Photo: Ricardo

Value creation through professionalization

of mid-sized companies

Getting people

back to work

with Frisk Utvikling



Credo is a different investment company. We focus exclusively on professionalizing mid-sized companies. This is an attractive niche, because Scandinavia has many founder and family led companies that are unpolished gems, with high potential for value creation, but few investors who commit to contributing before the professionalization has already taken place.


It is hard to grow, and challenging to manage profitability while growing. Experience has great value in the transformation from small to big, from local to global, from talented individuals to a scalable business system. Which direction should our business go? How bold can we be? How can we build an organization capable of realizing our ambitions? Addressing these issues is our profession. Doing it in real partnerships with entrepreneurs is our model.


We invest directly, not through blind pool funds. We invest our own private savings in businesses we believe in. Then we invite ourinvestors. Not the other way around. This ensures a healthy approach to investing for us,  credible partnerships with investors, and a focused owner for the founders.

Credo is a PRI Signatory.

High financial returns

Both investors and entrepreneurs can create substantial value in our niche; professionalizing the business increases robustness and creates scalability, thereby increasing the valuation multiple. Profitable growth combined with multiple expansion yields high returns.

Investment focus:

We typically invest in businesses with:

  • Distinct market positions in attractive segments

  • Clear competitive advantage

  • Ambitious owners seeking a partner to further develop the business

  • A clear path to substantial growth and value creation

  • Transaction value between 100 and 500 MNOK

Partnerships with founders

Because small companies often depend on a few key people, Credo invests alongside highly motivated entrepreneurs, family owners and management to support our shared ambitions. We encourage our partners to remain large co-owners (up to 49%). Our model is based on long term and close cooperation between management, board and owners to ensure continuity and commitment through the transformation phase.

Our investors

Credo has an established network of investors. We invest together with individuals and institutional investors who have built successful businesses themselves, and who have a genuine interest in value creation in mid-sized companies. Each investment is carried out through single purpose vehicles whose only activity is to own shares in the jointly owned company. Credo's unique ‘control partnership’ structure involves keeping majority control in Credo’s hands but ensuring full alignment with our equity partner(s).



Gudmund Killi

Managing Partner

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Gudmund is Credo's Managing Partner, responsible for Credo's overall business system and team competencies. He has his background from industry and retail at Orkla.

Pål Brynsrud


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Pål is among other things Credo's industry expert within technology and the seafood industry. He was previously a partner at McKinsey, where he co-founded their Moscow office, and has been interim CEO in several businesses.

Wilhelm Mohn


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Wilhelm is Credo's founder. He was previously head of McKinsey Norway, chairman of Stokke, and is our internal expert within leadership and governance.  

Victor Evensen


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Victor is Credo's investment banker. He previously worked for Macquarie Capital, and solves our complex transactions, in addition to leading value creation programs.

Stian Glendrange


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Stian acts as the right-hand man for several of Credo's company CEOs, including in the health and FMCG sectors. Stian previously worked with the Boston Consulting Group.

Henrik Tøstie

Investment Manager

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Henrik manages improvement programs in our portfolio companies, including in several retail cases. He previously worked with McKinsey.

Pål Prydz

Investment Manager

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Pål previously worked with SN Power and HitecVision. He spends his time on business development and M&A with management in our portfolio companies.

Jun Tai-Anisdahl


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Jun helps our companies with data driven analytics. He is one of the multilinguals in Credo's team, and previously worked with Accenture Strategy.

Anthea Arff-Pettersen


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Anthea is an experienced equity analyst from Schroders. She makes sure investment cases are attractive, and that our work is focused on the key value driving elements in each company.  

Hedvig Næss Olstad


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Hedvig takes a holistic approach to developing our businesses, using her background as a strategic advisor in QVARTZ, and her experience from banking, start-ups and communication

Marie Letting Larssen

Office Assistant

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Marie runs our office and the company's digital life.



Norwegian only

Winning over crises


Dagfinn Ringås om mangfoldig ledelse


Å våge å satse på hverandre


Dagfinn Ringås nominert til pris for å øke mangfoldet i teknologibransjen


Hilde Britt Mellbye tiltrer som daglig leder i Frisk Utvikling fra 1. august


Per Robertson er utnevnt til ny administrerende direktør i Mill International AS.


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Norwegian only

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+ 47 23 10 06 50


Stortingsgaten 22 

0161 Oslo 

Mailing Address:

Postboks 1878 Vika 

0124 Oslo 

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© by Credo Partners AS.