What Impilo does

Impilo is a Nordic healthcare-focused private equity firm founded in 2016 in Stockholm, Sweden, by former Altor executives Fredrik Strömholm and Jesper Eliasson. The firm invests in pharmaceutical, medical technology, healthcare services, and adjacent health-related companies, primarily in the Nordic region but with growing European and global exposure through its portfolio. Impilo manages approximately EUR 1 billion in capital from leading Nordic and international investors, including pension funds, sovereign wealth funds, insurance companies, family offices, and development finance institutions. The firm operates offices in Stockholm and Copenhagen and maintains a team of 30+ investment professionals spanning Partners, Investment Directors, Investment Managers, CFO, COO, CHRO, and support functions.

The firm's portfolio comprises 20+ healthcare companies spanning specialty pharma (Immedica, Avia Pharma), medical technology (Qufora, Oticon Medical, Stille, Decon, Lowenco), healthcare services (Humana, VaccinDirekt, tandlægen.dk), contract research (Scantox, Pelago Bioscience), health-related insurance (Euro Accident), and adjacent segments. Documented portfolio outcomes include Immedica scaling to EUR 100 million in revenue with 50%+ annual growth under Impilo ownership (since entry May 2018) and Humana reaching 11,300 employees as the market leader in Swedish individual and family care services. Impilo's investment model combines majority or controlling equity stakes with active ownership, board representation, and operational support through full investment cycles from entry to exit.

Impilo closed its first Euro-denominated closed-end fund (Fund II) at the EUR 700 million hard cap in 2025, raising the full amount in just seven months. Fund II's first deployment was the acquisition of Oticon Medical from Demant A/S in a carve-out transaction valued at up to DKK 600 million. In 2024, Impilo formed a strategic partnership with KKR in Immedica Pharma, with KKR acquiring the company and Impilo reinvesting to become equal co-owner alongside KKR's $4.0 billion Health Care Strategic Growth Fund II. Revenue derives from traditional private equity economics — management fees on committed and invested capital plus carried interest from portfolio exits and value creation.

Name

Impilo

Legal name

Impilo AB

Website

https://impilo.se

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

Impilo is a Nordic healthcare-focused private equity firm founded in 2016, managing approximately EUR 1 billion across a diversified portfolio of 20+ pharma, medtech, healthcare services, and CRO companies across the Nordics and Europe.

Ownership category

akta.pro rank

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Investment Management: Impilo generates returns through management of healthcare-focused private equity funds, including management fees and carried interest from portfolio company exits and value creation.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Impilo is a Nordic healthcare-focused private equity investment firm that acquires controlling or significant stakes in healthcare companies across pharmaceuticals, medical technology, healthcare services, and related sectors. The firm manages approximately EUR 1 billion in capital from Nordic and international institutional investors and provides active ownership through strategic guidance, operational expertise, and capital support to drive growth and value creation in its portfolio of 20+ healthcare companies.

Product overview

Impilo is a Nordic healthcare-focused private investment company that does not offer a unified product platform. Instead, it operates as an investment firm managing a diversified portfolio of healthcare companies across multiple sectors including pharmaceuticals (Immedica), healthcare services (Humana), insurance (Euro Accident), medical technology (Qufora, Oticon Medical, Decon), dental care (tandlægen.dk), clinical research services (Scantox, Pelago Bioscience), vaccination services (VaccinDirekt), and surgical instruments (Stille, Avia Pharma). The portfolio companies operate as independent entities with their own products, services, and technological offerings. Each portfolio company represents a distinct brand and product line within the healthcare ecosystem.

Differentiator

Problem solved

Functional benefit

Products and services

• Impilo Fund II Impilo's first Euro-denominated closed-end private equity fund focused on healthcare investments in the Nordic region. The fund is raised from Nordic and international institutional investors and invests in healthcare companies across pharmaceuticals, medical technology, healthcare services, and related sectors.
• Immedica A leading European specialty pharma commercialisation and distribution platform focused on orphan and highly niched indications with high unmet medical needs. Serves patients in more than 50 countries with capabilities in marketing, sales, compliance, pharmacovigilance, quality assurance, regulatory affairs, and medical affairs.
• Humana A leading Nordic care group offering individual and family care services, personal assistance, and elderly care. Market leader in Sweden for individual and family care and personal assistance, second largest in Norway and Finland. Listed on Nasdaq Stockholm with 11,300 employees.
• Euro Accident The leading Scandinavian specialist in health-related insurance, active within long-term disability, private health, and group insurance with presence in Denmark and Norway. Employs 534 FTEs.
• Scantox A leading European GLP-accredited contract research organisation (CRO) specialising in preclinical services that supports global pharmaceutical and biotech companies in their drug development process. Employs 379 FTEs.
• tandlægen.dk The leading Danish dental care chain comprising 43 clinics across all regions in Denmark, employing over 800 professionals and serving more than 200,000 patients per year. 671 employees.
• Lowenco Develops, manufactures, markets, and installs large-scale modular ultra-low temperature (ULT) storage solutions for commercial biopharma, primarily targeting the drug substance market.
• Pelago Bioscience A drug discovery focused CRO with service offering centred around its patented Cellular Thermal Shift Assay (CETSA) technology for target engagement assessment in whole-cell physiological conditions.
• VaccinDirekt The largest Nordic retail vaccination provider with network of 46 walk-in clinics and mobile clinics in Sweden, plus operations in Finland. Serves over 1.4 million customers.
• Decon A European developer and manufacturer of high-quality electrical power add-on solutions for manual wheelchairs, with direct sales in five European countries and distributor network across more than 25 countries.
• Avia Pharma A leading Sweden-based OTC and Rx pharmaceutical company with presence in the Nordics and Germany, distributing medically positioned products within dermatology, allergy, women's health, urology and everyday health.
• Stille A well-established pioneer in the development and manufacturing of premium surgical instruments and advanced surgical tables, with activities in 70+ markets through a broad network of distributors.
• Qufora A Danish medical technology product company and innovative market leader within transanal irrigation (TAI) products for patients suffering from bowel dysfunction. Also offers collecting devices. 107 FTEs.
• Oticon Medical A global hearing healthcare company specialising in bone-anchored hearing solutions (BAHS), addressing conductive hearing loss. Known for its newly launched Sentio, the smallest and most versatile transcutaneous implant. Operates in more than 25 countries with approximately 30% global market share. 280 employees.

Quantifiable outcome

• Fund II raised to EUR 700 million hard cap in 7 months
• +1 more outcomes

Named customers7 records

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators5 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Verdane: Nordic specialist private equity/growth firm with strong healthcare and technology-enabled care exposure. Overlaps with Impilo on Nordic mid-market healthcare, particularly growth-stage and tech-enabled services.
• Summa Equity: Nordic private equity firm with a thematic focus including healthcare, directly comparable to Impilo in geography, fund size, and pure-play sector mandate. Competes for the same Nordic healthcare assets and LPs.
• Altor Equity Partners: Nordic private equity firm co-founded by Impilo's founders (Strömholm, Eliasson) before they started Impilo. Comparable in geography, fund size, and multi-sector healthcare/services exposure; competes for talent and deals in the Nordics.

Regional players

• Norvestor: Nordic private equity firm focused on mid-market healthcare, consumer, and services. Comparable in size and geographic focus, and competes for Nordic healthcare buyouts.
• Litorina: Swedish mid-market private equity firm with healthcare and business services exposure. Smaller than Impilo but competes for similar Nordic mid-market healthcare opportunities, particularly in Sweden.

Broad incumbents

• EQT: Swedish-headquartered global private equity firm with a dedicated healthcare team. Competes for Nordic healthcare assets and large LPs, but at materially larger fund size and broader geographic mandate.
• IK Partners: European private equity firm with deep Nordic roots (formerly IK Investment Partners). Competes for Nordic mid-market healthcare and services assets with similar fund-size profile to Impilo.
• Nordic Capital: Large Nordic private equity firm with a long-standing healthcare vertical. Overlaps with Impilo on healthcare buyouts in the Nordics but operates at significantly larger fund size and broader sub-sector mandate.
• BC Partners: European private equity firm with a healthcare team and Nordic exposure through portfolio companies. Competes for larger Nordic/European healthcare buyouts and serves similar institutional LPs.
• KKR (Health Care Strategic Growth): Global private equity firm with a dedicated healthcare growth strategy and co-owner of Impilo's Immedica. Competes for larger European healthcare platforms and serves as both a peer and capital partner.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/impilo

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries16 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A6 records

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Impilo