Rowan work with PE to strengthen Board, and deliver international expansion & trade sale
Background
The business:
• Specialist manufacturer of pipeline inspection systems
• Had experienced significant growth and was turning over £11m/year
• Had recently received minority investment from LDCThe issue
The issues:
• Value Creation Plan yet to be defined and no experience working with PE.
• Tech-minded owner/founder with product experience but not enough commercial and operational expertise.
• No internationalisation experience, or experience of readying business for a sale.
Journey
Our Team:
What we did:
• Ran a focused/strategic session with LDC’s Jonathan Bell and other senior stakeholders, to help them develop and understand the value creation plan.
• Created a strategy & people structure for the internationalisation process, and a timeline for the key CFO appointment.
• Delivered a shortlist of qualified, experienced candidates that aligned to the investment thesis and could drive internationalisation in a short space of time.
Solution
Key insights and actions included:
• Defined the brief for a new strategic CFO that could stand up to rigorous PE standards.
• Used Rowan’s best-in-class search and assessment process to identify candidates aligned to the value creation plan and new people structure.
• Appointed CFO Colin White, who had significant B2B investment and exit experience. Colin appointed FC Jonathan Robinson to help maximise exit value..
What makes Rowan different:
• Knowledge of PE, given Rowan’s own journey as an investee.
• Extensive experience in the manufacturing sector.
• Rowan’s unparalleled network of PE-eligible 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
• Able to deliver successful exit for LDC
• Strengthened Board with the ability to drive & integrate acquisitions. Colin exited and Jonathan stepped up to CFO, and then MD.
• Owner/founder able to exit, with the business in prime position for future growth
Value to customer:
• Mini-Cam were able to approach potential buyers with a strong, well-balanced SLT
• Significant ROI for LDC, which far exceeded expectations
• Colin went on to integrate Mini-Cam to tech group Halma, as well as other another integration process. New MD Jonathan continued Mini-Cam’s acquisitive growth strategy, and partnered with Rowan to appoint replacement CFO Carly Bray.
• Significant wealth creation for owner/founder and positive career trajectories for Rowan appointees.