Background
The business:
• Leading power products business, founded by entrepreneur Jeff Bimson
• Created a direct-to-consumer, e-commerce proposition by acquiring one of its biggest winch customers
• This created a requirement for Group-level appointments; a Group Commercial Director and Group CFO
The issues:
• Value Creation Plan yet to be defined and no experience working with PE
• A lack of experience and expertise in the business to develop a market-leading e-commerce function
• Not enough leaders in the business – Jeff was getting too involved in the day-to-day operations; and needed supporting so he could operate more strategically.
Journey
What we did:
• Ran a focused/strategic session with Jeff and other senior stakeholders, to help them develop and understand the value creation plan.
• Created a strategy & people structure that could attract future PE investment, and a timeline for the key appointments.
• Tailored the search to match BPE’s culture. The business needed a hungry ‘up-and-comer’ who would be ‘hands-on’ and take over the day-to-day running of the retail business.
Solution
Key insights and actions included:
• Defined the brief for a new, hands-on CFO that could stand up to rigorous PE standards.
• Defined the brief for an MD with experience of driving sales and growth.
• Used Rowan’s best-in-class search and assessment process to identify candidates aligned to the value creation plan and new people structure.
What makes Rowan different:
• Knowledge of ‘PE standard’, given Rowan’s own journey as an investee.
• Experience of working closely with owner/founder businesses in the distribution sector.
• Rowan’s unparalleled network of board-level candidates based in the North-West.
• Consultative approached focused on the process: finding the right solution, not a ‘quick fix’.
Impact
Outcome:
• Value Creation Plan defined with clear route to achieving optimal structure and eventual primary investment
• BPE retail MD Lee Marriott appointed to run the business day-to-day
• Group CFO Mike Cullen appointed to drive best-in-class financial processes, with a view to future investment
• Turnover grew from £8m -> £30m in one year
Value to customer:
• Jeff Bimson able to step up into full-time CEO role, with potential future exit
• BPE’s ‘vision’ has increased from £25m -> £75m turnover
• Lee and Mike running the business day-to-day, readying it for potential future investment
• The strategy has evolved and the business has appointed key people across European markets to sell directly into retailers. Germany is already growing from £0 – £2.2 million in one year.