REASON FOR THE SEARCH

This was an urgent search as the current CEO was due to leave in just a few weeks. The portfolio company was looking to replace its CEO due to underperformance as they needed someone who would be able to support the business and drive sales.

THE PRIVATE EQUITY FIRM

Chatham Capital is a private investment firm that concentrates on lower-middle market companies with sustainable cash flow from operations. Headquartered in Atlanta, GA, Chatham provides debt and equity solutions to companies throughout North America. The firm does not make early-stage, venture capital, or real estate investments.

THE PORTFOLIO COMPANY

Peekay Boutique is a sexual wellness E-commerce company. Previously, they had experienced bankruptcy and multiple changes of CEOs. They have a strong west coast presence and the majority of their customers are female.

THE SEARCH REQUIREMENTS

• E-Commerce experience
• Retail experience
• CEO experience
• Lower middle market experience
• Up to date with current retail economic situations
• Savvy with lease agreements & retail shop locations
• Debt leverage experience
• Vendor relationships
• Comfortable with the adult nature of the product (Happy to promote the business)

WHY RAW SELECTION

We were also working to a very tight deadline on this search, the CEO was working their notice and leaving in around a month, so the deadline for providing a shortlist of candidates was 3 weeks maximum.

This search came with a few major challenges and had actually been turned down by a number of search firms before Chatham came to us.

KEY CHALLENGES

• Grow E-Commerce Sales
• A decline in the retail industry
• Growing the brand recognition
• Sensitivity of the brand

However, Raw Selection is proven in completing difficult searches and we found an exceptional candidate for the role who matched the requirements and was able to be placed in just 2 weeks.

THE PROCESS

To secure the candidate, Raw Selection followed their extensive 15-step process to ensure a great match was found for the vacancy.

Raw Selection followed our extensive 15-step search process, identifying 68 potential profiles which were fully evaluated and then cut down to a shortlist of 11, all of whom had been fully interviewed and measured for culture fit.

Raw Selection identified an exceptional individual, Barbara Cook, who was subsequently hired for the role.

Upon commencing the search, Raw Selection’s managing partner Alex worked closely with Chatham to create a full and detailed brief, to ensure we fully understood the company goals and challenges, the culture, and the type of profile that would be a good fit. Due to the product line and the fact that the business was underperforming, it was a challenging search to position candidates. Chatham required someone who would be the face of the business, who was comfortable with the adult nature of the product, and who was happy to stand up and promote the business. Many CEOs we spoke to were uncomfortable with this.

To overcome these challenges, we worked most by using word of mouth and asking for referrals. We contacted every relevant profile in the local area and this paid off when we found Barbara within two weeks of starting the search, well within the 3-week deadline.

Barbara joined Chatham from a PE-backed retail business and was able to start a month and a half after the previous CEO left, ensuring there was no dip in service. She has already made great improvements to the business and has become a great asset to the team.

THE RESULT

"I've never worked on a CEO search before with such a tight deadline, but we knew how urgently Chatham needed someone and so we applied the necessary resources to complete this within the deadline.

We secured Barbara, who had all the required experience, and has settled in well to the team."

Alex Rawlings, Managing Partner, Raw Selection

THE CANDIDATE’S THOUGHTS

"Alex and his team take the time to be discerning and considerate in their choice of executive and PE partnerships. As a consequence, and in my direct experience, the partnerships are strong, solid, and successful.

I would highly recommend Raw Selection to Private Equity firms seeking talented and proven CEOs, as well as to the executives themselves. It feels like a privileged club!"

Barbara Cook, Chief Executive Officer

Subsequently, two years post Barbara's appointment, the company has been exited, for an undisclosed, but very impressive exit multiple.

THE CANDIDATE

Barbara was the perfect candidate from receiving her CV to our initial discussion, through all the interviews and the work she has done turning around and growing Chatham Capital’s portfolio company.

Barbara has the perfect blend of blue-chip, public, private equity and even venture-backed experience. Giving her the diverse skillset and knowledge needed to turn around and scale this struggling retail business.

Barbara was previously the European CEO for Starbucks before pushing her career into private equity and venture-backed companies taking multiple businesses to significant growth and exit.

Barbara’s references were very impressive and we knew she would make as much a success of this company as she has others in her career.

Alex Rawlings, Managing Partner of Raw Selection

GET IN TOUCH

ABOUT RAW SELECTION:

Raw Selection favours a meticulous approach to talent research. Our process for selecting the right talent means we can boast a 100% success rate for all our retained and engaged clients, with 96% of placed candidates still in their roles after 12 months.

If you are looking for new talent, please get in contact with Jack today, at alex.rawlings@raw-selection.com