Impilo

Investment decisions are led by co-founders Fredrik Strömholm and Oscar Hållén, who serve as Managing Partner and Partner respectively. The two worked together at Nordic Capital and later as C-suite operators at specialty pharma company Meda before founding Impilo in 2017. The wider investment team numbers over 20 professionals, with sector expertise concentrated in pharmaceuticals, medical technology, and healthcare services.

Impilo operates as an asset manager running closed-end private equity funds, not a single family office or an evergreen holding company. It raised Impilo I and closed Impilo II at EUR 1.1 billion in 2023, making it one of the largest Nordic healthcare-focused fund managers raised in that year (per the firm, September 2023). The General Partner is based in Stockholm and the fund's limited partners are primarily Northern European institutional investors.

Impilo makes majority control investments in Nordic healthcare companies with enterprise values between EUR 50 million and 200 million. The firm targets a doubling of operating profit over five-year holds and explicitly positions itself as a long-term industrial owner rather than a short-cycle financial sponsor. Sectors include pharmaceuticals, medtech, specialist services, and digital health across Sweden, Denmark, Norway, and Finland.

The Impilo Health Diamond is the firm's proprietary, mandatory investment-screening framework that requires every portfolio company to demonstrate a measurable positive impact on at least one of four dimensions: care quality, availability, affordability, or prevention. The investment committee applies this standard before any acquisition can proceed. This makes Impilo one of the few European mid-market buyout firms that encodes a concrete health-outcome metric into its formal investment policy rather than leaving impact assessment to quarterly ESG reviews.

Impilo actively engages in public-to-private transactions, a relatively uncommon strategy for a Nordic mid-market firm. In 2023 it took Desenio private via a recommended public offer, and in March 2025 it acquired Stille, the Swedish surgical-instrument manufacturer, through a public tender offer at SEK 932 million and delisted the company (per the firm, March 2025). The ability to structure public takeovers of Nasdaq Stockholm small-cap healthcare companies is a distinguishing feature of Impilo's M&A playbook.

Impilo uses a broad range of transaction structures: buyouts, public-to-private deals, management buy-ins, corporate carveouts, take-privates, and succession-driven acquisitions. The firm has also executed PIPEs and reorganizations. Impilo does not make minority growth investments or operate as a venture capital fund; every transaction results in a controlling ownership position.

Impilo invests exclusively through direct majority acquisitions of operating companies. It does not operate a fund-of-funds program, make LP commitments to external GPs, or allocate capital to third-party-managed vehicles. All EUR 1.6 billion raised to date has been deployed or earmarked for direct control investments in Nordic healthcare assets.