How Private Equity is Settin’ Trends

In previous years, when it came to patterns and trends in our business, it was safe to say that our clients’ needs were typically based on new strategies, new products, geographic expansion, etc. However, in 2016, we started to see a rather notable change. First, there was a clear shift from new roles to replacement roles—in fact, 70% of 180one searches conducted in 2016 were for replacement positions, compared to only 45% in 2015. Second, we saw a noticeable spike in the number of clients that were backed by private equity firms. In other words, we experienced a 180% increase in PE-backed clients from 2015 to 2016. And finally, with the help of these latest trends, 2016 became the year of the CFO for 180one as the percentage of our CFO searches went up from 15% to 35%, or a 133% increase.

2016 Year In Review

One could conclude that the increase in PE-backed clients drove the increase of replacement roles, specifically with the CFO position. But how are these trends interrelated? Let’s take a look.


Private Equity vs. IPO

Why are more private companies choosing to take the private equity path? Why is private equity becoming so popular? According to an “Inc. 5000” article, getting to an IPO is still “the most prestigious rite of passage in American business”. But with the ever-changing market, access to capital, the compliance cost of going and staying public, and the desire to control its own destiny - new and growing companies are taking advantage of private equity.

IPO Pricings by Year Chart

According to a report from Renaissance Capital, 2017 is on track to be the second least active IPO year in the last eight years, just behind 2016 (with 105 IPOs priced). And while most companies look to an IPO to raise capital, Bain & Company’s Global Private Equity Report 2017 noted that more than $2.3 trillion of “new money” has been raised by private equity firms (from buyout to venture capital to growth to mezzanine funds) in the last four years, and more than half a trillion in each of these years. That’s a lot of capital that needs to be put to work.


So, while we have addressed some of the trends that are resulting in more companies choosing private equity as a means to additional capital, let’s see how this trend impacts the shift to replacement positions and the CFO role.


The Role of the CFO in Private Equity

Since the great majority of private equity partners have strong financial acumen, PE firms place a great deal of focus on the financial performance of their portfolio companies, and the importance and breadth of the CFO has certainly evolved to address this dynamic.

Historically, the CFO was primarily responsible for ensuring accuracy in the financial statements, but, over time, CEOs are relying on their CFOs to provide the company with an “economic approach” to decision making. Answers to questions such as “should we build a new plant”, “should we expand a product line”, “should we acquire a target company”, are now being supported by the CFO’s organization. 


In addition, private equity firms are interested in knowing and understanding how their portfolio companies are performing on a routine basis. While some companies they acquire already have a sophisticated level of financial reporting, most companies who are being acquired for the first time by a private equity firm have undeveloped systems to drive effective financial reporting. Based on this, a CFO who has the experience in building out a financial reporting process/system and knowing what areas the private equity firm will focus on provides a level of confidence that supports future investments and decisions.


Here are some of the common themes and traits we have found that make for a successful PE CFO:

CFO Bullet Point List

The role of private equity CFOs has evolved beyond traditional accounting functions, and their sphere of influence is expanding fast.


Recruiting in the PE World

As executive recruiters, we understand the unique nature of conducting a private equity search. The similarities between a standard CFO search and a search for a PE CFO are fairly straightforward: the need for top talent does not waiver, there is still an importance riding on culture fit within the company, and of course the right technical skills are imperative. The differences, however, are a little more nuanced. With private equity firms involved, an additional party is introduced into the hiring process, and with that comes new expectations of what the CFO position must entail, as well as a change in how the search for an executive will unfold, which will ultimately vary from company to company. 


There are cases in which the portfolio companies drive and manage the entire hiring process, while there are also situations where the PE firm offers guidance. It is a best practice to have the PE firm involved in the earlier stages of the process because the CFO position is a key link back to the PE firm on the performance of the company. Additionally, if the PE firm is not involved early on, there are no checks and balances of the hiring efforts, and thus it could be easy for the portfolio company to get started down a path that is not compatible with the vision of the PE firm.


PE firms play a vital role in the selection of a CFO, especially because hiring a CFO can be very stressful and it is not uncommon for a portfolio CEO to seek assistance in the process. Not everyone understands finance, especially in the context of private equity, so oftentimes portfolio companies end up needing guidance on how to assess the technical merits of a candidate.


Being knowledgeable about the expectations of the CFO by PE firms, as well as understanding how to include all stakeholders in the hiring process, leads to finding a more successful CFO who will not only accomplish what needs to be done in the short term, but will be able to keep up with the company as it grows. By using a search partner that truly understands the role and the nuances, private equity firms can avoid needing to conduct CFO searches multiple times.


180one Portfolio Companies

We’ve been proud to partner with the following companies that are backed by Private Equity firms:

PE Backed Clients 180one
By Effie Zimmerman August 7, 2026
Director, Operations and Supply Chain ABOUT THE COMPANY Warn Automotive (Warn Auto) is a world leader in driveline disconnect technology. Their heritage comes from making WWII surplus Jeeps easier to drive on the road with the first unlocking hubs. They continue today by making disconnects for cars, trucks, and SUVs around the world. These trusted technologies come from years of innovation and listening to customer needs. Warn Auto designs, tests, and manufactures best-in-class products and solutions focusing on our customers’ productivity, efficiency, and profitability. To do that, their teams collaborate worldwide to share knowledge, research, and resources, which have kept them strong and stable since 1925. Warn Auto is a Vehicle Service Group (VSG) company that is part of Dover Corporation ’s Engineered Products segment and is the holding company for some of the most trusted names in the vehicle service industry. ABOUT THE ROLE The Director of Operations & Supply Chain is responsible for leading all manufacturing, logistics, and supply chain functions for the Warn Auto business. This role drives operational performance, profitability, quality, and on-time delivery while fostering a culture of safety, continuous improvement, and employee development. Working closely with Dover and Vehicle Service Group leadership, the incumbent develops and executes operational strategies, leverages enterprise resources, and aligns teams, metrics, and processes to achieve business objectives and support long-term growth. KEY Responsibilities Oversee and direct overall production, including efficient use of equipment, materials, and personnel required to produce Tier 1 automotive products. As well as ensuring outgoing quality, safety, and compliance with customer, state, and federal regulations. Direct team of planning, purchasing, and shipping/ receiving personnel to stated strategy, goals, and objectives set forth by the organization. Ensure team is engaged and collaborating across all responsibilities. Including production planning, inventory control, purchasing, receiving, warehousing, and product shipping. Develops and implements policies and procedures, formulating manufacturing operations strategies, building and mentoring manufacturing employees, and driving business results. This includes ensuring quality equipment, materials and production standards, overseeing and maintaining manufacturing budgets and staffing to manufacture quality products that meet customer expectations in the most cost-effective manner. Partners with the executive team in developing business strategy and operating plans. Including leading the creation and implementation of tactical plans to achieve Strategy. Extending to production team leaders and team members through communications tactics, goal alignment, and performance management. Partners with key stakeholders to ensure Continuous Improvement and provide visible support and leadership for Lean initiatives. Drive continuous improvement projects such as lean, 5S, and visualization throughout the Warn Auto operations organization. Review and develop a strategic supply base in collaboration with quality, engineering functions, and the Dover Asia Pacific Office. Drive customer requirements and automotive standards to all suppliers with a focus on clarity and understanding. Including negotiation, review, and management of contracts for all procured goods, services, and capital equipment globally. Develop plans and lead critical supplier negotiations to ensure competitive pricing and terms aligned to strategic goals, automotive requirements, and customer expectations. Including assignment of resources (Dover Sourcing, VSG, APO, 3rd party, and Warn Auto Team) and clear guidance to ensure comprehensive negotiation targets are met across the entire supply base. Develop strategic direction, objectives, tactics, and supporting budgets, justification, and resource plans to ensure corporate growth and financial objectives are met. Includes collaboration with Warn Auto leadership team, VSG Leadership team, and Dover Corporate functions. Partner with sales, marketing, production, finance, and operations to align forecasts, production plans, and business priorities. CANDIDATE PROFILE A bachelor's degree in an applicable field from an accredited college or university is required. MBA is strongly preferred. Minimum ten years of operations and supply chain leadership experience in a manufacturing environment. High-volume critical operations such as aerospace and automotive are preferred. Rapid growth and transformation experience preferred. Effective at communicating, verbally and in writing, with all levels of stakeholders and coworkers Highly ethical, self-motivated individual with ability to work independently and/or with limited direction, as well as cooperatively in a team environment, while consistently demonstrating collaborative, respectful and productive work habits. Interested in Learning More? 180one has been retained by Warn Automotive to manage this search. If interested in learning more about the opportunity, please contact Nicole Brady at 503-699-0184 or via email at nicole@180one.com .
By Effie Zimmerman August 3, 2026
General Manager, Northern California & Nevada Region ABOUT THE COMPANY With roots dating back to 1938, The Papé Group is the West’s leading supplier of capital equipment solutions. Today, Papé operates across nine states with over 4,000 team members, proudly representing premier brands including John Deere, Kenworth, Hyster, Ditch Witch, and more. What sets Papé apart is its commitment to long-term relationships, both with customers and employees. As a fourth-generation, family-led business, Papé believes in the value of a handshake, the importance of service, and the impact of leadership that stays close to the work. Papé Kenworth is one of the largest Kenworth truck dealers in the Western United States, providing sales, leasing, rental, parts, and service for medium and heavy-duty trucks. Founded in 2007 as part of Papé Group, the division supports commercial fleets and owner-operators with a commitment to maximizing uptime through exceptional customer service, expert technicians, and a network of locations across the West. ABOUT THE POSITION Reporting to the President of the Papé Kenworth business, the General Manager (GM) will be responsible for driving performance, growth, and operational excellence across the Papé Kenworth & Papé Truck Leasing branches in Northern, CA & Nevada. This includes branches in San Leandro, CA, Morgan Hill, CA, Sacramento, CA, and Sparks, NV. This role demands a strategic mindset, operational oversight, and a strong leadership presence to guide branch teams in delivering outstanding service, sales, and profitability. Essential Duties and Responsibilities Lead and manage the operations of multiple branches, aligning each with company objectives and performance standards. Develop and implement regional sales strategies, forecast performance, and set measurable business goals. Oversee branch budgets, control operating costs, and ensure long-term profitability of the region. Monitor market share trends, competitor activity, and local market dynamics to maintain a competitive edge. Drive customer satisfaction by ensuring exceptional service and support across all departments. Champion a high-performance culture focused on results, collaboration, and continuous improvement. Lead, manage, develop, train, and build leadership and branch teams. Regularly visit branches in the region to ensure operational excellence and to provide leadership and management to managers and team members. All of your efforts are geared towards providing exceptional service to our customers and being the leading Class 8 on-highway, vocational, and Class 6-7 medium-duty truck dealer in the area. If you are a great leader, results-driven, and are looking to make a difference, consider joining Papé today. CANDIDATE PROFILE The ideal candidate brings a proven track record of successful management experience in capital goods or dealership environments. Key strengths include: Strong background in sales, marketing, budgeting, and personnel leadership. Demonstrated experience in developing teams, setting performance goals, and achieving sales targets. Must reside within, or be willing to relocate, to the assigned regional area. Experience developing and executing regional sales strategies that consistently exceed revenue and profitability targets. Experience leading cross-functional teams with preference for leading sales, service, parts, and leasing. Preferred Bachelor’s degree is preferred, or equivalent combination of education and progressively responsible industry experience. 10+ years of progressive leadership experience in heavy equipment, construction equipment, agricultural equipment, industrial machinery, or other related capital equipment industry. Minimum of 5 years in leadership roles. Interested in Learning More? 180one is an executive search firm and is assisting Papé Group in this search. If interested in learning more about the opportunity, please contact Lisa Heffernan / 971.256.3076/ lisa@180one.com .
By Greg Togni July 6, 2026
For years, professional sports have embraced a familiar philosophy: collect enough star talent, and success will follow. Yet season after season, teams with the most recognizable names often fall short of expectations, while less glamorous rosters outperform them through cohesion, trust, and a shared commitment to a common goal. The New York Knicks have taken a different approach. Rather than simply pursuing the biggest available names, the organization has reunited several former Villanova teammates, players who won together in college and developed a reputation for selflessness, accountability, and relentless work ethic. While each player has grown into an accomplished professional in his own right, what makes this group particularly compelling isn't just individual talent. It's the chemistry they already possess. That story should resonate far beyond basketball.  It highlights a lesson every CEO, board member, and hiring executive should consider- organizations don't win because they collect the most impressive résumés. They win because they build leadership teams whose strengths complement one another and whose shared values create trust long before adversity arrives. Talent Opens the Door. Chemistry Sustains Success. Executive hiring often begins with a search for credentials. Companies look for executives with exceptional track records, marquee employers, prestigious degrees, or transformational accomplishments. Those qualifications matter. They establish credibility and demonstrate capability. But they don't guarantee success. Every executive search firm has witnessed situations where an outstanding individual hire struggled to create the expected impact. The issue wasn't competence. It was fit. Leadership styles clashed. Decision-making became slower. Collaboration suffered. Instead of elevating the executive team, the new addition unintentionally created friction. Contrast that with leadership teams that seem to move almost effortlessly. Conversations are candid. Decisions happen quickly. Disagreements remain productive because trust already exists. These teams aren't successful because everyone thinks alike. They're successful because they understand one another's strengths, respect differing perspectives, and share a common commitment to the organization's mission. The Nova Knicks illustrate this principle in action. Their familiarity wasn't built overnight. Years of competing together established communication patterns, mutual accountability, and confidence in one another's decision-making. Those qualities can't be replicated simply by assembling talented individuals. The same is true inside the executive suite. Culture Is More Than a Buzzword Organizations frequently discuss culture during the hiring process, but culture is often misunderstood. Culture isn't ping-pong tables, flexible work schedules, or carefully crafted mission statements. At the leadership level, culture is reflected in how executives make decisions, manage conflict, communicate under pressure, and support one another when circumstances become difficult. One executive who prioritizes transparency can influence an entire leadership team. Conversely, one leader who operates independently or places personal success above organizational goals can undermine months, or even years of progress. This doesn't mean companies should seek leaders who all share identical backgrounds or personalities. Diversity of thought remains one of the strongest drivers of innovation. However, diversity works best when it rests on a foundation of shared values: integrity, accountability, respect, and a willingness to collaborate. That's the distinction between similarity and chemistry. The former limits organizations. The latter strengthens them. Hiring for the Team, Not Just the Role One of the most overlooked questions in executive hiring isn't, "Can this candidate do the job?" It's "How will this individual make everyone around them better?" Great coaches ask this question constantly. They don't simply evaluate statistics or highlight reels. They consider how each player fits the existing roster, complements teammates, and contributes to the team's identity. Business leaders should adopt the same mindset. When evaluating executive candidates, organizations should certainly assess experience, technical expertise, and strategic vision. But they should also evaluate how candidates build relationships, navigate disagreement, influence peers, and foster trust across the organization. The highest-performing executives don't simply deliver results themselves. They create an environment where others perform at a higher level. That multiplier effect is often what separates good leadership teams from exceptional ones. Building a Championship Leadership Team The most successful organizations rarely rely on a collection of individual stars. Instead, they intentionally build leadership teams capable of sustaining success over time. That requires looking beyond résumés and considering factors that are harder to measure but equally important: Does this leader strengthen our culture? Will they earn the trust of peers and direct reports? Can they challenge ideas without creating unnecessary conflict? Do they make those around them more effective? These questions don't replace traditional hiring criteria; they enhance them. As executive recruiters, we often remind clients that leadership is not an individual sport. Every executive appointment reshapes the dynamics of the leadership team. Each new hire either reinforces collaboration or introduces friction. The goal isn't simply to find the most accomplished executive available; it's to find the executive who will help the entire organization perform at its highest level. The Final Takeaway The attention surrounding the Nova Knicks isn't really about basketball. It's about something every successful organization strives to achieve: building a team whose collective performance exceeds the sum of its individual parts. Championships, in sports and in business, are rarely won by talent alone. They're earned by leaders who trust one another, communicate openly, embrace accountability, and elevate everyone around them. When organizations approach executive hiring with that philosophy, they're no longer just filling leadership positions. They're building a championship team.
More Posts