Axcel

Axcel

Company type	Private Ownership
Industry	Private Equity
Founded	1994
Headquarters	Copenhagen, Denmark
Products	Private equity funds, Leveraged buyouts
Website	axcel.dk

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. ^[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

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 ^[5]
• 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 ^[6]

Consumer

• GUBI - 2018 (Axcel V) - Interior design house
• The Nutriment Company - 2022 (Axcel VI) - Pet food ^[7]

References

1. Ole Andersen; Catherine Brett (25 August 2021). "Axcel closes fund at record EUR 800m". AM Watch. JP/Politiken Media Group. Retrieved 9 May 2025.
2. Ole Andersen (6 March 2024). "Denmark's largest PE firm exceeds expectations for Nordic-focused fund". AMWatch. JP/Politiken Media Group. Retrieved 9 May 2025.
3. Mick Kristensen; Catherine Bett (16 December 2021). "Founder of Denmark's largest private equity company steps down from partner role". AMWatch. JP/Politiken Media Group. Retrieved 9 May 2025.
4. Hazel King (12 January 2022). "Carousel and DANX create a pan-European critical service logistics network in partnership with Axcel". parcel and postal technology international. UKi Media & Events. Retrieved 9 May 2025.
5. "Axcel acquires majority stake in SuperOffice". Private Equity Wire. 15 April 2020. Retrieved 9 May 2025.
6. Nick Herbert (19 February 2025). "The Netherlands: Oral Care partners with De Tandartsengroep to create Northern European dental group". investors in healthcare. Curis Intelligence. Retrieved 9 May 2025.
7. Simon Harvey (19 July 2022). "Sweden's Voff Premium Pet Food sells majority interest to PE firm Axcel". JustFood. Verdict Media. Retrieved 9 May 2025.

External links

• Official website