Function: Human Capital

Diversifying Talent in a Digital-First Consumer Products Startup

Service Area: Human Capital – Specialized Recruiters

Client Type: Lower-Middle Market Firm

Service Provider Type: Non-Executive Recruiting Firm

Industry: Consumer Products

The Need
Diverse Talent for a Dynamic Startup

A consumer products startup, operating as a portfolio company of a lower-middle market PE firm, was on a mission to enhance its team with diverse talents. Roles in digital marketing, design/creative, product development and people/operations were open, requiring a recruiting firm that understood the startup’s digital-first, data-driven and agile nature.

The Challenge
Complex Landscape of Multi-Role Hiring

The company didn’t have a dedicated talent partner, making the hiring process, especially for multiple roles, daunting. The urgency to hire candidates who could seamlessly blend into the startup’s fast-paced environment and contribute to its growth trajectory was paramount. Traditional recruiting firms, primarily aligned with CPG companies, lacked the finesse to meet the unique demands of a rapidly evolving digital landscape.

How BluWave Helped
Connecting with Specialized Recruiting Expertise

BluWave acted swiftly, utilizing its rich network to connect the PE firm with a specialized recruiting firm. This firm was not only adept at navigating the consumer products industry but also came with a robust expertise in fostering talent for digital-forward, high-growth environments. BluWave’s connection ensured that the recruiting firm could offer a tailored, retained search approach, aligning with the portfolio company’s nuanced needs.

The Result
Streamlined Path to Talent Acquisition

Through BluWave’s strategic connection, the portfolio company worked with a recruiting ally that understood its unique challenges and needs. The specialized recruiting firm’s ability to navigate the digital realm, coupled with its flexibility and adaptability, empowered the portfolio company to move forward confidently in its talent acquisition journey, ensuring that each role was filled with candidates who could thrive and drive innovation in a dynamic startup environment.

Manufacturing Momentum: Challenges, Opportunities in the Modern Landscape

October 10, 2023 Brad Gerick

Manufacturing businesses are faced with evolving challenges, especially amid an uncertain economy, constantly pressured from different angles by policy decisions and global events. BluWave sees this every day in the projects it supports for hundreds of private equity firms and thousands of businesses.

Whether in human capital, operations, growth strategy or technology, today’s business leaders have their hands full.

Access the Webinar On-Demand

In a recent webinar, Co-Head of Research and Operations Keenan Kolinsky discussed with Product Manager Ryan Perkins the challenges and opportunities in this industry.

An man in a hardhat stands facing yellow industrial equipment, like backhoes, in a warehouse.

The Rising Importance of Human Capital in Manufacturing

The manufacturing sector was once driven primarily by machinery and raw materials. But now it’s recognizing the importance of its most valuable asset: people.

In fact, 74 percent of manufacturers say that “attracting and retaining a quality workforce” is a top challenge, according to the National Association of Manufacturers (NAoM).

Interim executives have emerged as a pivotal solution in this landscape. These temporary business leaders bridge critical leadership gaps, ensuring that companies don’t lose momentum during transitions.

“Interim executives can help businesses keep their foot on the value creation pedal,” Kolinsky says.

Their role is especially crucial in a volatile economic environment where leadership vacancies can’t be left open for extended periods.

But it’s not just about filling gaps. The recruitment process itself is undergoing a transformation. The emphasis is shifting from generalist recruitment approaches to specialized, industry-specific strategies. Manufacturers are realizing that to drive growth and innovation, they need the right people in the right roles, making executive searches a top priority, too.

Manufacturing Resources for Your Business

Operational Excellence: The Backbone of Manufacturing Success

Turning toward a more traditional problem, nearly half of manufacturers identified supply chain issues as a top challenge, per the NAoM. Even with the peak of the COVID pandemic disruption behind us, this issue persists.

“With manufacturers…experiencing a variety of economic and even geopolitical pressures, manufacturing operations and supply chains simply have to be tighter than ever to achieve desired margins and outcomes,” Kolinsky said.

In response, many manufacturers are turning to expert third-party resources to optimize their supply chains. From right-sizing inventory to reducing lead times and optimizing supplier networks, the focus is on efficiency, cost savings and performance.

Beyond the supply chain, there’s a broader push toward operational excellence. Lean Six Sigma principles, rooted in the Toyota production system, are being adopted to streamline processes, identify bottlenecks and drive efficiency. The goal? Faster, more efficient production with greater precision.

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Strategizing for Growth in a Competitive Landscape

A weaker domestic economy can poses unique challenges. During those times, growth strategy becomes the north star guiding manufacturers. But how do they chart a course for growth amid such turbulence? The answer is data-driven strategies.

“Markets shift often and they shift quickly,” said Kolinsky, who emphasized the importance of real-time insights. “Base your strategy or plan for growth on current market data and dynamics.”

READ MORE: Analytics, Data & AI Resources

By leveraging data analytics and visualization tools, manufacturers can gain actionable insights, track KPIs and make informed business decisions.

With the advent of more accessible artificial intelligence tools, many businesses in the manufacturing industry and beyond have been focusing on essential pre-cursor activities focused on data hygiene. These will lay the groundwork for a more seamless integration once they’re ready to use AI to accelerate growth.

Start Your Manufacturing Project

Embracing Technology: The Future of Manufacturing

The digital revolution is reshaping the manufacturing landscape.

According to Alithya, 43 percent of manufacturers came into 2023 planning to increase their year-over-year spending on technology. it’s clear that the industry is gearing up for a tech-driven future.

“The manufacturing industry is really digitizing rapidly and in more ways than one,” Kolinsky said.

From IT strategy to system selection and implementation, manufacturers are recognizing the need to align their technology tools with broader business objectives.

But it’s not just about adopting the latest tech solutions. Effective change management is crucial. As manufacturers transition to modern systems, they must ensure that their teams are well-equipped and trained to leverage these tools to their fullest potential.

BluWave is here to help you connect with best-in-class, niche-specific manufacturing resources to help with human capital, operational excellence, growth strategies, technology and more.

Contact our research and operations team to scope your need and get quickly connected with  the service provider you need in less than one business day.

Start Your Manufacturing Project

Culture-Oriented VP of Human Resources for Financial Services Portco

Industry: Professional Services

Service Area: Human Capital – VP of HR

Client Type: Small-Market PE Fund

Service Provider Type: HR Executive Search Firm

The Need
Strategic HR Leader for Rapid Growth

A leading financial services company was on the lookout for a VP of HR. With a strong presence across dozens of locations, the company had been experiencing rapid growth, boasting a revenue in the tens of millions of dollars. Its unique service offering, assisting financial advisors in setting up qualified retirement plans, had set them apart in the industry. As the company expanded, however, leadership realized they needed for a strategic HR leader. This new role was envisioned to not only manage the day-to-day HR operations but also to be a culture carrier and strategic partner in the company’s growth journey.

The Challenge
Local Candidate who Understands Industry Intricacies

The search for the right VP of HR was not just about filling a role; it was about hiring someone who could seamlessly integrate into the company’s culture and ethos. The ideal candidate would have experience in the financial services sector, with a deep understanding of its intricacies. A locally based candidate would be a bonus.

The company also emphasized the importance of industry experience, especially in online lead generation and financial services. With such specific criteria, the challenge was to find a candidate who would tick all the boxes.

How BluWave Helped
Knowing Exact-Fit Providers Ahead of Time

BluWave, with its extensive network and deep understanding of the professional services industry, took on the challenge. Recognizing the unique needs of the company, BluWave presented three exact fit HR executive search firms with a track record of placing top-tier HR leaders in the financial services sector. After the initial introductions, the PE firm selected the partner that would be the best fit for its situation and could understand how to align a candidate with the company’s vision and culture.

The Result
HR Executive who Fit Perfectly within Culture

With BluWave’s assistance, the financial services company was able to identify and onboard a VP of HR who not only met its technical and industry-specific requirements but also resonated with its company culture. This strategic addition to its leadership team has positioned the company for continued success and growth, ensuring that its HR strategies are aligned with its business objectives.

Interim CFO with Expertise in Commodities, Hedging for Manufacturing PortCo

Industry: Manufacturing

Service Area: Human Capital – Interim Leadership

Client Type: Portfolio Company – Food Ingredients Facility

Service Provider Type: Interim CFO

The Need
Expertise in Financial Management and Hedging

The CFO was leaving a B2B food ingredients portfolio company. The business, with significant operations in commodities and hedging, needed an interim CFO who could navigate the complexities of their financial landscape. This included managing large-scale hedging operations, understanding the impact of hedging on P&L and ensuring covenant calculations were accurate.

The Challenge
Hands-On CFO with Industry Expertise

The company’s operations were intricate, with 85 percent of their capacity for 2023 already booked and hedged. This created a significant exposure on their books, making expertise in commodities and hedging non-negotiable. Additionally, the ideal candidate would be someone who had experience in a private equity environment, understood liquidity and 13-week cash flow, and was more finance-oriented than purely accounting-focused.

How BluWave Helped
Short List of Industry Finance Experts

BluWave leveraged its extensive network to identify a short list of interim CFOs who not only had the required expertise in commodities and hedging but also had a track record in PE environments. The portco and its PE firm selected a candidate with more than three decades of experience, including roles in financial leadership and a deep understanding of the agri-commodity space. Their hands-on approach and willingness to be on-site, even if it meant frequent travel, made them an ideal fit.

The Result
Recipe for Sweet Success

With the interim CFO on board, the company maintained seamless financial operations, ensuring that their hedging strategies were effectively managed and that their financial reporting remained accurate. The temporary executive’s expertise allowed the CEO to focus on other critical aspects of the business, confident that their financial operations were in capable hands.

Chief Medical Officer Search for Healthcare Services Firm

Industry: Healthcare Services

Service Area: Human Capital

Client Type: Private Equity Firm

Service Provider Type: Executive Search Firm

The Need
Chief Medical Officer with Data Expertise

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.

-Associate Vice President of PE Firm

Maintaining Rapid Healthcare Services Growth with Specialized CFO

Service Area: Human Capital

Client Type: Private Equity Firm

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.

-PE Firm Founder and Partner

Executive Search Firm Needed To Hire Technical Head of BD

Service Area: Human Capital

Client Type: PE Firm

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.

-Managing Director at PE Firm

Connecting PE Firm with Top Talent for a Vital CFO Role in the Software Sector

Service Area: Human Capital

Client Type: Large Capital Private Equity Firm

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.

-PE Firm Portfolio Talent Principal

Recruiting a Turnaround CEO for Sporting Goods Manufacturer

Service Area: Human Capital

Client Type: Lower-Middle Market Private Equity Firm

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.