Westerlund to stand down as CapMan CEO

Andreas Tallberg, chairman of the company's board of directors, said the GP is now looking for a new CEO "well suited to CapMan's strategy as a specialised management company". Westerlund will stay on until the board appoint a new chief executive.

Westerlund also pledged to remain as an adviser to Growth Equity, CapMan's minority investments strategy, according to a statement.

The firm has completed nine deals across the Nordic region and Russia since Westerlund took up the position in August 2013, according to unquote" data. Its most recent deal was the buyout of Finnish accommodation business Forenom in December last year.

CapMan's recent deals have been funded by its 10th buyout fund, which closed on €245m, and a specialist Russia fund with €99m of commitments, both launched in 2012. Westerlund's decision also comes after the final touches were put on CapMan's strategic acquisition of Nordic investment company Norvestia.

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