On October 21, Altor Fund III (“Altor”) has entered into an agreement to divest Carnegie Investment Bank (“Carnegie”), a leading investment bank and asset manager in the Nordics, to DNB Bank ASA (“DNB”). Carnegie was acquired by Altor in 2009 with the strategic objective to build the leading investment bank and asset manager in the Nordic region.
Over the past 15 years, Carnegie has grown to become a leading Nordic investment bank and asset manager with strong positions in equities research, brokerage, corporate finance advisory and private wealth management. For several years in a row, clients have rated Carnegie as the highest performing advisor across all business areas, and operating income has more than tripled over the period; a testament to a culture of putting the client first and providing the highest quality of advise possible, all while working together across the firm as one team.
“We have always shared the entrepreneurial spirit and client-focused approach with Harald and the team at Altor. Together we have built Carnegie into a strong, well-diversified and future-proof company, and we are thrilled to enter into this new chapter with DNB, a partner that we think is a perfect fit both culturally and from a business perspective” said Tony Elofsson, CEO at Carnegie.
“Carnegie is a company close to heart for us at Altor; we have been part of this journey for so many years and celebrated countless milestones together. It is with great pride that I reflect on the talent and motivation that drives the team at Carnegie, and I want to thank all the people that have contributed to the success over the years. Back in 2009, we invested in a challenger, and over the years they have grown into a true market leader.” said Harald Mix, Partner at Altor and Board member at Carnegie.
“It has been a great joy to work with Tony Elofsson and the team over the years. We are impressed by their continuous innovation, not least in the digital arena with new business initiatives like Montrose by Carnegie. We look forward to following the next chapter of the journey as Tony and the team builds an even stronger Nordic franchise together with DNB” added Gustav Alenmyr, Director at Altor and Board member of Carnegie.
The Transaction is expected to close in the first half of 2025, pending regulatory approvals in applicable jurisdictions.
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.
