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Sebastian Seppänen, Relais Group's director of M&A and business development, has been appointed interim chief financial officer, as the vehicle aftermarket consolidator shifts its focus from acquisition-led expansion toward profitability, cash generation and returns on capital.
Seppänen succeeds Thomas Ekström, whose departure was announced in April and will take effect no later than October, the company announced yesterday.
Seppänen will retain responsibility for M&A and business development while overseeing the finance function, giving him a dual mandate at a pivotal point in Relais' development. The company continues to search for a permanent CFO.
"Sebastian knows our business and strategy well,” CEO Christian Gebauer said. “Through his M&A role, he has been deeply involved in Relais Group's financing processes over the past four years, and I am confident in his ability to lead our finance function during this transition."
An insider takes the finance helm
Seppänen is one of the executives most closely associated with Relais' acquisition strategy. During the past four years, he has been involved in transactions, financing arrangements, and business development initiatives that helped transform the company into one of the Nordic market's most active consolidators.
The scale of that expansion accelerated in 2025. Relais completed eight acquisitions during the year, extending its presence beyond the Nordic region into markets including the Benelux. Net sales increased to EUR 383.4 million from EUR 322.6 million in 2024.
His appointment suggests continuity rather than a change in direction. By keeping M&A responsibilities with Seppänen, management is signaling that acquisitions remain part of the growth agenda even as the company places greater emphasis on profitability and returns.
Growth remains strong, but the finance agenda is changing
The leadership change comes against a backdrop of strong operating performance.
Relais reported record first-quarter net sales of EUR 119 million, up 44% from EUR 82.8 million a year earlier. Adjusted EBITA increased 40% to EUR 12.8 million, while adjusted earnings per share rose 13% to EUR 0.38.
The most important figure may have been cash generation. Operating cash flow increased to EUR 10.4 million from EUR 2.7 million in the prior-year period.
For investors, that improvement reflects a broader shift underway inside the company. During the past several years, the priority was building scale through acquisitions. The next phase requires turning that larger platform into stronger cash generation and higher returns on invested capital.
That changes the nature of the CFO role. The focus is no longer solely on financing acquisitions and integrating new businesses. It increasingly involves capital allocation, balance-sheet discipline, and ensuring that acquired businesses generate acceptable returns.
Leadership and governance continue to evolve
Seppänen's promotion is the latest step in a broader reshaping of Relais' leadership structure.
Christian Johansson Gebauer became CEO in January 2026, succeeding founder Arni Ekholm, who later joined the board. Earlier this year, Relais reorganized its operations into three business segments: Commercial Vehicle Services, Products and Solutions, and Technical Wholesale.
Governance has also become more structured. At the June board meeting, directors established an Audit and Risk Committee chaired by Olli-Pekka Kallasvuo and a Financing and Investment Committee chaired by Board Chair Jesper Otterbeck.
The new committee structure reflects the company's increasing focus on capital allocation. As Relais moves beyond its most aggressive acquisition phase, decisions about investment returns, financing, and portfolio priorities become more important than simply adding revenue through deals.
Turning growth into returns
Relais made that shift explicit at its Capital Markets Day in May.
Under the theme "Turning growth into returns," management outlined three financial targets for 2026–2028: average annual double-digit EBITA growth, return on capital employed above 13%, and dividend distributions equivalent to 30% of fully diluted earnings per share on average over a business cycle.
Those goals mark a subtle but important change in emphasis. During the company's acquisition phase, growth was the primary measure of success. The new framework places greater weight on profitability, cash conversion, and the returns generated by capital already deployed.
The company has not abandoned acquisitions. In April, Relais acquired Norway-based Service-Ekspressen AS, a workshop equipment services company with NOK 28.6 million in 2025 net sales. Future transactions, however, are expected to face greater scrutiny through the lens of return on capital employed and cash generation.
Investor watchpoints
The timeline for appointing a permanent CFO remains a key question. Relais has not disclosed when the recruitment process will conclude, although Ekström is expected to leave no later than October 2026. Investors will likely watch for updates on the search process and whether a permanent appointment is announced before the transition is completed.
Profitability will also remain in focus. In the first quarter, net sales increased 44% to EUR 119 million and adjusted EBITA rose 40% to EUR 12.8 million. However, adjusted EBITA margin declined slightly to 10.8% from 11.0% a year earlier. Future results will show whether the company can maintain or improve profitability as recently acquired businesses are integrated into the group.
The impact of the new Financing and Investment Committee is another area to monitor. Established on June 16, the committee will oversee financing and investment matters and includes Board Chair Otterbeck, former CEO Arni Ekholm, and Lars Wilsby. Investors will be looking for evidence of how the new governance structure influences capital allocation and acquisition decisions.
Relais' target of achieving return on capital employed above 13% during 2026–2028 may become one of the most closely followed metrics in the updated strategy. Progress toward that target will provide a measurable indication of how effectively the company converts growth and acquisitions into returns on invested capital.
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