Altor Sells Carnegie Investment Bank to DNB, Marking a New Chapter for the Leading Nordic Firm

Altor Sells Carnegie Investment Bank to DNB, Marking a New Chapter for the Leading Nordic Firm

(IN BRIEF) Altor Fund III has announced the sale of Carnegie Investment Bank, a top Nordic investment bank and asset manager, to DNB Bank ASA. Altor acquired Carnegie in 2009 and has since helped the firm grow into a market leader in equities research, corporate finance, and wealth management. The sale, expected to close in the first half of 2025, marks a new chapter for Carnegie, which will continue its growth with DNB as its new partner.

(PRESS RELEASE) STOCKHOLM, 21-Oct-2024 — /EuropaWire/ — On October 21, 2024, Altor Fund III (“Altor”) announced an agreement to sell Carnegie Investment Bank, a leading Nordic investment bank and asset manager, to DNB Bank ASA (“DNB”). Altor acquired Carnegie in 2009 with the goal of developing it into the top investment bank and asset manager in the Nordic region.

Under Altor’s ownership, Carnegie has significantly expanded its presence, becoming a leader in equities research, brokerage, corporate finance, and private wealth management. During this period, Carnegie has consistently earned top ratings from clients across all service areas, with operating income more than tripling—demonstrating its client-first approach and a strong, cohesive team culture.

Tony Elofsson, CEO of Carnegie, expressed his enthusiasm for the new partnership with DNB: “Our shared values and client-focused ethos with Altor helped us build a strong, diversified, and future-proof business. We are excited to start this next phase with DNB, a partner that aligns perfectly with our culture and business goals.”

Reflecting on the sale, Harald Mix, Partner at Altor and a Board member at Carnegie, said, “Carnegie has been close to our hearts at Altor. We’ve shared an incredible journey over the past 15 years, transforming Carnegie from a challenger into a market leader. We are proud of the talent and dedication that has driven its success.”

The transaction is set to close in the first half of 2025, subject to regulatory approvals.

About Altor

Since inception, the family of Altor funds has raised more than EUR 11 billion in total commitments. The funds have invested in just south of 100 companies. The investments have been made in medium-sized predominantly Nordic and DACH companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Sbanken, Trioworld, Mandatum, Marshall and Kommunalkredit.

About Carnegie

Carnegie is the foremost financial adviser and asset manager in the Nordics. We bring investors together with entrepreneurs and companies to enable clients, owners, and society to grow sustainably. Carnegie has a strong presence across all business areas, including asset management, private banking, investment banking, and securities. Founded in 1803, Carnegie is one of the oldest brands in the region. The bank employs approximately 850 professionals across six countries and generated revenues of SEK 3.4 billion in 2023. Our vision is to be the most competent and respected financial adviser and asset manager in the Nordics. Carnegie is renowned for its strong corporate culture, built on integrity, independence, and a long-term perspective. This culture has made Carnegie one of the most successful and respected financial advisors and asset managers in the Nordic region.

About DNB

DNB is Norway’s largest financial services group and one of the largest in the Nordic region in terms of market capitalisation. The Group offers a full range of financial services, to 237 000 corporate customers and 2 million personal customers. DNB is a major operator in a number of industries, for which DNB also has a Nordic or international strategy.

Media Contact:

Karin Åström
Head of Communications
karin.astrom@altor.com
+46 707 64 86 59

SOURCE: Altor