CapMan, the expanding Nordic private equity firm, has agreed one of its biggest deals to date with the €100m ($108m) buy-out of Noiro, a cosmetics business based in Finland.

Orvo Siimesto, a senior advisor at CapMan, said his firm plans to help finance the buy-out with debt and mezzanine, but that the amounts and providers have not been finalised. Both CapMan and the vendor, Orion, a Finnish pharmaceuticals company, relied on their internal resources rather than retain external corporate finance advisers.