Altor hires new partner

Nordic private equity firm Altor Equity Partners has appointed Hugo Maurstad, the former head of McKinsey & Company’s Norwegian operations, as its sixth partner.

Hugo Maurstad, the former director and head of the Norwegian office of management consultants McKinsey & Co, has become the sixth partner to be appointed at Altor Equity Partners.

Maurstad, who begins his new job in March 2004, joined McKinsey & Co in 1991 and worked in its Oslo and Chicago offices. His main focus was on financial institutions, corporate finance and private equity and he provided services including corporate transformation, strategy and governance to clients in Europe and the US.

“He has got valuable experience in running and managing business transformation programmes in Nordic countries, and that will help us in terms of the active ownership we are planning to add to portfolio companies,” said Harald Mix, founder of Altor.

Prior to joining McKinsey, Maurstad was managing director of Lefac Group, an Oslo-based finance company, where he worked from 1988 to 1991. He holds a Master of Management and Economics from the Norwegian School of Management.

Mix said Altor is now looking to appoint a director in Sweden as it continues to build its team. The firm, which was founded early in 2003, closed its first fund on €650 million at the end of May. Since then it has completed three transactions, including the acquisitions of Contant, a Finnish debt collection agency, and Lindorff, a Norwegian receivables management firm, in December.

Altor has 14 investment professionals based in Stockholm, with dedicated teams covering Sweden, Finland, Norway and Denmark. Investors in its fund include Harvard University, Nordea, Pantheon Ventures and Standard Life