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T&W Holding
Lars Nørgaard runs T&W Holding, the $4.1B office for the Widex founders, investing across energy, real estate, and growth tech.
T&W Holding
The Tøpholm and Westermann families started building hearing aids in a Copenhagen basement in 1956, founding Widex. That medtech lineage now sits inside WS Audiology, the entity formed in 2019 when Widex merged with Sivantos, with EQT and the families as major shareholders. T&W Holding, the private investment vehicle they control, formalizes a multi-decade transition from operating founders to institutional asset allocators. Across an estimated $4.1 billion (Altss estimate), the firm deploys capital through direct co-investments, SPVs, and real assets. Confirmed positions span commercial property in Texas (Kemah Property) and Denmark (T&W Medical Headquarters, Kjøbenhavns Boligejendomsselskab A/S), alongside an energy infrastructure portfolio. The investment mandate touches digital health, fintech, and energy transition companies from seed through late-stage rounds in North America, Europe, Asia, and Africa. Lars Nørgaard, CEO of both T&W Medical and the holding entity, directs activity from a multi-city footprint that includes offices in the US, UK, France, Switzerland, and Denmark. The office operates in parallel with T&W Medical, the named medtech investment arm chaired by Jan Tøpholm. While WS Audiology represents the founding industrial asset, the holding company now reaches into venture and growth equity, with confirmed deal stages running from seed to Series G. Philanthropy flows through the Erik & Susanna Olesens Almenvelgørende Fond. T&W Holding is also a participant in the UN Global Compact, signaling a formalized ESG posture. Recent activity: T&W Medical and T&W Holding operate under the unified leadership of CEO Lars Nørgaard, consolidating strategy across both entities. T&W Holding blends an operating-company DNA with a family office investment platform. Unlike single-family offices that outsource manager selection entirely, the dual structure — with T&W Medical making concentrated medtech bets and the holding company pursuing real assets and direct deals — forces a discipline of direct ownership. The families did not fully exit their founding industry; they scaled it globally and deployed the proceeds into a multi-asset portfolio managed alongside the operating legacy.
General information
Firm type
Single Family Office
Year founded
—
AUM
$4.1B (Altss estimate)
Location
Region
North America
Country
United States
City
Walnut Creek
Corporate office
Walnut Creek, CA, United States
Additional offices
Los Angeles, CA · New York, NY · Mill Valley, CA · Boston, MA · Paris, France · London, UK · Denver, CO · St. Louis, MO · Basel, Switzerland · Copenhagen, Denmark
Principals
Jan Tøpholm
Chairman of the Board, T&W Medical
Lars Nørgaard
CEO, T&W Medical and T&W Holding
Sector focus
Frequently asked questions
Who runs investment decisions at T&W Holding?
Lars Nørgaard serves as CEO of both T&W Holding and T&W Medical, centralizing strategic oversight. The ultimate governance traces back to the Tøpholm and Westermann families as principals, with Jan Tøpholm serving as Chairman of the Board for T&W Medical. The dual operating-company and family office structure concentrates decision-making within a tight leadership group rather than a wide investment committee.
How did the Tøpholm and Westermann families generate their wealth?
The families co-founded Widex in 1956, building it into a global hearing aid manufacturer. In 2019, Widex merged with EQT-owned Sivantos to create WS Audiology, with the families retaining joint majority ownership alongside the Lundbeck Foundation. The transaction transformed an operating business into a cornerstone asset for the family office, T&W Medical holding the WS Audiology stake.
How is T&W Holding related to T&W Medical and WS Audiology?
T&W Holding is the family office umbrella entity. T&W Medical functions as the dedicated medtech holding and investment company, chaired by Jan Tøpholm, and is the vehicle through which the families own their stake in WS Audiology. The two entities share leadership under CEO Lars Nørgaard and operate from the same multi-city footprint.
Does T&W Holding participate in fund commitments or only direct deals?
Confirmed structures include direct co-investments, real asset ownership, and SPVs. While the office is active across stages from seed to Series G, its publicly visible positions lean toward direct control — owning commercial properties in Texas and Copenhagen, an energy infrastructure portfolio, and co-investing alongside strategic partners like ATHOS KG in WS Audiology.
Which sectors and geographies does T&W Holding target?
The investment mandate spans digital health, healthcare services, energy transition, proptech, supply chain and logistics, and fintech. Technology themes include AI/ML, biotech, edge computing, and ESG. Geographic reach covers North America, Europe, Asia, and Africa, supported by offices from Walnut Creek and New York to London, Paris, Basel, and Copenhagen.
What philanthropic structures are linked to T&W Holding?
The families operate the Erik & Susanna Olesens Almenvelgørende Fond, a Danish charitable foundation. Additionally, T&W Holding participates in the UN Global Compact, indicating a formalized approach to sustainability and corporate responsibility that extends beyond grantmaking into investment-policy signals.
Is T&W Holding open to co-investments alongside external GPs?
Yes. The firm's investment types include direct co-investments and SPVs, and its relationship with ATHOS KG as a minority shareholder in WS Audiology demonstrates a history of structured deals alongside external capital partners. However, no formal co-investor club or membership platform is publicly disclosed.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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