CEO - PORTFOLIO SEARCH - AUTOMOTIVE/DISTRIBUTION - USA
July 5, 2024
The Appointed Executive
The new CEO will be joining the team based out of the US
THE PRIVATE EQUITY FIRM
THE PORTFOLIO COMPANY
Water-Land Manufacturing & Supply is a Holding Company for Load-Rite & Continental Trailers. They are NATM certified & have multiple product offerings, including; galvanized trailers, aluminum trailers & trailer parts. They develop products to serve the boating, custom & personal watercraft end-markets.
WHAT WERE THE PARTICULAR REQUIREMENTS OF THE SEARCH?
The PE firm sought an executive with the capability to integrate two businesses successfully and lead the greenfield development of a new site.
WHAT CHALLENGES WAS THE CLIENT FACING?
It was difficult to find relevant candidates with PE experience who were on the market. This was a proactive placement, so no engaged service was used. The business was facing challenges with growth and integration, which consequently were eating into the EBITDA figure and delaying the exit event.
WAS THERE ANYTHING THAT MADE THE SEARCH CHALLENGING?
Managing the timeframes of the search was challenging, as the client was uncertain about bringing in a new executive to manage this role. This uncertainty required us to maintain regular communication with the candidate to keep their interest in the opportunity. Additionally, we had to leverage our understanding of the candidate’s capabilities to highlight that he was an extremely strong fit for the business and its growth ambitions.
HOW DID YOU OVERCOME THESE CHALLENGES?
We overcame these challenges by maintaining open lines of communication with the client and staying on top of their decision-making process. There were several meetings where timeframes moved and opinions changed. It was important to be aware of these changes and communicate them to the candidate. Moreover, we kept the client informed about other potential opportunities the candidate had, ensuring they could secure him at the right time.
WHAT PROCESS DID YOU FOLLOW TO SECURE THE CANDIDATE?
To secure the candidate, we proactively introduced him based on our understanding of the portfolio and subsequently managed the entire hiring process.
WAS THERE A TIME YOU WENT ABOVE AND BEYOND TO SECURE THE CANDIDATE?
Yes, there were instances where I made weekend and out-of-hours calls to keep both the client and the candidate informed.
WAS THERE ANYTHING ABOUT THIS SEARCH THAT SURPRISED YOU?
The shortening of the timeframes to ensure that the best candidate was secured was a surprising aspect of this search.
WOULD YOU CLASS THIS SEARCH AS SUCCESSFUL?
Yes, any situation where both the client and the candidate are happy with the result is considered a successful process.
THOUGHTS ON THE CANDIDATE
"Todd is an extremely capable and driven executive from the same market space, with Private Equity experience. I believe he will do a terrific job at integrating and growing these businesses. Working with Todd was exceptional; he always maintained clear communication, provided information promptly, and performed well in the interviews."
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