Paine & Partners targets Nordic region

The US firm has hired former bankers to invest in the region’s financial services, energy and seafood sectors.

US mid-market firm Paine & Partners has hired a duo of Nordic bankers, Bjarni Ármannsson and Frank Reite, to help it source regional deals in sectors including seafood, energy and financial services.

Ármannsson, who lives in both Reykjavik, Iceland and Oslo, Norway, was most recently the chief executive of Icelandic financial group Glitnir, formerly Íslandsbanki. He’s also held CEO roles at Kaupthing Bank and the Icelandic Investment Bank.

Reite, who lives in Ålesund and Oslo Norway, was previously the CEO of Norwegian bank KredittBanken, which was sold in 2004 to Glitnir. He was responsible for growing Glitnir’s Nordic operations and was a member of Glitnir’s executive management board from 2005 until leaving the Icelandic financial group last fall. He’s also held executive roles at Aker, a Norwegian company with a focus on energy, maritime and marine-resources industries.

“Many of us have had the pleasure of working closely with Frank and Bjarni over the years, and we have long respected each man’s judgment, skill and strong business achievements in, among other regions, the Nordics, Europe and the US,” Dexter Paine, a founder partner of the firm, said in a statement.

Paine & Partners has offices in San Francisco and New York. It was founded in 1997 as Fox Paine, but changed its name after a four-month legal battle between co-founders Paine and Saul Fox that was settled out of court in December 2007.

The firm is currently investing its third fund, closed in 2007 on $1.2 billion, and says its 10-year track record has produced annual returns of 33 percent. It currently has 22 investment professionals.