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Axcel

Medium
Not on record · Founded 1994 · Website
Mid-marketCommercial ExcellenceBuy & BuildDigitalisationSustainabilityTechnologyIndustrials & Business ServicesHealthcareConsumer
Last verified
11/4/2026

Firm Overview

40
Portfolio tracked
4
Sectors
0
Regions
11/4/2026
Last verified

Axcel is a mid-market private equity firm that invests in companies where it can apply a structured value creation framework. The firm focuses on driving growth and returns through a collaborative approach and industry experience.

Axcel is a firm focused on creating lasting transformations by delivering growth, returns, and positive change for society. The firm utilizes a structured approach to value creation, leveraging knowledge and expertise in areas such as Commercial Excellence, Buy and Build, Digitalisation, and Sustainability to accelerate the growth of its investments.

With over 25 years of industry experience, the firm emphasizes a collaborative mindset and a scalable structure for value creation. Axcel recently closed its eighth mid-market fund at EUR 2.1 billion, continuing its track record of transaction activity and progress on sustainability.

The firm targets investments where it can make a significant difference, primarily focusing on mid-market companies. Its strength is built upon a team with the skills and experience necessary to implement a solid value creation framework that lasts beyond the eventual exit.

Founded1994
StrategiesMid-market, Commercial Excellence, Buy & Build, Digitalisation, Sustainability
Sector focusTechnology, Industrials & Business Services, Healthcare, Consumer

Leadership

Christian Frigast
Managing Partner
Christian is the Managing Partner at Axcel and is also a member of Axcel's Investment Committee.
Asger Olsen
Partner
Asger joined Axcel in 2011 and is a Partner in the Copenhagen office and a member of the Investment Committee.
Björn Larsson
Partner
Björn joined Axcel in 2017 as a Partner in the Stockholm office and is a member of the Investment Committee.
Casper Lykke-Hansen
Partner
Casper joined Axcel in 2006 and is a Partner in the Copenhagen office and a member of the Investment Committee.
Christoffer Müller
Partner
Christoffer joined Axcel in 2016 and is a Partner in the Stockholm office and a member of the Investment Committee.
Lars Cordt
Partner
Lars joined Axcel in 2014 and is a Partner in the Copenhagen office and a member of the Investment Committee.
Peter Nyegaard
Partner & CFO
Peter joined Axcel in 2005 and is a Partner in the Copenhagen office and a member of the Investment Committee.
Thomas Sigsgaard
Partner
Thomas joined Axcel in 2003 and is a Partner in the Copenhagen office and a member of the Investment Committee.
Vilhelm Sundström
Partner
Vilhelm joined Axcel in 2004 and is a Partner in the Stockholm office and a member of the Investment Committee.
Christian Jølck
Director
Christian joined Axcel in 2016 and is a Director in the Copenhagen office.
Mads Dehlsen Winther
Director
Mads joined Axcel in 2015 and is a Director in the Copenhagen office.
Tobias Jönsson
Director
Tobias joined Axcel in 2014 and is a Director in the Stockholm office.

Deals on record

5 on record in the index
Platform investment

Axcel acquired Norwegian Geomatikk Group

Date not stated
Source: axcel.com
Platform investment

Axcel acquired Norwegian Geomatikk

Date not stated
Source: axcel.com

Deals are listed only where a public source names both sides. Submit a correction.

Portfolio on record

Portfolio by sector
  • B2B Software16 of 40
  • Industrials13 of 40
  • Healthcare6 of 40
  • Consumer3 of 40
  • Financial Services1 of 40
  • Media1 of 40

40 portfolio companies on record in the index, grouped by sector hub.

Current and exited
Current: 28 of 40Exited: 12 of 40
Portfolio size among all firms

40 companies on record, more than 57% of the 405 firms in the index.

0885 companies (log scale)

Portfolio Companies

CompanySectorStatusWebsite
AAccru PartnersBusiness Services & IndustrialsCurrentNot on record
AAcurum GroupBusiness Services & IndustrialsCurrentNot on record
AAGRD PartnersBusiness Services & IndustrialsCurrentNot on record
AAidianHealthcareExitedNot on record
BBekkTechnologyCurrentNot on record
BBullWallTechnologyCurrentNot on record
COCapture OneTechnologyCurrentNot on record
CConsciaTechnologyExitedNot on record
CCurrentumBusiness Services & IndustrialsCurrentNot on record
DCDANX Carousel GroupBusiness Services & IndustrialsCurrentNot on record
EEdda GroupBusiness Services & IndustrialsCurrentNot on record
EEGTechnologyExitedNot on record
EElcorBusiness Services & IndustrialsCurrentNot on record
EemagineTechnologyCurrentNot on record
ESEuropean Sperm BankHealthcareExitedNot on record
FFrontmatecBusiness Services & IndustrialsExitedNot on record
GGeomatikk GroupTechnologyCurrentNot on record
GGUBIConsumerCurrentNot on record
IInitTechnologyCurrentNot on record
Iitm8TechnologyCurrentNot on record
KKapitalKontrollTechnologyCurrentNot on record
LLESSOR GroupTechnologyExitedNot on record
LLoopiaTechnologyExitedNot on record
LRLS RetailTechnologyCurrentNot on record
MTMountain TopBusiness Services & IndustrialsExitedNot on record
MSMovement SoftwareTechnologyCurrentNot on record
NNetelBusiness Services & IndustrialsExitedNot on record
NNissensBusiness Services & IndustrialsExitedNot on record
NTNordic Tyre GroupBusiness Services & IndustrialsCurrentNot on record
NNTI GroupTechnologyCurrentNot on record
OCOral CareHealthcareCurrentNot on record
PPANDORAConsumerExitedNot on record
POPhase OneTechnologyCurrentNot on record
SSangroHealthcareCurrentNot on record
SSanvivaHealthcareCurrentNot on record
SSteelSeriesConsumerExitedNot on record
SSuperOfficeTechnologyCurrentNot on record
NCThe Nutriment CompanyConsumerCurrentNot on record
VVetopiaHealthcareCurrentNot on record
XXPartnersBusiness Services & IndustrialsCurrentNot on record

Source: https://axcel.com/companies/

Firms that also back Axcel's companies

Co-investor web
AxcelAltamont Capital PartnersAltamont Capital Partners: 1 shared companies on recordAltor Equity PartnersAltor Equity Partners: 1 shared companies on recordElevation PartnersElevation Partners: 1 shared companies on recordFrancisco PartnersFrancisco Partners: 1 shared companies on recordNordic CapitalNordic Capital: 1 shared companies on recordProcuritasProcuritas: 1 shared companies on record

Line width shows shared portfolio companies on record in the index. Top 6 co-investors shown.

Questions about Axcel

What deals has Axcel done recently?
The most recent deal on record here is: Axcel acquired Norwegian Geomatikk Group. This page lists 5 deals, each with its public source.
Sources for this profile, updated 2026-11-02
This profile is based on publicly available information and may be incomplete or outdated. PE Firm Index is not affiliated with Axcel and does not provide investment advice.

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