Service Area: Interim Executives
Client Type: Small Market PE Firm
Service Provider Type: Interim CEO
Industry: Construction & Engineering
A small-market PE firm engaged BluWave for their interim executive expertise to address a critical need at a mechanical contracting portfolio company. The business faced sudden changes in its leadership, as the existing CEO decided not to proceed with the planned transition. The PE firm sought a temporary chief executive to bridge the leadership gap, assess the business, drive operational efficiencies and provide commercial insights.
The mechanical contractor found itself in a challenging situation with a CEO checked out of daily operations. Additionally, senior leadership was experiencing increased pressure due to margin compression. The company needed an Interim CEO immediately to support the transition from the outgoing CEO and assess the business’s current state to identify improvement opportunities. This urgent requirement demanded a leader who could provide both operational and commercial expertise while navigating the unique cultural dynamics of a legacy business.
BluWave swiftly connected the PE firm with a short list of highly qualified interim CEOs with backgrounds in operations and commercial management. The chosen executive had a track record of leading turnarounds and repositioning companies for growth, making him an ideal candidate. With experience in lender relations and understanding of financial dynamics, the interim CEO was also well-equipped to manage interactions with lenders and assist the company in developing a clear financial strategy.
The appointed interim CEO promptly assumed the leadership role, guiding the mechanical contractor through a smooth transition. Their deep operational understanding allowed them to identify low-hanging fruit for operational efficiencies, optimizing processes and breaking down silos within the organization. Simultaneously, they conducted a thorough commercial assessment, understanding the factors driving customer decisions and addressing issues affecting business growth.
The Interim CEO’s expertise in percentage of completion accounting and industry-specific knowledge significantly contributed to the improvement of the company’s finance function. They engaged with lenders transparently, helping them understand the business’s current state and future prospects, leading to a strengthened relationship. Furthermore, the interim CEO provided strategic insights on the nature of leadership required to execute the company’s growth plan.
With the Interim CEO’s guidance, the mechanical contractor gained clarity on its financial performance, identified necessary investments for underwriting success and developed a roadmap for the future. This successful interim engagement provided the company with stability during a critical phase and positioned them for future growth.
During the engagement, a long-term chief executive officer was identified. The interim CEO facilitated a seamless transition as the new leader took the reins.