Axcel Seeks Buyer for Photography Software Firm Capture One
Axcel, a private equity firm from the Nordic region, is reportedly initiating an auction process to divest Capture One, its photography software enterprise. This strategic decision comes in the wake of financial challenges faced by its parent company, Phase One, and a desire to optimize portfolio performance. Despite recent staff reductions at Capture One that contributed to a slight profit increase, the firm's overall financial trajectory has been less robust than anticipated. The impending sale is viewed as a calculated maneuver to bolster the company's market position and attract potential investors, especially as Capture One recently announced a 6% price hike across its product range, a move likely aimed at enhancing its valuation.
Axcel's Strategic Divestment: The Sale of Capture One
In May 2026, reports surfaced indicating that Axcel, the Nordic private equity powerhouse, is actively pursuing the sale of Capture One, a leading photography software company. This development, initially highlighted by credit intelligence firms Octus in January and further corroborated by earlier Kapwatch reports, signals a significant shift in Axcel's investment strategy. Since acquiring Phase One, which encompassed Capture One, in 2019 for approximately 1.5 billion Danish kroner (roughly $233.8 million USD), Axcel strategically bifurcated the two entities into independent operations. While the initial plan suggested selling Phase One first, the current focus appears to be on finding a buyer for Capture One, demonstrating a flexible approach to market opportunities.
The impetus behind this divestment stems from a complex financial landscape. Phase One A/S, the hardware counterpart, reported a substantial revenue decline in 2024, plummeting to approximately $48 million from over $70 million in 2023, coupled with a profit deficit exceeding $3.6 million. Its workforce also shrank from 210 in 2020 to 174 by 2024, with negative cash flows recorded in three of the past five years. While Capture One exhibited a more stable financial standing in 2024, achieving a 2% increase in gross profit, this modest growth was partly attributable to a significant reduction of over 30% in its staff compared to 2023. Octus's data suggests Capture One's EBITDA stood at 68 million Danish kroner (around $10.6 million) in 2024, with Axcel asserting an annual revenue of approximately 24 million euros ($27.9 million). Given the average European software company valuation at 15.8 times EBITDA, Capture One could command a valuation around $167.5 million. Phase One's 2024 EBITDA of nearly $3.5 million, however, paints a less optimistic picture for Axcel's return on that specific investment. Despite these financial considerations, Capture One maintained a neutral stance, informing PetaPixel that it remains an Axcel portfolio company with no immediate news regarding a sale, while Axcel chose not to comment.
This evolving narrative underscores the dynamic nature of private equity investments and the constant evaluation of portfolio assets. Axcel's decision to explore a sale, especially following Capture One's recent 6% price increase across its product suite, reflects a calculated effort to enhance the company's attractiveness to prospective buyers and potentially secure a favorable exit. It highlights how financial performance and strategic maneuvers are intertwined in the high-stakes world of mergers and acquisitions.