FSN CAPITAL PARTNERS AS

FSN Capital – Leading Northern European private equity investment firm

FSN Capital is the leading Northern European private equity investment firm focused on the middle-market segment. Established in 2000, FSN Capital seeks to make control investments in Nordic companies with significant potential.

Keywords

consultingguidanceassistancemanagement issuesstrategicorganizationalreorganizationbusiness procedureschange managementcost reductionpersonnelremunerationpension strategiesproduction planningcontrol planninglobbyingaccounting procedurescost accountingbudget control proceduresrationalizationcontrolmanagement information

Organization

CEO: MW
Morten Welo1972
Chairman of the board: FS
Frode Strand-Nielsen1955
Years since formation: 26 years; since Mar 8, 1999
Type: Limited company
VAT registered: Yes
Number of employees: 27

Ownership

Number of shares and share classes: 966,000; 1 share class
Total number of shareholders: 11; 5 companies, 6 persons

Financials

Total operating income 2024: 476,022,138; NOK
Annual total result 2024: 106,004,831; NOK
Total equity 2024: 9,078,090; NOK

Last update: Aug 12, 2025

Management

Management / administration

Name	Role	Shares
MW Morten Welo 1972	Managing Director/CEO	8 % indirectly

Board

Name	Role	Shares
FS Frode Strand-Nielsen 1955	Chairman	12.63 % indirectly
RM Robin Mürer 1974	Board Member	-
UA Ulrik Andrew Smith 1976	Board Member	12 % indirectly
ÅB Åse Birgitta Ullmann 1969	Board Member	-
HI Hanne Iversen 1982	Board Member	-

Others

Name	Role	Shares
D DELOITTE AS	Auditor	-
B BDO AS	Accountant	-

Top 10 individual shareholders

Name	Role	Shares
FS Frode Strand-Nielsen 1955	Chairman	12.63 % indirectly
UA Ulrik Andrew Smith 1976	Board Member	12 % indirectly
MW Morten Welo 1972	Managing Director/CEO	8 % indirectly
MK Marte Kamilla Aanerud Nielsen 1985	-	2.56 % indirectly
MB Merete Bø Strand-Nielsen 1968	-	2.56 % indirectly
EN Erik Nelson 1977	-	2 % indirectly

Last update: Jan 23, 2025

Ownership

Company shareholders

Name	Share class	Total number of shares	Share
B BLUE RIVER INVEST AS	Ordinary shares	251,160	26 %
F FSN CAPITAL PARTNERS AS	Ordinary shares	212,520	22 %
U US BRACO AS	Ordinary shares	115,920	12 %
V VIJUWI AS	Ordinary shares	77,280	8 %
JP Jabet Patrice	Ordinary shares	77,280	8 %
MR Muerer Robin	Ordinary shares	77,280	8 %
KJ Kent Justin	Ordinary shares	38,640	4 %
EM Egelstig Marcus	Ordinary shares	38,640	4 %
IA Isaksen Aps J	Ordinary shares	38,640	4 %
NN Norrbom Nicolai	Ordinary shares	19,320	2 %
N NELSON INVEST AS	Ordinary shares	19,320	2 %

Shares owned by the FSN CAPITAL PARTNERS AS

Name	Share class	Total number of shares	Share
F FSN CAPITAL PARTNERS AS	Ordinary shares	212,520	22 %

Last update: Jun 2, 2025

Financials

in NOK

Summary

Year	2024	2023	2022
Total operating income	476,022,138	411,590,083	416,248,399
Annual Total Result	106,004,831	95,733,598	44,891,782
Total assets	252,924,445	165,543,576	190,609,242
Total liabilities	243,846,355	165,502,565	190,565,241
Total equity	9,078,090	41,011	44,003

P&L

Year	2024	2023	2022
Total operating income	476,022,138	411,590,083	416,248,399
Total operating costs	437,716,228	331,850,009	550,924,227
Operating result	38,305,910	79,740,074	-134,675,828
Financial income/costs	77,689,605	35,555,515	189,554,258
Profit before tax	115,995,515	115,295,589	54,878,430
Total tax & extraordinary income/cost	9,990,684	19,561,991	9,986,648
Annual Total Result	106,004,831	95,733,598	44,891,782

Balance overview

Year	2024	2023	2022
Total fixed assets	24,955,034	26,069,082	12,746,223
Total current assets	227,969,411	139,474,494	177,863,019
Total assets	252,924,445	165,543,576	190,609,242
Short term debt	243,846,355	165,502,565	190,565,241
Long term debt	0	0	0
Total liabilities	243,846,355	165,502,565	190,565,241
Contributed capital	41,011	41,011	44,003
Retained earnings	9,037,079	0	0
Total equity	9,078,090	41,011	44,003
Total equity and liabilities	252,924,445	165,543,576	190,609,244

FSN CAPITAL PARTNERS AS980 540 138