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Nordic Private Equity Market Update Q2 2025 (KPMG Private Enterprise)

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ReportKPMG Private EnterpriseAugust 20259 pages14 min readOriginal source
Key number
EUR 2.17bn
Nordic IPO proceeds raised in H1/’25 p.2
Largest segment
~40%
Sweden share of Nordic PE deals p.4
What changed
+35%
Norway buyout deal volume QoQ growth p.4

Summary

  • Add-on deals represented ~51% of all buyout deals in Q2/’25, above the three-year average of ~46%.p.3
  • Venture capital deal volume continued to decline, falling ~52% compared to its peak in Q1/’23.p.3
  • Five buyout funds were closed at ~€1.7bn and five VC funds were closed at ~€170m in Q2/’25.p.2

Key insights

  1. Consumer & Retail buyout deal volume fell substantially by -28% QoQ to 63 deals in Q2/’25.p.5
  2. Out of 25 disclosed buyout deals, 19 deals (76%) were small (<€100m) while three exceeded €1bn.p.3
  3. Fortnox AB entered into an agreement to be acquired by First Kraft and EQT in an estimated SEK 49.06bn (~EUR 4.3bn) public-to-private LBO.p.6
  4. Karo Healthcare entered into an agreement to be acquired by Kohlberg Kravis Roberts in a EUR 2.6bn LBO supported by EUR 1.2bn in debt financing.p.6

Funders mentioned

Accent EquityCVC Capital PartnersKohlberg Kravis RobertsNordic CapitalPropel CapitalVaaka PartnersWave Ventures

Topics and entities

EuropeNordicsIPOs and listingsM&A and exitsPrivate equityStartup fundingVenture capitalEQTFirst KraftFLSmidthFortnox ABKaro HealthcareKohlberg Kravis RobertsNordic CapitalPacific Avenue Capital PartnersVaaka Partners

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