Today, it has become an industry-wide practice, but EQT was ahead of the curve in 1994 when, inspired by the Wallenberg model, they brought in global business expertise to give them the edge.

EQT’s industrial advisor network of over 600 experts is a priceless asset for the firm – and a liability for rivals. As Bettina Siempelkamp, Head of Gobal EQT Network says: “Before I joined, I was a headhunter for global private equity firms, and before joining my biggest headache was EQT’s reputation. Every time you’d reach out to a really good, new prospect they’d always say the same thing: ‘That all sounds great, but I’m afraid I’m already working with EQT.’ They had everyone.”

After sitting down with a few members of that network, EQT has noted why they joined – and why they’re still playing their part.

Dr. Ulf Berg is the Founder of ALVA Invest. He serves as Chairman at Berlin Heals. He is also a Partner at BLR & Partners and Chairman of the Board of Directors of EMS-CHEMIE Holding.

“I started in about 2006 when I was approached by Lennart Blecher and Conni Jonsson. Having dealt with other PE-Houses, I was above all attracted to EQT because of the principles around real industrial value creation. The disciplined governance and transparency were key. Being part of EQT gives you constantly new perspectives both industrially and governance-wise. You also get to know a lot of smart young people and you are kept on your toes by their drive and commitment. The last years of EQT have really shown me how you can take a business towards being responsible towards society.”

Thomas Ebeling is the former CEO of global Novartis Pharmaceuticals and of the media conglomerate ProSiebenSat.1 Media SE.

Ebeling joined in 2016, as he “felt that EQT respects the input of advisors and operational managers more than other PE firms.” “EQT does a great job making advisors feel good about working with them. I almost feel part of the team. I am happy that some of the EQT investments make a real difference, and I am proud that the companies I am – and have been – involved [with].”

Gunnar was formerly the CEO of StjärnTV and Com Hem, two Swedish Cable companies. He was the Chairperson of Anticimex and has been an advisor to EQT since 2006.

“Over the years, I’ve been involved in numerous projects, including the acquisition of Sweden’s largest cable company ComHem in 2003, where I became CEO. There have been ventures across Germany, Bulgaria, Norway, and Spain. Each project had its unique challenges, but the Anticimex deal stands out as both significant and highly successful. The Troika model was new to me but proved to be an excellent governance framework, allowing for strategic but non-pressured decision-making. It fostered an environment where CEOs could operate with confidence and informed discretion.”

Michael E. Moore was the CEO and President of Global Container Terminals and the Chairperson of Fenix Marine Service. He has been an advisor to EQT since 2014.

“I began working with EQT Partners in 2015 when I was asked to advise on an unsuccessful acquisition. Since I wasn’t familiar with the firm, the first thing I did was to go online and research the company. The link to the Wallenberg family and focus on responsible ownership captured my attention. Trying to select ‘a best experience’ [from my time at EQT] is impossible. All of the projects have been rewarding to work on. In my case, I enjoy working with the very high-caliber individuals at EQT. Working with the best brings out the best in each project. I am proud to be associated with the EQT Network because of the strong global brand, the high-achieving organization, the strong culture and ethos to do everything the right way, and finally, because of the commitment that everything can be improved at all times.”

Kate Swann served as CEO of SSP Group plc from 2013 until 2019 and as then of WH Smith from 2003 until 2013. She has been an Advisor to EQT since 2020.

“With the Troika model, the chief executive runs the business, you have to let them do that. I have a fair bit of experience, so I’ve worked with some quite difficult businesses and turned them around. There aren’t many situations that I haven’t got some experience in, and a lot of those come with scars. I really love helping the chief execs and getting some benefit from those scars. Otherwise, they’re just painful. If somebody else can benefit from them then it all seems a lot more worthwhile.”

Tore Thorstensen was the Managing Director of the Plantasjen Group when it was acquired by EQT in 2001. He has been an industrial advisor ever since.

”My history is a little different from most industrial advisors. I was one of the shareholders and CEO of the company Plantasjen, which the EQT bought in 2001. During that time I got to know everyone at EQT, in particular Christian Sinding who was leading the project and who is now the CEO. They knew me well and I slowly started to advise on different projects – at first, always very informally. I always liked what EQT was. Let’s call that, their entrepreneurial spirit. I must say, in general, I took on the part of the pessimist. From time to time I had to pour cold water on the young guys: they get excited by projects, but it’s the prerogative of an older guy with experience. There are times when we haven’t agreed, but that is okay. As an advisor, you have to challenge and be able to say no and have a constructive disagreement.”

Jarl Dahlfors initially joined one of EQT’s portfolio companies, Anticimex, in 2015, and has since taken numerous roles as an industrial advisor. Today he is the chairman of Anticimex Group and Envirotainer.

“Personally, one of the things that most attracted me to EQT was when I first started speaking to Harry [Klagsbrun] and Per [Franzen] about the ‘life after a CEO’. They were always more interested in unlocking the long-term potential – and that didn’t just apply to their investment in businesses, it was even more true for the investments they made in people.”

Sheri McCoy enjoyed a 30-year career at Johnson & Johnson. She was also CEO of Avon and currently serves on the boards of several industry-leading healthcare companies, including AstraZeneca and Galderma.

“I began working with EQT in early 2018. Eric Liu, US healthcare partner, reached out to me to ask if I would be interested in working with EQT. At the time, I was working in London as CEO of Avon and was planning to move back to the US to take on board roles in healthcare. Prior to Avon, I had a 30-year career in healthcare at Johnson & Johnson. I didn’t know much about EQT and was hesitant about working with private equity. I was immediately impressed by the EQT culture, the quality of the EQT colleagues, and the caliber of the portfolio companies. I also realized that by partnering with EQT, I would have a unique opportunity to work closely with CEOs, management teams, and EQT to build and drive sustainable growth companies. This was attractive to me; traditional public board roles generally do not allow for this level of involvement with management. So, in March of 2018, I joined my first EQT board, Certara.”