A Nordic firm founded in London that avoids deals in the UK, a vociferously mid-market firm that dabbled in large buyouts, and a western buyout group with a Marxist-sounding name that has grown increasingly European – IK Investment Partners, formerly Industri Kapital, has been characterised by conflicting impetuses over its two decades of operation.

A rebranding exercise last year, together with a successful fundraising for its latest buyout vehicle, saw the firm go back to its roots and re-establish the ethos put in place by founder Björn Savén in 1989. Christopher Masek, a managing partner, said: "IK started as a small entrepreneurial organisation, but has grown with the industry. The investment decision-making process has been streamlined and our operational capabilities have been strengthened.