CapMan holds second close, appoints new CEO

The group announced a second close for its CapMan Buyout X fund on €206m, following its first close in November 2012 on €152m.

Furthermore, in its half-year results the firm reported net profit of €4.3m, up from €2m in the same period in 2012. CapMan increased turnover from €13.2m in the first half of 2012 to €16.5m in the first six months of this year.

According to the firm's outgoing CEO and CFO Niko Haavisto, CapMan's management company has returned to profitability through cost savings, the establishment of new funds and recent exits. "We strengthened our balance sheet and the financial position of the group by selling a portion of our Maneq investments. The transaction is part of our preparation to repay the hybrid loan, which is possible in December at the earliest," explained Haavisto.

Westerlund's new role as CEO sees Karri Kaitue take over his previous position as chairman of the board. Westerlund, a senior partner at CapMan, was previously CEO of the firm from 2005 to 2010. He joined in 1994 and headed CapMan's technology and buyout teams. Prior to joining, he worked for Finnish Innovation Fund, Sitra.

Kaitue was deputy CEO of Outokump Group from 2005 to 2011.

Investments
CapMan Buyout X will invest in mid-market buyout transactions in the Nordic countries.

Investors
In addition to CapMan, 13 institutional investors and family offices, primarily from the Nordic countries, made commitments prior to the fund's first close.

CapMan's share of the commitments is 2%, or €3m. CapMan expects to achieve a final close for the fund later in the year.

People
Jerome Bouix is a senior partner and responsible for fundraising at CapMan. Kai Jordahl is head of CapMan Buyout and a senior partner at the firm.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• People
• Nordics
• Buyout
• CapMan
• Finland