OCTOBER 12 2026
Christopher Ekdahl, Partner, Nordic Capital Advisors, joined fellow private equity leaders at the Real Deals Nordic Forum in Stockholm on October 1 for the panel “Waiting for the exit: is 2027 the turning point?”
In this edition of Voices of Nordic Capital, Christopher shares his perspective on what Nordic Capital is seeing in the exit market, how greater buyer selectivity puts more emphasis on business performance, and why creating optionality well before an exit matters more than predicting when the market will turn.
After several slower years for exits, Nordic Capital is seeing signs of recovery. How would you characterise the market today?
“We are seeing that the market is open for strong companies, with quality businesses continuing to find routes to liquidity, and signs of emerging opportunity.
At the same time, there is still clearly a backlog in the slower M&A market. Across the market, businesses which were acquired in a very different valuation and financing environment simply need more time to mature and close the valuation gap.
What has changed is that buyers are more selective; they have more choice. There is much closer scrutiny of earnings quality, the durability of growth, competitive position and where the next phase of value creation will come from. That puts a greater premium on business quality, a clear value-creation story and being genuinely ready to transact.
In the mid-market, where Nordic Capital operates, we continue to see both attractive investment opportunities and the ability to make exits. As sector specialists, we focus on areas where we have strong conviction and a clear view of how we can create value.”
If buyers are more selective, what does that change about value creation during ownership?
“The most important thing is to have a company that is performing well. In the current environment, you cannot assume that multiple expansion or easier financing will do the work of value creation for you. You have to earn more of the return through improving the performance of the business itself.
Nordic Capital’s approach is to use the ownership period to invest in a business, strengthen its competitive position and make the investment case more robust. As a result, around 80 percent of the value created across Nordic Capital’s portfolio today comes from operational improvements, compared with around half ten years ago.
Longer holding periods are not necessarily a problem if that additional time is used well. As active owners, we work closely with management teams on the areas that can materially strengthen a business, whether that is commercial strategy, technology, organisation or international expansion.”
What does exit readiness mean in practice, and how does Nordic Capital approach it?
“I would stress three things: preparedness, optionality and a tailored process.
First, the company needs to stand up to more scrutiny than before, whether that comes from a strategic buyer, another sponsor or public-market investors. That means developing a really robust investment case and managing the company well. Exit processes are generally taking longer, but they should never be delayed because we or the company are not sufficiently prepared.
Second, we think about optionality throughout our ownership to make sure we are not locked into one particular path when we reach the exit point. That means thinking early about the potential buyer universe, spending time with buyers and understanding what they are looking for. That work doesn’t start six months before you want to sell. If you understand the potential routes to liquidity early, you have time to address gaps, build the right track record and preserve your options.
Third, the process needs to be tailored to the company. Sometimes being more selective about which potential buyers you engage with can result in a faster process while still meeting your requirements on return.
We also see this from the other side of the table as an active buyer. When we assess an investment, we look at the strength of the business today and where the next phase of value creation can come from. Those are the same questions you need to anticipate when preparing your own companies for an exit.”
The Real Deals panel asks whether 2027 will be the turning point for exits. Is that the right question for private equity owners to be asking?
“We have seen signs of recovery through 2025 and 2026, and I hope we see more activity in 2027. But I would be cautious about building a strategy around a particular year.
Market conditions, including geopolitics, tariffs and financing conditions, will always matter, but they are not things we can control.
If you build a stronger and more resilient company and prepare several credible routes to liquidity, you put yourself in a position to act when the opportunity is there. For me, that matters much more than trying to predict exactly when the market will turn.”