REASON FOR THE SEARCH

The new CFO will be aiding the portfolio company's EBITDA and revenue growth based out of Gainesville, Florida.

The previous CFO had been with Lindsay Precast prior to the acquisition by MiddleGround Capital. He was planning to retire in January 2023, and the Private Equity firm wanted at least 6 months of overlap with the new CFO. The company had very weak financial systems and processes, and they wanted to ensure a fluid knowledge transfer between CFOs.

THE PRIVATE EQUITY FIRM

MiddleGround Capital

THE PORTFOLIO COMPANY

Lindsay Precast is a U.S.-based concrete manufacturer with a robust line of precast products. For more than 60 years, they have been North America’s premier concrete manufacturer specializing in precast concrete products and, since the mid-1990s, they have sharpened their strategic focus to include steel fabrication. They provide the best experience to their customers, which include state and municipal government entities, banks, utility companies, renewable energy companies, and the military.

Their precast concrete products protect property with storm drainage systems and the environment with septic systems. Their product line has grown from five items in 1961 to more than 200 precast concrete products manufactured today, including utility products, security vaults, and vault doors, bridges/boxes and arches, sanitary and storm manholes, catch basins, architectural products, pump stations and commercial sewage plants, and agricultural products.

Lindsay Precast currently has 7 sites in 5 states with a headquarters in Gainesville. The company was purchased in November 2021 by MiddleGround Capital. They have a family-run company culture and are operationally focused. They have a jovial leadership team that creates an informal and friendly atmosphere.

THE SEARCH REQUIREMENTS

• Multi-site experience
• Private Equity experience
• CFO experience
• Construction experience (preferred)
• Implemented an ERP system
• M&A and integration experience

WHY RAW SELECTION

This is the first search where Raw Selection and MiddleGround Capital have worked together.

The main challenge during this search was the specific criteria. They needed someone from the precast concrete sector with Private Equity-backed experience. There were limited Private Equity transactions in this space, leading to a small talent pool.

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

THE PROCESS

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

Raw Selection begins every search by discussing and understanding the full search requirement and brief. Raw Selection’s Principal, Jack Burns, led the search and worked with Managing Director, Rick Brawn, at MiddleGround Capital and Ron Lindsay, CEO of Lindsay Precast, to build out a complete picture of the company, its employees, the culture, and the type of profile needed to succeed in the position.

After conducting over 218 screening calls and 24 interviews, Raw Selection identified an exceptional individual, Paul Brennan, who was subsequently hired for the role.

Raw Selection followed their extensive 15-step search process, identifying 337 potential profiles that were then narrowed down to a shortlist of 2, all of whom had been fully interviewed and measured for culture fit.

We also created a Talent Engagement Pack with an extensive amount of information on relocation, living in Florida, the Private Equity firm, and the portfolio company to sell the location as well as the role.

The CFO was able to join the business immediately before the current CFO’s retirement, ensuring a strong handover.

THE RESULTS

Paul Brennan, a detail-oriented and self-motivated individual, stood out due to his experience in the precast concrete industry. Having grown a company by adding $30M in revenue and led acquisitions and integrations in a PE-backed environment, he was an exceptional fit for this role. His flexibility in relocating to Florida with his family was a key element for the CEO and MiddleGround Capital.

THE CANDIDATE

Jack Burns, Principal at Raw Selection, comments:

“Paul Brennan came across as a very detail-oriented and self-motivated individual. His experience in precast concrete, having grown a company by adding $30M in revenue, and led acquisitions and integrations in a PE-backed environment made him an exceptional candidate for this role. His flexibility in relocating to Florida with his family was a key element for the CEO and MiddleGround Capital.”

OUR THOUGHTS ON THE SEARCH

After an extensive search, we identified a great CFO who was a fit for MiddleGround, both in terms of experience and culture.

The CFO immediately joined the business before the current CFO retired, ensuring a strong handover of responsibilities.

GET IN TOUCH

About Raw Selection:

Raw Selection favors 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 role after 12 months.

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