We are dedicated to building better businesses

Our portfolio

EnerSys to acquire NorthStar from Altor
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

  • 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
  • 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
  • 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
  • Peter Bason Director
  • Petter Samlin Partner
  • Pontus Mattsson Legal Counsel
  • 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
  • August Abelvik-Engmark Intern
  • Frederik Knudsen Intern
  • Jawad Shafique Intern
  • Julia Lundholm 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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EnerSys to acquire NorthStar from Altor


EnerSys (NYSE: ENS), the global leader in stored energy solutions for industrial applications, has entered into an agreement to acquire N Holding AB, the parent company of NorthStar, from Altor Fund II. Headquartered in Stockholm with production in Springfield, Missouri, NorthStar designs, manufactures and distributes industrial premium batteries for the Telecom and Transportation segments.

“In line with our previously disclosed strategy to increase sales of premium products we are pleased to announce the acquisition of NorthStar, which will enable EnerSys to dramatically accelerate our production capacity expansion for TPPL batteries” said David M. Shaffer, President and Chief Executive Officer of EnerSys.

NorthStar was founded in 2000 and was acquired by Altor in 2007, as the “industrial start-up” at that time wanted a partner to expand its offering, client base and target markets to grow and move away from dependencies. Transformations like that takes time and much has been accomplished today. It is another testament to the ownership philosophy of Altor – to partner with great entrepreneurs and to take the next step of the journey in every aspect.

“NorthStar is another fine example of our longer ownership horizon. Starting twelve years ago when NorthStar had one product, one major customer and one production plant. Today, NorthStar is transformed with a broadened product offering, launched the industry’s first IoT connected battery, expanded telecom client base and expanded into the transportation vertical, with a strong blue-chip customer base” Claes Ekström at Altor comments. “We believe EnerSys is an excellent new owner for this great company”.

Altor was advised by DC Advisory (M&A) and Wigge & Partners (Legal).

For more information, please contact:
Tor Krusell, Head of Communications Altor, +46705438747

About Altor
Since inception, the family of Altor funds has raised some EUR 8.3 billion in total commitments. The funds have invested 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 Dustin, Byggmax, Navico, Infotheek, Orchid, Wrist Ship Supply, Sbanken, Rossignol, Helly Hansen, SATS and Carnegie Investment Bank. For more information visit www.altor.com.

About EnerSys®
EnerSys, the global leader in stored energy solutions for industrial applications, manufactures and distributes reserve power and motive power batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosure solutions to customers worldwide. Motive power batteries and chargers are utilized in electric forklift trucks and other commercial electric powered vehicles. Reserve power batteries are used in the telecommunication and utility industries, uninterruptible power supplies, and numerous applications requiring stored energy solutions including medical, aerospace and defense systems. With the recent Alpha acquisition, EnerSys provides highly integrated power solutions and services to broadband, telecom, renewable and industrial customers. Outdoor equipment enclosure products are utilized in the telecommunication, cable, utility and transportation industries, and by government and defense customers. The company also provides aftermarket and customer support services to its customers in over 100 countries through its sales and manufacturing locations around the world. More information regarding EnerSys can be found at www.enersys.com.

Press enquiries

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

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