Altor divests Nordic Tyre Group to Axcel

Altor Fund IV (Altor) have signed an agreement to divest Nordic Tyre Group (NTG), the leading independent tyre wholesaler across the Nordics and Baltics, to Axcel Fund VII (Axcel).

In 2019, Altor entered a partnership with the founders of Gummigrossen and Rengasduo with the joint ambition to build a Nordic leader within the satyre wholesaler industry. It became the foundation of Nordic Tyre Group, which in 2021 acquired Latakko group companies in Latvia, Lithuania and Estonia – the largest tyre distributor in the Baltics. Today, Nordic Tyre Group is the largest independent tyre wholesaler across the Nordics and Baltics with a diversified group of more than 10 000 customers and long-standing relations with 200 suppliers. The company is built on a proprietary technology platform providing a unique competitive advantage.

Ellex advised Altor in 2021 on acquisition of Latakko group and in 2024 with Baltic aspects in sale of NTG group to Axcel. The team was led by partner Sarmis Spilbergs, as well as experts Kaspars Oļševskis and Elīza Semkina.