Reason for the Search

Acorn Growth had recently acquired a new portfolio company, Sentry Aerospace, and due to their rapid expansion, the company needed to strengthen its financial leadership. Sentry Aerospace lacked a Chief Financial Officer (CFO), and with their plans to break into the US market and diversify their product lines, they required a strong financial leader who could implement a robust finance system. This individual would need to create and track financial metrics to ensure the business could scale effectively.

THE PRIVATE EQUITY FIRM

Acorn Growth Companies.

THE PORTFOLIO COMPANY

Sentry Aerospace, an aerospace distribution company, was looking to expand both its market presence and product offerings. The company needed an experienced CFO to help drive this expansion while building and managing robust financial systems. Sentry Aerospace needed someone with a deep understanding of the aerospace industry, financial leadership experience, and an ability to lead multi-site, international operations. The company’s growth trajectory demanded a leader capable of managing financials across a more complex and global business structure.

THE SEARCH REQUIREMENT

Raw Selection was engaged by Acorn Growth to find a CFO who could bring strong financial leadership to Sentry Aerospace. The ideal candidate would need to have significant experience in aerospace and defence, as well as the ability to manage international operations. Key requirements included:

• Distribution experience
• Aerospace and Defence experience
• Financial leadership experience
• International operations experience
• Tax model experience

WHY RAW SELECTION

Acorn Growth had previously worked with Raw Selection on a number of successful searches, which established trust and a strong working relationship. When the search for a CFO at Sentry Aerospace began, Raw Selection’s Managing Partner, Alex Rawlings, visited the Sentry Aerospace offices to meet with the hiring manager and other key team members. This visit was essential in building a complete picture of the company, its culture, and the specific profile needed to succeed in the role. Alex also visited the manufacturing plant in the UK where the role would be based, further deepening the understanding of the company’s needs.

THE PROCESS

Raw Selection followed its extensive 15-step process to find the right fit for the CFO position. This process involved identifying over 600 potential candidates, followed by a rigorous evaluation to ensure they met the necessary qualifications. A shortlist of 11 candidates was created, all of whom were thoroughly interviewed and assessed for cultural fit. In total, over 100 screening calls and more than 10 interviews were conducted before identifying Martin Coleman, the final candidate who would take on the CFO role.

Martin Coleman was a standout candidate from the beginning of the process. He had previously worked for one of Sentry Aerospace’s major competitors, where he grew revenue from $23 million to $50 million and increased EBITDA from 8% to 19%. His experience with international operations, as well as his background in managing acquisitions and maintaining strong bank relationships, made him an ideal fit. Martin also had extensive experience in private equity-backed companies, including work with Octopus Ventures and CVC Capital Partners. This background gave him a solid understanding of the systems and processes required for fast-growth environments like Sentry Aerospace.

THE RESULT

Raw Selection successfully placed Martin Coleman as the CFO of Sentry Aerospace. His vast experience in aerospace distribution, his leadership in managing growth, and his ability to handle multi-site, international operations were crucial in helping Sentry Aerospace navigate its expansion. Under his leadership, the company was well-positioned to scale both domestically and internationally, while strengthening its financial systems and strategies.

The client was highly satisfied with the outcome. Martin’s leadership has already started to positively impact the business, and Raw Selection’s ongoing partnership with Acorn Growth remains strong. The client praised Raw Selection’s thorough and detailed search process, and the firm’s commitment to finding the perfect fit for such a critical leadership role.

THE CANDIDATE 

Martin Coleman, the successful candidate, had worked in aerospace distribution for many years. Before joining Sentry Aerospace, he was the CFO of a major global competitor, Worthington Aviation. During his tenure, he grew the company’s revenue from $23 million to $50 million and increased EBITDA from 8% to 19%. Martin had a strong understanding of the aerospace industry and was familiar with the financial demands of managing a growing, multi-site, international business. His background in private equity and experience with complex financial systems made him the perfect candidate to help Sentry Aerospace navigate its growth and future challenges.

WHAT OUR CLIENTS THINK

Having previously worked with Raw Selection on a successful search, we engaged again for a search for our Aerospace portfolio company. Alex presented us with an excellent final candidate who we subsequently hired and are looking forward to them making a big impact on the business.
— Carol Crick, Managing Director, Acorn Growth Companies

OUR THOUGHTS ON THE SEARCH

As someone who has operated in the Aerospace & Defence market for over a decade, I knew that this would be a difficult search. The UK market is not abundant with these types of companies, and many of the CFOs in this space lack the growth track record required to work in a private equity-backed business. We also needed a CFO with experience operating in a fast-growth environment, with international and multi-site leadership. This search was further complicated by the impact of COVID-19, but we were able to support the candidate’s relocation and help him navigate the challenges of joining a company during such uncertain times.
— Alex Rawlings, Founder of Raw Selection