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 (Axcel VI) 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.

• 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
• 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

• 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
• 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

• Vetopia - 2021 (Axcel VI) - Veterinary clinic chain
• Oral Care - 2022 (Axcel VI) - Dental clinic chain

• GUBI - 2018 (Axcel V) - Interior design house
• The Nutriment Company - 2022 (Axcel VI) - Pet food

• Official website