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FSN Capital

Medium
Not on record · Founded 1999 · Website
Control investmentsGrowth-orientedValue creationSustainabilityAdd-onsBakeryInstallationsDigital
Last verified
11/2/2026

Firm Overview

60
Portfolio tracked
3
Sectors
0
Regions
11/2/2026
Last verified

FSN Capital Funds make control investments in growth-oriented Northern European companies. The firm focuses on building sustainable and resilient businesses for the benefit of investors and society.

FSN Capital Funds make control investments in growth-oriented Northern European companies, building sustainable and resilient businesses that can withstand the test of time. The firm states its purpose is to contribute to the welfare of everyday people.

The firm describes its approach as decent people making a decent return in a decent way. It manages approximately 4 billion euros in assets and operates with over 100 professionals across four offices.

FSN Capital has completed over 123 investments and more than 123 add-ons since its inception. The firm recently engaged in merging family-run traditional bakeries and has been involved in listings on Nasdaq Copenhagen.

Founded1999
StrategiesControl investments, Growth-oriented, Value creation, Sustainability, Add-ons
Sector focusBakery, Installations, Digital

Leadership

Frode Strand-Nielsen
Founder and Senior Advisor
Robin Mürer
Co-Managing Partner
Ulrik Smith
Co-Managing Partner
Morten Welo
Partner, COO and Head of IR
Erik Nelson
Partner
Eskil Koffeld
Partner
Jesper Isaksen
Partner & Head of Talent
Marcus Egelstig
Partner
Moritz Hafner
Partner
Niclas Thiel
Partner
Patrice Jabet
Partner
Knut Røsjorde
Operating Partner
Marie Øymyr Moe
CFO & Head of Operations
Hanne Iversen
General Counsel and Chairperson
Michael Gentili
Head of Capital Markets
Johanna Wackerbeck
Head of Strategy
Kim Krog
Head of Fund Operations
Awais Shafique
Senior Operating Director, Strategy & Operations
Johannes Brunner
Senior Operating Director, Finance & Operations
Pål Dale
Senior Operating Director, Strategy & Operations

Portfolio by sector

57 of 60 tracked portfolio companies of FSN Capital carry a sector label we can map; shares are of those 57. See the methodology.

Deals on record

3 on record in the index

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

Portfolio on record

Portfolio by sector
  • Industrials17 of 60
  • Business Services14 of 60
  • B2B Software13 of 60
  • Consumer9 of 60
  • Healthcare4 of 60
  • Unclassified3 of 60

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

Current and exited
Current: 28 of 60Exited: 32 of 60
Portfolio size among all firms

60 companies on record, more than 72% of the 405 firms in the index.

0885 companies (log scale)

Portfolio Companies

CompanySectorStatusWebsite
AActicConsumerExitedNot on record
ABActive BrandsConsumerCurrentNot on record
APAdragos PharmaServicesCurrentNot on record
AAgitoHealthcareExitedNot on record
ASAlignment SystemsIndustrialsExitedNot on record
ALAura LightIndustrialsExitedNot on record
BBHG GroupServicesExitedNot on record
BBoldRServicesCurrentNot on record
BPBrotWert Group (previously Bäcker Görtz)IndustrialsCurrentNot on record
CCTEKIndustrialsExitedNot on record
EEcoviumTechnologyCurrentNot on record
EEETServicesExitedNot on record
ELEpista Life ScienceTechnologyCurrentNot on record
FFellowmindTechnologyCurrentNot on record
FFiboIndustrialsExitedNot on record
FFiresafeServicesCurrentNot on record
FWFitness WorldConsumerExitedNot on record
GEGram EquipmentIndustrialsCurrentNot on record
GLGreen LandscapingServicesExitedNot on record
HHåndverksgruppenServicesCurrentNot on record
HSHolmbergs Safety SystemIndustrialsCurrentNot on record
HHusCompagnietIndustrialsExitedNot on record
IilionxTechnologyCurrentNot on record
IIMPREGIndustrialsCurrentNot on record
IInstalcoServicesExitedNot on record
IGInstallatør­GruppenServicesCurrentNot on record
IInveraTechnologyCurrentNot on record
JJamoConsumerExitedNot on record
KCKjell & CompanyConsumerExitedNot on record
KAKongsberg AutomotiveIndustrialsExitedNot on record
LLagkagehusetConsumerExitedNot on record
LLobsterTechnologyCurrentNot on record
MPMørenot (part of Hampiðjan Group)IndustrialsExitedNot on record
NNetcompanyTechnologyExitedNot on record
NNordloTechnologyCurrentNot on record
NCNorlandia CareHealthcareExitedNot on record
NNormanTechnologyExitedNot on record
OObtonGreen TransitionCurrentNot on record
OOmegapointTechnologyCurrentNot on record
OOptigroupServicesCurrentNot on record
PRPM RetailConsumerExitedNot on record
PPolytechGreen TransitionCurrentNot on record
RRoplanIndustrialsExitedNot on record
SSaferoadIndustrialsCurrentNot on record
SSerilineServicesCurrentNot on record
SSkamolIndustrialsExitedNot on record
SSneakersnstuffConsumerExitedNot on record
SMSOAL MarineIndustrialsCurrentNot on record
SSSolcelle­spesialistenGreen TransitionExitedNot on record
SSwash GroupServicesCurrentNot on record
TTactelTechnologyExitedNot on record
TTASKINGTechnologyCurrentNot on record
TMTeres Medical GroupHealthcareExitedNot on record
TTroaxIndustrialsExitedNot on record
UBUhl BauServicesCurrentNot on record
VTVIA Travel GroupServicesExitedNot on record
VViaConIndustrialsCurrentNot on record
VVindoraHealthcareExitedNot on record
VVITAConsumerExitedNot on record
VVizrtTechnologyExitedNot on record

Source: https://www.fsncapital.com/en/investments/investments-divestments/

Firms that also back FSN Capital's companies

Co-investor web
FSN CapitalAltor Equity PartnersAltor Equity Partners: 2 shared companies on recordVerdaneVerdane: 2 shared companies on recordEgeria GroupEgeria Group: 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 5 co-investors shown.

Questions about FSN Capital

When was FSN Capital founded?
Public sources give 1999 as the year FSN Capital was founded.
Which sectors does FSN Capital invest in?
FSN Capital lists Bakery, Installations and Digital among its focus areas. Of the 60 portfolio companies we can classify, the largest groups are Industrials (17), Business Services (14) and B2B Software (12).
How many portfolio companies does FSN Capital have?
PE Firm Index tracks 60 FSN Capital portfolio companies from the firm's public portfolio page, as of 2026-11-02. The firm's own count may differ, for example where exited companies are listed.
What deals has FSN Capital done recently?
The most recent deal on record here is: FSN Capital acquired Volue Infrastructure. This page lists 3 deals, each with its public source.
Who leads FSN Capital?
Public sources name Frode Strand-Nielsen (Founder and Senior Advisor), Robin Mürer (Co-Managing Partner) and Ulrik Smith (Co-Managing Partner) among FSN Capital's leadership.
Which firms are similar to FSN Capital?
By overlap in portfolio sectors in this index: Trivest Partners, H.I.G. Capital and Catacap.
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 FSN Capital and does not provide investment advice.

Firms similar to FSN Capital

Trivest Partners
Both hold Industrials and Business Services companies; 56 tracked portfolio companies.
H.I.G. Capital
Both hold Industrials and Business Services companies; 80 tracked portfolio companies.
Catacap
Both hold Industrials and Business Services companies; 19 tracked portfolio companies.
Platinum Equity
Both hold Industrials and Business Services companies; 21 tracked portfolio companies.

Chosen from this index by overlap in portfolio sectors, then by portfolio size. Not a ranking or a recommendation.