Connecting Capital

What Connecting Capital does

Connecting Capital is a family-controlled, privately held Swedish investment holding company established in 2009, built on equity generated through the former ownership of ABA (Allm\u00e4nna Brandredskapsaff\u00e4ren), which was founded in 1896 by Edwin Bergstr\u00f6m. The company operates from its headquarters at Wallingatan 2 in Stockholm under the legal entity Connecting Capital Holding AB, with a lean internal team of approximately six investment professionals and a broader advisory and board network. Unlike time-constrained private equity funds, Connecting Capital is structured as a limited liability company with no fixed investment horizon, enabling genuinely long-term, active ownership of portfolio companies.

The firm's business model is organized through four subsidiaries: Connecting Capital Sweden (majority investments in mature Nordic industrial and trading companies, typically with annual sales between SEK 100 million and SEK 1 billion), Connecting Capital Fastigheter (commercial real estate), Connecting Capital Invest (asset management and financial placements), and Connecting Capital Ventures (minority and venture-stage investments). Revenue is generated indirectly through investment returns, dividends, and capital gains from portfolio company ownership rather than through disclosed management fees. Connecting Capital's active portfolio includes Fasadgruppen (Sweden's largest facade conglomerate, listed on Nasdaq Stockholm in December 2020 with a SEK 6.9 billion market capitalization), VA Nordic (a water and wastewater services platform formed in 2021), United Power (Northern Europe's largest temporary power, climate, and lighting solutions group formed in 2019 and encompassing El-Bj\u00f6rn, Satema, Vohek, \u00d8ksnes Teknikk, Eltavle Grenland, and Redmyle), and a minority stake in Exeger (a Stockholm-based clean-tech company developing third-generation photovoltaic solar cells). Prior exits include Persson Innovation (divested 2018 to Ceder Capital), G\u00f6tessons Industri (divested 2019 to Accent Equity), and Infrastructure Group Nordic (divested 2022 to Nordisk Bergteknik for SEK 178 million).

The company's go-to-market is relationship-driven rather than mass-marketed: deal sourcing depends on a curated network of board members, advisors (John Wattin, Ulf Hjalmarsson, Elin Solberg, Dick Orrland, Katarina Mark), and industry associations (SVCA, Stockholm Chamber of Commerce), with strong regional concentration in Stockholm, Sk\u00e5ne, Sm\u00e5land, and V\u00e4stra G\u00f6taland. Customer segments across the portfolio are predominantly business-to-business and business-to-government: property owners, construction companies, municipalities, infrastructure contractors, and — via Exeger — global consumer electronics manufacturers. The firm's strategic posture is patient-capital buy-and-build, with multiple bolt-on acquisitions executed annually across portfolio platforms in recent years.

Name

Connecting Capital

Legal name

Connecting Capital Holding AB

Website

https://connectingcapital.se

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

1–10 employees

Short description

Connecting Capital is a family-controlled Swedish investment holding company (founded 2009) that takes long-term majority ownership positions in mature Nordic industrial, infrastructure, and clean-tech companies across facade services, temporary power, water/sanitation, and solar cells.

Ownership category

akta.pro rank

Product category

Private Equity Investment Services

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Other Financial Investment Activities (5239)

SIC

Investors, Nec (6799), Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Private Capital Introducers (PE/VC/Private Credit) (FSAEAMAE)

akta.pro secondary industries

Corporate Strategic Real Assets & Infrastructure Venture Investing (FSANAHAN), Core Infrastructure Funds (Transport, Social, Digital, Utilities) (FSANAEAA)

Keywords

• Private equity investments
• Majority ownership holdings
• Industrial portfolio companies
• Active ownership services
• Nordic investment firm

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others

Revenue model

1. Investment returns and dividend income from portfolio companies: Connecting Capital generates returns through active ownership and development of portfolio companies. Value is created through acquisitions, development, mergers, and divestments of portfolio companies. The firm holds both listed (Fasadgruppen on Nasdaq Stockholm) and unlisted investments across industrial and trading companies in the Nordic region.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Connecting Capital is a family-controlled investment company that acquires majority stakes in mature Nordic industrial and trading companies with annual sales typically between SEK 100 million and SEK 1 billion. The firm takes an active ownership role by providing capital, board representation, and strategic support to help portfolio companies grow through acquisitions, operational improvements, and international expansion, with no time constraints on investment holding periods. Operations span four areas: majority unlisted holdings (Connecting Capital Sweden), real estate (Connecting Capital Fastigheter), asset management (Connecting Capital Invest), and venture capital (Connecting Capital Ventures).

Product overview

Connecting Capital is a family-controlled Swedish investment company with roots in Swedish industry, not a technology product company. The group operates through four subsidiaries: Connecting Capital Sweden (unlisted company investments), Connecting Capital Fastigheter (real estate), Connecting Capital Invest (asset management), and Connecting Capital Ventures (venture capital). The portfolio consists of well-run industrial and trading companies in the Nordic region, with a focus on majority investments. Key portfolio companies include: Fasadgruppen (Sweden's largest facade conglomerate, listed on Nasdaq Stockholm); VA Nordic (water and sewage services, formed 2021); United Power (Europe's largest temporary power/lighting/climate solutions group comprising El-Björn, Satema, Vohek, Øksnes Teknikk, Eltavle Grenland, and Redmyle); and Exeger (third-generation solar cell technology). The investment strategy focuses on mature Nordic companies with annual sales between SEK 100 million and SEK 1 billion.

Differentiator

Problem solved

Functional benefit

Products and services

• Fasadgruppen
• VA Nordic
• United Power
• El-Björn
• Satema
• Vohek
• Exeger
• LJ Mark och Anläggningar
• Rensman Rörrensning
• Svatek
• Jämstorps Entreprenad
• Peters Geotekniska Borrningar

Quantifiable outcome

• Fasadgruppen grew from ~600 MSEK revenue at acquisition (2018) to ~2.5-2.7 billion MSEK (listed on Nasdaq Stockholm December 2020)
• +3 more outcomes

Named customers5 records

Segments6 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Five partnerships are on record, tiered core and minor.

• Øksnes Teknikk AS (acquired by Satema)coreStrategic or Co-development Partner · 3 July 2023Satema AS acquired Øksnes Teknikk AS, a recognized provider of customized solutions for the construction sector. The acquisition strengthens Satema's position as a leading provider of products, solutions, and services to the construction industry in the Nordic region.
• Eltavle Grenland AS (acquired by Satema)coreStrategic or Co-development Partner · 31 October 2022Satema AS acquired Eltavle Grenland AS, a company with 45 years of experience in production and assembly of electrical panels and control cabinets. The acquisition strengthens Satema's position in electrical panels and increases capacity and geographic coverage.
• Portfolio companies (active investments)coreOthers · 1 January 2009Connecting Capital holds active investments in portfolio companies including Fasadgruppen (listed on Nasdaq Stockholm), United Power (holding El-Björn, Satema, Vohek, Øksnes Teknikk, Eltavle Grenland, Redmyle), VA Nordic (holding VA Gruppen and subsidiaries LJ Mark & Anläggningar, Rensman Rörrensning, Svatek, Jämstorps Entreprenad, Peters Geotekniska Borrningar), and Exeger. The firm takes an active ownership role in each portfolio company, appointing board members and providing strategic, operational, and financial support.
• Board and advisory networkcoreOthersConnecting Capital is supported by a network of board members and advisors including John Wattin (Investering i Kunskap AB), Ulf Hjalmarsson (Hjalmarsson & Partners Corporate Finance AB), Elin Solberg, Dick Orrland (Sofieberg Invest), and Katarina Mark. The network also includes legal and financial advisors. Connecting Capital is a member of the Swedish Private Equity & Venture Capital Association (SVCA) and the Stockholm Chamber of Commerce.
• Connecting Capital Ventures (minority/VC investments)minorOthersWithin Connecting Capital Ventures, the firm invests in immature companies (venture capital) and takes minority ownership positions, distinct from the majority holdings strategy in Connecting Capital Sweden.

Scale indicators6 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• Ratos: Swedish listed investment company owning and developing a portfolio of Nordic mid-market companies. Comparable long-term ownership approach, similar end-market focus on construction/industrial niches, and similar scale of portfolio revenue.
• Svolder: Swedish listed investment company with a portfolio of listed Nordic industrial and trading companies. Comparable long-term hold-and-develop philosophy on Nordic equities.
• Volati: Swedish listed industrial holding company building groups of acquired businesses with decentralized operating models. Highly comparable to Connecting Capital's decentralized portfolio structure and Nordic industrial focus.
• Storskogen Group: Swedish listed holding company pursuing a buy-and-build strategy in Nordic SMEs across industrial, services, and consumer verticals. Closest publicly traded analog to Connecting Capital's model of acquiring, developing, and holding profitable Nordic niche leaders for the long term.
• IK Partners: European mid-market PE firm with a strong Nordic presence, focused on majority investments in profitable businesses. Directly comparable deal size and ownership model.
• Norvestor: Nordic mid-market private equity firm investing in established companies in the Nordics. Comparable in target company size and Nordic geographic focus, though operates through traditional fund structures.
• Litorina: Nordic mid-market PE investor focused on technology-enabled and growth-oriented Nordic businesses. Comparable target company size, though skews toward growth equity.
• Altor Equity Partners: Nordic-focused private equity firm making majority investments in mid-market companies. Comparable end-market focus and geographic remit in the Nordics.

Broad incumbents

• Investor AB: Swedish family-controlled investment company (Wallenberg family) holding large Nordic and global listed positions. Comparable family-controlled, long-term capital model but at much greater scale and with a listed-equity focus.
• EQT: Large Swedish-headquartered global private equity firm with deep Nordic roots. Comparable Nordic deal flow but at materially larger scale and with traditional fund structures.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries11 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments

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

Frequently asked questions about Connecting Capital