Njord Partners co-founder Arvid Trolle says the special situations investor is seeing resilience in the value segment, including the exit market. London-headquartered Njord invests in European mid-market companies with enterprise values of €40 million-€500 million and capital needs of €20 million-€75 million, targeting complex situations across industrials, chemicals, consumer goods, and infrastructure.

The firm's approach focuses on identifying companies with strong reasons to exist but significant improvement potential. Arvid Trolle emphasizes conservative underwriting, requiring deals to deliver even without top-line growth. Portfolio examples include Ambassador Cruise Line, which has won over a dozen awards since 2021, and Red Funnel, a critical Isle of Wight infrastructure asset acquired in a stressed state.

AI has become a key part of operational improvements across the portfolio. Njord uses AI for demand forecasting, inventory management (e.g., Il Lanificio), customer data analysis, and personalized marketing (e.g., Ambassador). However, Trolle notes they don't underwrite deals assuming AI alone will drive step-change growth.

On exits, Trolle says well-run companies with good prospects attract buyers regardless of sector. The exit market shows resilience for defensively positioned companies even amid muted M&A activity. Njord's strategy centers on operational improvement to create attractive, profitable companies for strategic or financial buyers.