The state of Nordic private equity 2024

After peaking in 2022, entry multiples for Nordic buyouts have declined for two consecutive years, reaching 8.5 in 2024—below the historical average for the period 2013–2023. Also public markets are experiencing falling prices, leading to an increase in public-to-private activity in 2024.

After reaching a record-high in 2022, entry multiples have declined for two consecutive years. While 2023 was heavily influenced by high interest rates, 2024 saw a modest easing in monetary policy across the Nordic region, with central banks beginning to cut rates.⁶

Private equity maintains a valuation discount relative to the broader market — a persistent trend throughout the period, reinforced by recent declines in pricing. Valuations in public markets have also come down since the highs seen in 2022. This is reflected in a notable increase in public-to-private activity in 2024 — 13 out of 26 de-listings over the past five years happened this year alone. As a result of this broader repricing, listed companies has gained increased attention from private equity funds. Furthermore, in recent years, several large and well-known firms—such as Adevinta and Kahoot—have been taken private by PE-backed buyers. This trend reflects how lower public market valuations are creating attractive entry points for PE funds, reinforcing the appeal of public-to-private strategies in the current environment.

Entry multiples: In 2024, median entry multiples continued their downward trend, reaching their lowest level since 2016. The decline mirrored the broader pricing development across all Nordic transactions.