Firm at a glance
Adelis Equity Partners is a platform private equity firm founded in 2012 and headquartered in Stockholm, Sweden, per its own website [S1]. The firm operates from offices in Stockholm and Munich, Germany [S2], and has raised approximately EUR 4.25 billion in total capital as of early 2025 [S1].
What they buy
Based on publicly disclosed portfolio holdings, Adelis appears to concentrate on Northern European and German middle-market companies across business services, technology and software, and healthcare and life sciences [S3]. The firm’s portfolio pattern suggests a focus on B2B service providers, including IT managed services, building rehabilitation, audit and advisory firms, and specialized software platforms serving niche verticals [S3]. A smaller portion of investments spans consumer goods and industrial packaging [S3].
Portfolio
Business Services
Circura Group (building renewal services in the Nordics, 2025 platform), Retta B2B (property management services in the Nordics, 2025 platform), Cedra (audit and advisory services in the Nordics, 2025 platform), Hedvig (digital insurance, 2023 platform), Aderian (IT services in Sweden and Norway, 2023 platform), Håndverkskompaniet (building rehabilitation in Norway, 2022 platform), netIP (managed IT services in Denmark, 2022 platform), Avidly (marketing technology services, 2022 platform), Virtuance (digital property marketing content, 2022 platform), Pixelz (AI-powered post-production for fashion, 2022 platform), Circura Sweden (2021 platform), Circura Finland (2021 platform), QMG (foodservice supplier, 2021 platform), Presto (fire safety and training, 2018 platform), DataCenter Finland (IT managed services, 2018 platform) [S3].
Tech & Software
Bryntum (web-components provider, 2025 platform), EITCO (enterprise content management in Germany, 2025 platform), Btwentyfour (supply chain data automation, 2024 platform), Bruhn NewTech (European defence technologies, 2024 platform), UniSea (maritime fleet management SaaS, 2022 platform), Valamis (corporate learning platform, 2021 platform), Hantverksdata (ERP and project management software for construction, 2018 platform) [S3].
Healthcare & Life Sciences
IonOpticks (HPLC columns for proteomics research, 2024 platform), Nordic BioSite Group / Europa Biosite (life science research product distributor, 2021 platform), SSI Diagnostica (infectious disease IVD, 2016 platform) [S3].
Consumer & Industrial
Didriksons (outdoor jackets, 2018 platform), Westpack (custom packaging for jewelry and watch markets, 2022 platform) [S3].
Recent activity (last 24 months)
* Circura Group acquisition, December 2025 [S2]
* Bryntum / AG Grid acquisition, November 2025 [S2]
* Cedra Denmark acquisition, September 2025 [S2]
* Retta B2B Real Estate Management acquisition, September 2025 [S2]
* Cedra Norway acquisition, August 2025 [S2]
* Europa Biosite exit, July 2025 [S2]
* Bryntum acquisition, June 2025 [S2]
* EITCO acquisition, May 2025 [S2]
* Adelis Equity Partners Fund IV close, March 2025 [S2]
* Circura Danmark acquisition, February 2025 [S2]
* Cedra (audit firms group) acquisition, January 2025 [S2]
* Btwentyfour acquisition, December 2024 [S2]
* SeaCross add-on acquisition, September 2024 [S2]
* IonOpticks acquisition, September 2024 [S2]
* Bruhn NewTech acquisition, July 2024 [S2]
* Presto and HVD Group exit, February 2024 [S2]
How this firm fits a seller
Adelis appears to pursue a buy-and-build strategy, evidenced by multiple acquisitions within the Circura and Cedra platforms during 2025 alone [S2]. The firm’s geographic footprint centers on the Nordic region and Germany, suggesting best fit for sellers in those markets [S2]. Recent exits including Europa Biosite and Presto indicate the firm actively realizes investments, which may appeal to owner-operators seeking a partner with demonstrated exit execution [S2]. Business service companies, particularly those in IT services, building services, or professional services, align closely with the firm’s observed investment pattern [S3].
Sources
[S1] https://adelisequity.com/about/ (as of 2025-01-15)
[S2] https://adelisequity.com/press-releases/ (as of 2025-01-15)
[S3] https://adelisequity.com/investments/ (as of 2025-01-15)
Frequently asked questions
Does Adelis Equity Partners buy business services businesses?
Yes, business services represents the largest sector concentration in Adelis’s publicly disclosed portfolio, with approximately 16 platform investments spanning IT managed services, building rehabilitation, audit and advisory, and marketing technology services [S3]. Recent 2025 acquisitions include Retta B2B property management services and the Cedra audit firm group [S2].
What companies has Adelis Equity Partners acquired recently?
In the past 12 months, Adelis has acquired Circura Group (building renewal services), Bryntum (web-components software), EITCO (enterprise content management in Germany), Retta B2B (property management), and multiple add-ons to the Cedra audit platform [S2]. The firm also completed its Fund IV close in March 2025 [S2].
Where is Adelis Equity Partners based and how big is the firm?
Adelis is headquartered in Stockholm, Sweden, with an additional office in Munich, Germany [S1][S2]. The firm has raised approximately EUR 4.25 billion in total capital since its 2012 founding [S1].
Is Adelis Equity Partners still actively acquiring?
Yes, Adelis remains highly active, completing at least 11 platform and add-on acquisitions between January 2024 and December 2025, with the most recent transaction closing in December 2025 [S2]. The firm closed its fourth fund in March 2025, indicating ongoing investment capacity [S2].
This profile is maintained by CT Acquisitions as an independent third-party reference. CT Acquisitions is not affiliated with, endorsed by, or a representative of the firm profiled. All facts sourced from publicly available materials as of the dates cited.