HOW BLACKFORD CAPITAL SECURED A CHIEF EXECUTIVE OFFICER FOR THEIR E-COMMERCE OUTDOOR LIVING PRODUCTS ROLL-UP, IN THE US
October 30, 2024
At A Glance
The new CEO will be joining the team based out of the US.
THE PRIVATE EQUITY FIRM
Blackford Capital is a private equity firm based in Grand Rapids, Michigan, focusing on investing in family- and founder-owned lower middle-market businesses in sectors like manufacturing, distribution, and consumer products. They emphasize sustainable business practices, aiming to create value while honoring the legacy of owners and achieving strong financial returns. With over 18 portfolio companies and significant annual revenue, Blackford is committed to operational excellence and sustainability as key components of their investment strategy.
The Search was commenced for the Private Equity firm Blackford Capital for a D2C, E-commerce Outdoor Living Products Roll Up. Products from patio furniture, patio heaters and artificial turf. The initial roll-up concerned 5 acquisitions, that needed to operate under one platform. The revenue of the initial platform was $75Mn. Each company was led by the previous owner or a family member.
REASON FOR THE SEARCH
- A roll up of a new platform that has no proven leadership team at the level of revenue, growth trajectory or private equity backed experience
- Platform that was from a private equity perspective un sophisticated and needs some professionalisation
WHAT WERE THE PARTICULAR REQUIREMENTS OF THE SEARCH?
- Proven CEO
- Roll up / M&A
- $100M revenue experience
- E-commerce
- Sold via Amazon
- Supply chain management from Asia
- Hands on CEO
- Private equity backed
- Exit experience
WAS THERE ANYTHING THAT MADE THE SEARCH CHALLENGING?
- The roll up was undergoing as the search commenced with the platform sitting at $30M, which brought about resistance of the revenue size experience required
- Not a huge amount of private equity investment in this area prior
- E-Commerce sector post COVID has seen inventory issues and supply chain challenges, separating the good from the bad executives took some deep digging
HOW DID YOU OVERCOME THESE CHALLENGES?
- Effective positioning of the PE sponsor’s vision for the platform and the market growth opportunity
WITH RAW SELECTION'S 17 STEPS TO FILL A SEARCH, WHAT PARTICULAR STEP FOUND THIS CANDIDATE?
John Snowden was a known entity to Raw Selection and already apart of our extensive network of PE-Backed Executives.
THOUGHTS ON THE CANDIDATE
"John is a exception and seasoned PE operator. Career Highlights include completing two successful exits in excess of both a ~9X & ~10X. Highest P&L is in excess of $500Mn. John has a plethora of experience in aggressive successful M&A growth & integration as well as building and maintaining supply chains with extensive exposure to sourcing in the far east. John’s references are amongst the very best I have ever received. All from those that reported to him, he reported to and prior Private Equity executives, of them communicating that he is super intelligent, incredibly hardworking and an exceptional executive."
Get in Touch
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October 30, 2024
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