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CapMan appoints CEO

The Nordic firm has reshuffled its board of directors, less than two months after it held a €206m second close on its latest buyout fund.

Finland-headquartered CapMan has appointed Heikki Westerlund, a senior partner and current chaiman, as its CEO. 

This is not a first for Westerlund, who occupied the post between April 2005 and May 2010. He previously headed CapMan’s technology and buyout teams, after joining the firm from Sitra, a public investor in Finnish venture and private equity, in 1994. Westerlund owns 3.5 percent of CapMan’s stock and 10.5 percent of the voting rights in the company.  

He will be replaced at the head of the board by Karri Kaitue, currently its number two, while Nora Kerppola will become vice chairman. Kaitue joined the five-director strong body in March 2012, after heading Finnish stainless steel producer Outokumpu Group until late 2011. 

The reshuffle came shortly after CapMan released its interim results, which painted a positive first half of the year for the firm. The group saw its revenues jump from €13.2 million to €16.5 million, a 25 percent increase, while its operating profits more than doubled to €4 million. CapMan’s assets under management also increased 8 percent, from €3 billion to nearly €3.3 billion. 

The positive news will be welcomed by CapMan, which is busy raising its latest buyout vehicle. Fund X, which doesn’t have a target, held a second close in June on €206 million. Its predecessor reached its final close in 2009 on €294.6 million, well below its €450 million target.