Axcel is a Nordic private equity firm with offices in Stockholm and Copenhagen. Since its foundation in 1994, Axcel has made 68 platform investments. The firm currently owns 20 companies across all four Nordic countries.
Company History
Axel targets four industry verticals: business services, healthcare, IT & technology and consumer goods.
Since its inception, Axcel has raised seven funds with total committed capital of over EUR 3.9bn. In August 2021, Axcel closed its sixth fund (Axcel VI) at EUR 807m.[1] In March 2024, Axcel VII raised EUR 1.3bn, exceeding its target of EUR 1bn.[2]
Founder Christian Frigast stepped down from the company in December 2021.[3]
Portfolio
Business Servics & Industrials
- Currentum - 2020 (Axcel VI) - Technical installation of building services
- Edda Group - 2021 (Axcel VI) - Staffing & Recruitment
- DANX Carousel Group - 2022 (Axcel VI) - In-night logistics[4]
- XPartners - 2023 (Axcel VII) - Engineering consultancy
- Elcor - 2023 (Axcel VII) - Design & installation of electrical control panels
- Accru Partners - 2024 (Axcel VII) - Alliance of firms in accounting, tax, audit & advisory
- Nordic Tyre Group - 2025 (Axcel VII) - Tyre wholesaler in Nordic and Baltics
- Bekk Consulting[5] - 2025 - Consultancy
Technology
- Phase One - 2019 (Axcel V) - High-end digital photography equipment
- Capture One - 2019 (Axcel V) - Photo editing software developed by Phase One, spun into separate company following Axcel acquisition
- SuperOffice - 2020 (Axcel VI) - Customer Relationship Management (CRM) software[6]
- emagine - 2021 (Axcel VI) - pan-European business & IT consultancy
- Init - 2022 (Axcel VI) - Industrial IT & automation
- BullWall - 2022 (Axcel VI) - Cybersecurity, Ransomware containment
- itm8 - 2022 (Axcel VI) - IT Services
- NTI Group - 2022 (Axcel VI) - Digital services supplier
- Progrits - 2022 (Axcel VII) - Information services & logistics software
Healthcare
- Vetopia - 2021 (Axcel VI) - Veterinary clinic chain
- Oral Care - 2022 (Axcel VI) - Dental clinic chain[7]
Consumer
- GUBI - 2018 (Axcel V) - Interior design house
- The Nutriment Company - 2022 (Axcel VI) - Pet food[8]
External links
References
- Axcel closes fund at record EUR 800m AM Watch, JP/Politiken Media Group, 25 August 2021, retrieved 9 May 2025^
- Denmark's largest PE firm exceeds expectations for Nordic-focused fund AMWatch, JP/Politiken Media Group, 6 March 2024, retrieved 9 May 2025^
- Founder of Denmark's largest private equity company steps down from partner role AMWatch, JP/Politiken Media Group, 16 December 2021, retrieved 9 May 2025^
- Carousel and DANX create a pan-European critical service logistics network in partnership with Axcel parcel and postal technology international, UKi Media & Events, 12 January 2022, retrieved 9 May 2025^
- Tieto sells Bekk Consulting to Axcel Fintech Global^
- Axcel acquires majority stake in SuperOffice Private Equity Wire, 15 April 2020, retrieved 9 May 2025^
- Nick Herbert. The Netherlands: Oral Care partners with De Tandartsengroep to create Northern European dental group investors in healthcare, Curis Intelligence, 19 February 2025, retrieved 9 May 2025^
- Sweden's Voff Premium Pet Food sells majority interest to PE firm Axcel JustFood, Verdict Media, 19 July 2022, retrieved 9 May 2025^