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