with focus on strengthening and developing Curamando’s value offer within MarTech and data activation.

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 Meltwater, Rossignol, Helly Hansen, SATS and RevolutionRace. For more information visit www.altor.com and tech.altor.com/story/goingglobal/

About Curamando
Curamando is a marketing management consultancy, which supports companies’ online revenue growth by optimizing marketing and sales operations. Curamando was founded in 2012 with the insight that there was a shift underway in the marketing ecosystem, which placed high demands on companies’ ability to change fast. Curamando is built on the belief that management consultants and digital experts working together is what it takes to meet that shift and achieve growth, operational excellence and increased efficiency.

Curamando has 240 employees with offices in Stockholm, Gothenburg and Oslo. In 2017, the company acquired Conversionista, Europe’s leading experts in conversion rate optimisation. For more information visit www.curamando.com.

About Animal

Animal is a house of creativity who operate in and around product and communication. Founded in 2007, in the digital age, they build products together with the brands that are shaping the future. Inspired by big challenges, they offer full-service solutions fueled by creativity and collaboration. Animal has a team of 45 people covering business areas that range from design, digital, strategy and PR. Some of Animal’s work within Sweden, the Nordics, and Globally include Spotify, Volvo Cars, COOP, Hertz, HP and Carlsberg. www.animal.cc

About Kurppa Hosk
Kurppa Hosk is an internationally acclaimed design agency founded in 2009 and with offices in Stockholm and New York. They help world leading brands and organizations to define and design outstanding brand experiences through Business Artistry – the combination of strategic insights and creative magic. Today, Kurppa Hosk’s team is comprised of 45 talented individuals who work with companies across the globe. Clients include Tele2, Estee Lauder, HM, Nike, Pinterest, Sandvik, Scania and SEB. www.kurppahosk.com.

About Keybroker
Keybroker is a pioneer within digital marketing and was founded in 2006. Through automated processes and digital strategies, Keybroker optimizes and manages all digital marketing channels to drive customers’ growth. The company serves the Nordic market through a team of 24 employees from their office in Stockholm. Clients include Best Western, Obos, Lexington, Dahl and Kronans Apotek among others. For more information visit www.keybroker.se.

About Conversionista

Conversionista is run out of three offices in Sweden & Norway, creating the leading conversion team in the Nordics. By using scientific methods, they have increased the growth of their clients’ business. To date, they have run more than 600 conversion projects. For more information visit www.conversionista.se.

Press enquiries

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

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