PE-backed AGRD steps up Nordic expansion with Setterwalls deal

Private equity-backed legal group AGRD has made its biggest acquisition yet, buying the Malmö office of leading Swedish law firm Setterwalls.

The business will become an independent firm called Ascente Law.

Setterwalls is one of Sweden’s top commercial law firms, with offices in Stockholm, Gothenburg and Malmö. Its Malmö team has strengths in corporate and capital markets, energy and IP, including a leading patent litigation practice.

The office has around 100 people, including 12 partners, according to Setterwalls’ website.

The deal is AGRD’s 11th since launching in 2025 and its fifth this year, as the Axcel-backed group continues its rapid expansion across the Nordic legal market.

AGRD steps up expansion

AGRD is one of Europe’s most closely watched private equity-backed legal groups. Its firms now generate combined revenue of around SEK 1.5 billion (£115 million).

Rather than combining its acquisitions under a single brand, AGRD allows firms to keep their names, client relationships and day-to-day independence while pooling investment in areas including AI and back office operations.

Group CEO Maria-Pia Hope, the former managing partner of Swedish firm Vinge, told The Non-Billable Podcast earlier this year that the model was designed to give firms the benefits of greater scale without taking away their independence.

Announcing the latest deal, Hope said Ascente was “exactly the type of firm we set out to build AGRD Partners for”, pointing to its reputation and appetite to invest in technology.

“Ascente Law has a real depth of talent and an outstanding reputation,” she said. “The team shares our ambition to be at the helm of AI, technological transformation and innovation in legal services.”

Ascente managing partner Marc Tullgren said: “AGRD Partners matches our pace on technology, giving us the platform to keep pushing on AI and innovation, while staying true to the reputation that’s made us successful.”

“Our practice is only getting busier, and this move puts us in a stronger position than ever to serve it,” he added.

The group’s ambitions also extend beyond the Nordics. Hope previously told Non-Billable that AGRD plans to expand internationally, with the group already looking at opportunities in the UK legal market.