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European Roll-Up Market Report – April 2026

April 2026 presented a 0% year-over-year increase in the number of PE-backed acquisitions. In addition to Consulting, private equity investors are also targeting Software, FinTech and Transportation. Learn all about it in our report and case study, including NOD’s acquisition of Paintworks.

11.05.2026

Overview of the April 2026 European Roll-Up Market

April saw 21 PE-backed acquisitions across Europe, remaining flat year-over-year.

Number of announced PE-backed acquisitions over the past 12 months*

  • Number of PE-backed Acquisitions

Roll-Up Market Insights

With 21 acquisitions, the number of PE-backed acquisitions decreased by 16% compared to the previous month.

With 13 acquisitions, the UK presents the country with most PE-backed acquisitions.

In April, Xeinadin Group was again the most active acquirer with 3 acquisitions.

Consulting (7), Software (7), FinTech (4) and Transportation (3) are the most mentioned acquired industries.

This month’s case study: NOD Group – Curating Nordic design for the world

Founded in 2020 in Stockholm, Sweden, NOD is a buy-and-build platform for premium Scandinavian design and lifestyle brands, creating a group of companies with mutual design-intensive business strategies.

Backed by Altor, NOD has pursued an active buy-and-build strategy, announcing 12 acquisitions since 2020.

  • NOD's Acquisitions

Its latest move came in April 2026, with the acquisition of Printworks (founded in 2017 in Stockholm, Sweden). Printworks is a brand for premium gifting turning stylish photo albums, board games or notebooks into home decoration with an online-first D2C approach.

Selective acquisitions enable NOD to build a network spanning the full Nordic home and lifestyle space. By layering complementary categories onto a shared platform, the group has reached ~12 brands, >200 employees, and presence in 35+ markets.

Network of Design: NOD’s strategy to scale Nordic design globally

NOD is building the leading platform for premium Nordic design through systematic acquisitions. By combining heritage icons and modern entrepreneurial brands across furniture, rugs, textiles, kids’ products, and gifting under one network, Altor aims to transform distinctive Scandinavian design houses into scaled D2C players in international e-commerce.

Case study:

  • In 2020, Network of Design (NOD) was founded by Altor as a dedicated platform for premium Scandinavian design, anchored by foundational acquisitions of String Furniture and Photowall — disrupting the fragmented Nordic design market by transforming heritage brands into scaled D2C players.

  • Since 2020, Altor has driven a systematic buy-and-build strategy, layering adjacent categories onto a shared platform and reaching ~12 brands, >200 employees, and presence in 35+ markets.

  • Between 2021-2026, NOD executed strategic add-ons across home accessories, heritage furniture, luxury textiles, and premium gifting. Broadening the platform while maintaining focus on design-forward Nordic categories.

  • These moves enable NOD to scale a proprietary Nordic design network by combining heritage icons and modern brands across furniture, textiles, and home decoration. Transforming distinctive Scandinavian design houses into international D2C powerhouses through shared infrastructure.

PE investors view premium Nordic design platforms like NOD as attractive due to:

  • Growth opportunities in international D2C e-commerce by combining heritage Scandinavian design brands with modern digital infrastructure to capture design-conscious consumers globally — expanding from core furniture into adjacent lifestyle categories (textiles, home accessories, gifting) and new markets.
  • Scale and diversification potential via systematic buy-and-build, acquiring complementary design houses across categories (heritage furniture, contemporary textiles, kids products, premium gifting) and geographies — widening the brand portfolio and customer touchpoints across the lifestyle spectrum.
  • Brand and heritage moats from a curated portfolio where distinctive Scandinavian design positioning, accumulated brand equity, and shared e-commerce infrastructure create customer loyalty, reduce customer acquisition costs, and enable cross-selling across the 12-brand network.
  • Resilient D2C revenues from design-conscious consumers with strong attachment to Nordic aesthetics, premium price positioning, and structural tailwinds in international e-commerce — which structurally increases demand for accessible, digitally-native Scandinavian design brands beyond traditional retail channels.

*All data from CrunchBase, as of May 5, 2026.

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