Background
Following a successful fundraising for its debut fund, our client, an international mid-market focused GP, partnered with us to devise a CFO recruitment plan and locate a leader able to steer a post-consolidation business in Italy. This leader would oversee new M&As and implement a value creation strategy.
Entering a New Market Challenge
The client had recently acquired a premier healthcare business in Italy. Post-pandemic growth of comparable assets throughout Europe highlighted a significant potential for such ventures. Nonetheless, this demanded exceptional expertise in post-merger integration and controllership. It also required guidance in business transformation, particularly in introducing corporate governance and recruiting fresh talent. Amplifying the intricacy was the fact that this was the initial acquisition under the fund's inaugural umbrella, which was critical to its prospective performance and future fundraising endeavors.
Our client entrusted First Point Partners to procure expert counsel and assistance in pinpointing the perfect candidate for the CFO and Board Member role, reporting directly to the fund's partners.
Approach
We began by crafting an ideal leader profile via workshops with the Investment Team and other pivotal stakeholders. This profile gauged the business's present, imminent, and future requirements as dictated by the fund's trajectory and prevailing industry trends.
The First Point Partners team executed comprehensive market research, targeting candidates that met the requisite criteria, with a special focus on previous involvement with private equity funds and experience in analogous business models facing industry challenges similar to our client. Attaining a balanced representation in diversity was paramount, with our research targeting a 50-50 diversity quota. This strategy also assisted the team in determining which regions were pivotal.
Parallelly, First Point Partners assembled a list of secondary candidates, equipped with the necessary linguistic proficiencies but based overseas. These contenders, with potential expertise in post-consolidation business domains, would be weighed if local candidates did not meet the client's standards.
In total, First Point Partners discerned 122 apt candidates, evaluating each against the established profile. All candidates underwent rigorous assessment interviews. Key determinants for shortlisted candidates were their strategic insight and their ability to cultivate and guide proficient, autonomous teams. The new CFO would need adeptness in business discourse and investor liaisons, the insight to facilitate financing for upcoming ventures, and the self-assurance to manage strategic amalgamations.
Result
The client narrowed down the choices to two candidates, eventually choosing a female CFO after an internal interpersonal and psychometric assessment. Supported by the board and our advisory, the new CFO made a smooth transition into her new role. To date, this choice has been immensely rewarding.
The CFO has flourished, markedly boosting the company’s financial metrics and spearheading new acquisitions. After serving a year as the CFO, the fund elevated the outstanding candidate to the Group CEO position. We persist in assisting the fund with their continuous recruitment initiatives, standing as a trusted ally.
Approach
March 2020
First Point Partners is appointed as an exclusive recruitment advisor to the Client.
1-15 April 2020
Developed a long list of 67 high quality candidates with long-term investment and IBD experience and complementary backgrounds in desired sectors.
15-24 April 2020
Screening video-interviews conducted by the First Point Partners team (COVID restrictions in place prevented face to face meetings).
30 April 2020
11 candidates shortlisted by the Client, including all profiles recommended by First Point Partners. Candidate interviews conducted by the Client.
Approach
1 july 2020
First Point Partners is appointed as an exclusive recruitment advisor to
the Client.
2-7 july 2020
Our team crafted the ideal executive profile via workshops with the investment team and other pivotal stakeholders. We conducted comprehensive talent due diligence focusing on candidates who had prior experience in analogous business models facing industry challenges similar to our client.
8-25 july 2020
~122 screening interviews were conducted. Attaining a balanced representation in diversity was paramount with our research targeting a 50-50 diversity quota. A list of secondary candidates was also compiled showcasing talent with the requisite language skills but based overseas. These contenders, would be weighted if local candidates did not meet client expectations.
1- 21 august 2020
Client interviewed several candidates from the shortlist eventually choosing a female CFO following internal interpersonal and psychometric assessment. Supported by the board and our advisory, the CFO made a smooth transition into her new role.
