A private equity firm reached out to BluWave in need of a chief medical officer (CMO) for one of its portfolio companies in the healthcare services sector. The ideal candidate would not only possess the typical expertise of a CMO in healthcare practice and management but also have a deep understanding of population health and clinical data analytics.
The Challenge
Niche Expert in a Broad Healthcare Landscape
The portfolio company provided primary care and mental health services to community-based clinics, specifically serving veterans. These clinics were contracted by the VA and were spread out nationally.
The company was in a unique position. Their previous chief medical officer had recently left, and they were looking to fill the position with a candidate possessing a slightly different skill set. The new CMO would be responsible for managing and leading the clinical outcomes and metrics. A key part of their role would be to improve the analysis of clinical data sets and apply population health theory.
How BluWave Helped
Specialized Search for a Unique Requirement
BluWave’s leveraged its extensive network and industry knowledge to immediately identify executive search firms with the niche expertise required for this role. A short list was presented to the PE firm, which quickly chose the best fit. By understanding the client’s unique situation and the intricacies of the healthcare sector, the firm facilitated a tailored search process, ensuring that the client was introduced to the most suitable options.
The Result
Tailored Match for Continued Success
The search was not only efficient but also aligned with the client’s unique needs, ensuring that the portfolio company was well-positioned for future success with the right leadership at the helm. The new CMO stepped in and, according to the PE firm’s associate VP, made an immediate impact.
Great job searching for an industry-specific provider and very responsive. Appreciated the ability to work on a contingency basis and flexibility in scoping given the unique nature of the search.
Service Provider Type: Executive Recruiting Firm – CFOs
Industry: Healthcare Services
The Need
Finance Leader for Rapidly Growing Healthcare Portco
A private equity firm specializing in mid-market investments and family office collaboration approached BluWave with a unique requirement. They were searching for a chief financial officer for one of their portfolio companies in the healthcare services sector. This healthcare firm had experienced substantial growth in recent years, nearly quadrupling its annual revenue.
The Challenge
Operational Disparities Across Locations
The portfolio company had pursued growth through acquisitions and de novo ventures. It operated more than 10 branches, some branded and others unbranded, leading to technological disparities among locations. The main challenge lay in finding a CFO experienced in multi-site healthcare operations, proficient in managing finances in a cash-only environment and skilled at consolidating diverse operations under a unified tech stack.
How BluWave Helped
Specialized Firm To Streamline Search
BluWave quickly grasped the client’s unique requirements and the urgency of their need for a specialized CFO. They leveraged their extensive network and industry knowledge to identify potential executive search firms with expertise in healthcare recruitment. By providing a shortlist of specialized partners capable of addressing the client’s specific needs, BluWave facilitated a streamlined search process.
The Result
Finance Leader with Perfect-Match Skillset
The search firm BluWave placed successfully identified a CFO candidate with the relevant skills and experience. This CFO not only had expertise in multi-site healthcare but also had a track record of managing cash transactions and technology integration. This strategic recruitment met the client’s immediate needs and positioned the portfolio company for continued growth and operational efficiency.
They have done a nice job for us. They have sent us good candidates, been responsive to our questions and requests and helped drive the discussion.
Service Provider Type: Business Development and Sales Executive Recruiting Firm
Industry: Manufacturing
The Need
Sales Executive for Unique Challenge
A private equity firm contacted BluWave in need for an executive search firm to hire a head of business development for one of its portfolio companies. This, however, wasn’t your typical sales role. The company had an exceptionally long sales cycle, sometimes exceeding a year, with numerous stakeholders involved, including engineering and buyers. This role demanded a technical acumen, making it distinct from conventional sales positions. While contingent recruitment was preferred, retained services weren’t out of the question.
The Challenge
Filling Big Shoes of Outgoing Executive
The portfolio company, an investment made in 2017, was a century-old firm operating in the metal stamping industry. It had an engineering-centric approach and had previously relied on a sales individual with a customer service and account management background. This person worked alongside two manufacturing representatives, but three of them had not been productive for years.
In a strategic shift, the company transitioned to collaborating with multiple rep groups and a third-party agency to generate leads. The retiring sales individual had been the key point of contact, handling opportunities from RFQ to closing. As this crucial team member was about to retire, the challenge was to find a replacement capable of understanding the technical aspects, navigating a long sales cycle typical in their industry and building relationships with customers rather than just selling from a catalog.
Reporting directly to the President, this would be the sole sales role in the company. The individual would work as an individual contributor, and there was no immediate need for building a larger sales team.
How BluWave Helped
Knowing the Right Firm To Identify Ideal Candidate
BluWave quickly grasped the client’s requirements and preferences: a versatile candidate who could be a strong utility player in a specialized sales role. Industry-specific experience was also a requirement, as was the ability to work on the road for extended periods.
Understanding the nuanced demands of this role, BluWave identified potential recruitment partners who excelled in placing sales leaders within extended sales cycles in the manufacturing domain. Within a short timeframe, a list of suitable executive search firms was provided, aligning perfectly with the client’s expectations.
The Result
PE Firm, Specialized Recruiter a Perfect Fit
This partnership led to a seamless collaboration between the client and the chosen executive search firm. They were able to select a candidate who not only possessed the technical skills required but also demonstrated a profound understanding of the unique challenges posed by the lengthy sales cycle. This strategic recruitment ensured that the portfolio company had the right leader to navigate this phase effectively.
Overall, I think they had the best understanding of what was needed in a somewhat specialized sales role. Typically, in a process, we will get some amount of odd-ball candidates from a fit perspective, but I thought everyone that they brought us was reasonable. We will very likely use them again.
Service Provider Type: Specialized Executive Recruiting Firm
Industry: Software Technology
The Need
CFO Search in the Software Sector
A large capital private equity firm, required a new chief financial officer (CFO) for its portfolio company in the software technology sector. This B2B SaaS platform, based on the East Coast, had reached a revenue milestone of nearly $100 million. The task at hand was to identify a highly skilled CFO capable of navigating the dynamic landscape of this technology-driven industry.
The Challenge
Finance Expert with B2B Software Experience
The firm needed a CFO with the right mix of financial expertise, industry knowledge and private equity experience. They also needed to understand the intricacies of the B2B SaaS market, have a track record of success in similar PE-backed businesses and align with the company’s objectives in this critical growth phase. And they needed all this fast.
How BluWave Helped
Knowing the Right Resource for the Job
BluWave provided a short list of executive search firms the next business day. The PE firm quickly selected the best-fit specialized recruiter for the situation. The firm BluWave helped select leveraged their industry experience and history of successfully placing CFOs in similar PE-backed SaaS businesses.
The Result
The Right Leadership at the Right Time
The client and firm were a natural fit, enabling them to choose the best candidate, in a short amount of time. The hired executive not only had the required financial acumen, but also their understanding of the software industry and experience with private equity-backed enterprises. The successful placement gave the portfolio company the leadership it needed to navigate its next phase of growth and development.
I worked with the recruiting firm on a daily basis and was impressed with all three team members.
Service Provider Type: Specialized Executive Recruiting Firm
Industry: Manufacturing
The Need
Sporting Goods Transformation
A lower-middle market private equity fund needed new leadership for their portfolio company as the existing CEO was about to step down. The organization, which makes athletic and sporting equipment, sought a visionary CEO deeply entrenched in the sector who also had supply-chain experience in founder-owned businesses.
The Challenge
A Business in Flux
The sporting goods company spanned two vital sectors: basketball goals and recreational center equipment, and working through dealers and installers who are remodeling or building schools. They faced a tumultuous path forward, though. Projects were priced years in advance, resulting in a backlog of low-margin products. Escalating steel prices due to global supply-chain issues exacerbated the difficulties.
How BluWave Helped
Industry-Specific Executive Search Firm
BluWave tapped its invite-only network for a short-list a executive recruiting firms. Their mission was to locate a team who could place a new executive with extensive experience in catering to schools and recreational centers, coupled with the acumen to navigate the intricate supply chain.
The Result
Turnaround CEO Built for the Job
Thanks to the selected firm’s search, an accomplished CEO with a stellar track record in the sporting goods sector emerged as the ideal fit. This visionary leader not only brought industry expertise but also the ability to deftly manage the complex supply chain and tackle pricing dilemmas head-on. The company was not only stabilized, but began to thrive again under its new leadership.
Amid the drive for strengthened financial stewardship, an portfolio company embarked on a vital mission to secure an adept controller. This strategic hire would steer a tech-enabled business services firm towards reinvigorating its standing, targeting more than $100 million revenue and just below $10 million EBITDA in the post-pandemic landscape.
The Challenge
Balancing Transition and Empowerment
The resignation of the former controller in early 2021 prompted a transitional phase. The assistant controller stepped into the role temporarily, yet the company sought an accomplished, permanent figure to lead the financial team. This transition signified an opportunity to establish a dynamic financial strategy, positioning the firm for resurgence in a post-pandemic economy.
How BluWave Helped
Niche Recruiter Delivers
For the crucial controller recruitment, BluWave introduced a skilled recruiter specializing in financial talent acquisition. With a notable history of placing finance and accounting professionals and a deep understanding of the target market’s dynamics, the third-party service provider was primed for this task.
The Result
Next-Level Financial Strategy
The adept recruiter, renowned for her acumen in the local target market, launched into action. Backed by extensive experience in financial leadership placements, she skillfully aligned the client’s requisites with her expertise. As the recruitment journey unfolded, the promise of renewed financial stewardship and growth resonated, paving the way for revitalized operations, elevated financial resilience and sustained progress.
A prominent middle-market private equity firm recognized the importance of hiring a CEO with an exceptional ability to drive profit-focused growth within a professional services company. With a strong foundation in social impact, the client’s portfolio company, a leading provider of philanthropic advisory services, sought an operator capable of steering the organization to new heights.
The Challenge
Nurturing Vision with Profitability
The portfolio company, generating approximately $80 million in annual revenue, engaged in philanthropic advisory services, outsourced accounting for nonprofits and fiscal sponsorship. While successful in the social sector, the company needed a transformative leader to expand its profitability. The challenge lay in identifying a CEO experienced in both professional services and private equity, who could manage and own the P&L, while also leading a team that often comprised millennial staff.
How BluWave Helped
Exclusive PE-Vetted CEO Search
BluWave tapped its network of meticulously vetted executive recruitment firms with a PE focus for a targeted CEO search. The specialized recruiter the PE firm chose from the short list aimed to identify a visionary leader with experience in professional services, private equity and successful P&L management.
The Result
A Visionary CEO for Profitable Expansion
The chosen search firm presented a CEO with expertise extended across professional services and private equity. This visionary leader’s background encompassed transforming businesses within the professional services realm, backed by private equity experience. With a proven ability to own and manage P&L, the new CEO had the insight to boost the portfolio company’s annual revenue. This strategic placement not only addressed the immediate need for an operator but also positioned the company for accelerated growth within the philanthropic advisory landscape.
Industry: Manufacturing – Building and Construction
The Need
Interim HR Expertise for Transformation
Amid the need for strategic HR management, a building- and construction-focused PE firm sought a seasoned HR generalist to steer vital initiatives and oversee a distributed workforce for multiple portfolio companies. With the departure of the HR leader, the company required immediate support to uphold employee relations and operational excellence.
The Challenge
Managing Change and Distributed Workforce
The building and construction firm, encompassing 13 locations, encountered the challenge of nurturing a large and diverse workforce spanning multiple states. As they worked to strengthen HR functions and initiate key projects, the absence of a dedicated HR leader prompted the need for a temporary HR generalist capable of driving transformation in this dynamic environment.
How BluWave Helped
Expert HR Generalist Partner for Transformation
BluWave connected the PE firm with a skilled HR generalist who demonstrated a deep understanding of HR dynamics, change management and distributed workforce models. This accomplished professional not only managed key HR projects but also played a crucial role in employee relations, ensuring seamless communication and support during the transitional phase.
The Result
Strategic Initiatives and Enhanced Employee Relations
Through this partnership, the manufacturing firm achieved strategic milestones in HR management. The HR generalist’s expertise guided projects such as benefits enrollment, handbook rollout and employee onboarding. Furthermore, the focus on employee relations led to enhanced communication channels, fostering a positive and engaging workplace environment.
