Service Area: Interim CEO
Client Type: Upper-Middle Market Private Equity Firm
Service Provider Type: Interim Executive with Manufacturing Expertise
Industry: Manufacturing – Glass
Struggling to get the right CEO in place for its portco, the PE firm needed a stopgap while it prepared an internal candidate to take over as its long-term chief executive officer.
A glass company with a great product line couldn’t keep up with consumer demand. After years of underperformance throughout the holding period, the PE firm was underwater on its investment. Having broken covenants with its bank while battling labor and equipment issues, the team was desperate for a quick turnaround.
They identified a strong internal candidate to take over in the long run, but he needed some guidance to grow into the role. To help him get up to speed, they needed an interim CEO who could serve as a mentor while refining operations at multiple plants across the U.S.
The BluWave Vetted™ Business Builders’ Network features a deep bench of hand-selected interim executives, ready to step into a new role on short notice. We immediately contacted the best and brightest leadership talent in the manufacturing industry from within our network and presented a short list of candidates that same week.
The team’s top choice was identified just one day after the initial scoping call, and the interim CEO stepped into the role shortly after. We maintained contact with both the temporary executive as well as the PE firm throughout the entire engagement – and beyond – to ensure the relationship was fruitful.
The career interim executive hit the ground running and brought stability to the portco. In the meantime, the private equity firm identified and groomed its permanent replacement from within.
The interim executive we provided from our PE-grade network stepped in and mentored the presumptive leader to prepare them to take the reins. At the end of the six-month engagement, the transition was complete and the full-time CEO remains in place to this day as the company continues to grow. Now the PE firm can focus on winding down its holding period and preparing the manufacturing company for sale.