Axcel
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.
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 at EUR 807m. In March 2024, Axcel VII raised EUR 1.3bn, exceeding its target of EUR 1bn.
Founder Christian Frigast stepped down from the company in December 2021.
Portfolio
Business Servics & Industrials
- Currentum - 2020 - Technical installation of building services
- Edda Group - 2021 - Staffing & Recruitment
- DANX Carousel Group - 2022 - In-night logistics
- XPartners - 2023 - Engineering consultancy
- Elcor - 2023 - Design & installation of electrical control panels
- Accru Partners - 2024 - Alliance of firms in accounting, tax, audit & advisory
- Nordic Tyre Group - 2025 - Tyre wholesaler in Nordic and Baltics
Technology
- Phase One - 2019 - High-end digital photography equipment
- Capture One - 2019 - Photo editing software developed by Phase One, spun into separate company following Axcel acquisition
- SuperOffice - 2020 - Customer Relationship Management software
- emagine - 2021 - pan-European business & IT consultancy
- Init - 2022 - Industrial IT & automation
- BullWall - 2022 - Cybersecurity, Ransomware containment
- itm8 - 2022 - IT Services
- NTI Group - 2022 - Digital services supplier
- Progrits - 2022 - Information services & logistics software
Healthcare
- Vetopia - 2021 - Veterinary clinic chain
- Oral Care - 2022 - Dental clinic chain
Consumer
- GUBI - 2018 - Interior design house
- The Nutriment Company - 2022 - Pet food