Axcel, a Nordic private equity firm focusing on mid-market companies, raised its fifth fund, at €617m.
Axcel V has received support from both existing investors and a diversified group of new investors from the Nordic countries, the rest of Europe and the US, as well as a large number of families, foundations and company owners.
The fund will pursue the same strategy as Axcel IV, investing in medium-sized companies with potential for development primarily in Denmark and Sweden, and with a mandate to invest in the other Nordic countries.
To date, Axcel V has made three investments in family-owned and growth-oriented companies, which means that more than 25 % of the fund has already been invested:
– Nissens, a global manufacturer and system provider of engine cooling and climate products to the global automotive aftermarket as well as cooling systems for industries within the renewable energy sector.
– Mountain Top, a provider of pick-up truck accessories for factory fitting at carmakers such as Ford, Nissan, Renault, VW, Mercedes-Benz and Toyota.
– Isadora, a producer of colour cosmetics in the categories of eyes, complexion, lips and nails for approx. 5,000 shops in 40 countries.
Founded in 1994 and led by Christian Frigast, Executive Chairman, and Christian Schmidt-Jacobsen, Managing Partner, Axcel focuses on investing in family-owned companies in need of implementing a new growth strategy, local companies that want to develop internationally, and companies that want to focus on and expand their core business.
Under this strategy, the firm has raised five funds with total committed capital of EUR 2.0 billion to date, has made 49 platform investments, close to 100 major add-on investments and 39 exits.