APRIL 16 2025
For Nordic Capital, 2024 marked a year of significant achievements and landmark transactions, with ten platform acquisitions and four exits announced. The portfolio experienced robust performance as Nordic Capital drove transformative change at all levels. Achieving this amid global uncertainty and geopolitical turmoil serves as a testament to its innovative approach and deep sub-sector expertise, as well as to the support it gives its companies in navigating uncertainty and in becoming more resilient.
These accomplishments were accompanied by the closing of Nordic Capital’s second mid-market fund, Evolution II, in December 2024, at the hard cap of EUR 2 billion. The swift closing of Evolution II, achieved in just four months, once again showed the strong confidence investors have in Nordic Capital’s future direction and its expertise in nurturing and creating value for thriving, sustainable businesses with the potential to become market leaders.
Selective subsector investment approach
With its strategic focus on sub-sectors within Healthcare, Technology & Payments, Financial Services, and Services & Industrial Tech in stable and attractive regions, Nordic Capital has invested EUR 26 bn in close to 150 transactions since 1989. By adhering to thematic priorities across subsectors, Nordic Capital continues to cultivate a robust pipeline of investment opportunities and seeks to add genuine operational value to the companies it backs. This approach has proven successful in navigating the volatile market conditions of recent years, avoiding macro-cyclicality and building industry leadership.
By being selective and genuinely understanding structural trends within its core sectors, Nordic Capital seeks to avoid reliance on external factors or the wider economy. It invests in companies with potential for growth acceleration, structural transformation, operational improvement, buy & build and strategic repositioning.
Partnerships and expertise driving sustainable growth
In 2024, Nordic Capital continued to strengthen its position as an expert in its field. Nordic Capital has also remained dedicated to supporting its companies throughout the ownership period by fostering close partnerships with founders, management teams and co-owners. When a company joins, it becomes part of a strong community. This support is made up of experienced professionals with deep sector expertise, an in-house operational team and a large network of industrial advisors and functional experts. In addition, the companies join a community consisting of companies with an ambition to grow and develop.
The 2024 divestments of Sunrise Medical and Unisport were illustrative of this approach to owning and selling well. After years of sustainable growth and investment in product offering and international expansion, both companies are now well positioned for the future.
Creating an organisation for future growth
Nordic Capital is fully committed to attracting and developing the very best investment and operational talent in the industry, combining a blend of investment-, sector- and function-focused experience to deliver high intensity, hands-on value creation and operational improvement to its portfolio companies. It is this diverse skill base that drives success and enables the development of companies that are operationally, competitively and financially stronger. Nordic Capital continued to strengthen its own talent base, reaching 245 employees across its fund and advisory teams at ten offices on three continents.
At the start of 2025, Nordic Capital made 36 promotions, including four new Partners, all of whom were drawn from the Operations Advisory and Specialist Functions Advisory teams.
Forging business resilience with responsible investment strategies
Nordic Capital’s sustainability strategy is two-fold: scale sustainable companies to have a larger impact or help companies to become more sustainable. With sustainability being an important and well-validated feature of Nordic Capital’s approach to value creation and the future-proofing of its portfolio companies, it was proud to see that 2024 was marked by continued strides to further embed such principles across the portfolio.
Examples include the investment in Sensio, a provider of smart monitoring technology for elderly care settings which has made significant progress in addressing societal challenges tied to an ageing population; and Leo Pharma which has taken further steps to advance its decarbonisation efforts with a net-zero target set for 2050. In 2024, Nordic Capital also had its emission reduction targets approved by the Science Based Targets Initiative (SBTi).
