New Opportunity: Operating Partner at Pike Street Capital

About the Company

Seattle-based Pike Street Capital manages a private equity fund focused on growth buyouts in industrial technology in the lower middle market.  With a combined 75+ years of investing and operating experience, Pike Street partners with management teams to build and execute a strategy for future growth.  Pike Street Capital was co-founded by Paul Caragher, Dave Dandel and Ed Whatley.

Pike Street Capital closed a $237 million fund in 2020, with fund investors including leading institutional limited partners, such as endowments, insurance companies, fund of funds, and family offices along with strategic operating executives. The Fund was over-subscribed to its original $200 million target.

Pike Street Capital will focus on control investments in successful industrial technology companies and other sectors that serve demanding technical customers with revenue of $10 million to $100 million. It seeks investments where Pike Street’s operational focus, business experience and executive network can assist management to accelerate that growth. The team’s complementary backgrounds give Pike Street a strong combination of entrepreneurial, operational and transactional expertise.

Since launching the fund, Pike Street Capital has completed investments in three companies: US BioTek Laboratories, Head Rush Technologies and QuickBox Fulfillment. In addition to investing in additional portfolio companies, Pike Street plans to continue expanding its investing and operational team.

More information is available at on their website.

About the Position

Based on the recent closing of the fund, Pike Street Capital is seeking an Operating Partner (OP) to join the firm and work intimately with portfolio companies to create value. The OP will ensure that the portfolio companies’ executive teams possess the talent, process, and tools necessary to execute their respective strategic plans and operational objectives, while being mindful of Pike Street Capital’s investment thesis and objectives. They will drive the implementation of scalable processes within the portfolio to accelerate growth, as well as recruit and develop portfolio management teams. They will work with management teams with strategic oversight and execution of key strategic initiatives and KPIs.

The OP will be an integral member of the Pike Street team with a leadership role in guiding portfolio companies.  The OP will also work closely with the team on new platform investment opportunities and bolt-on investments to existing platforms from the initial thesis through investment.

Additional responsibilities include:
  • Work with senior leaders to assess and develop their growth potential, effectiveness, and performance. Partner with the individual strategic leaders of each business line to establish unit realistic performance objectives, training, education, coaching and mentoring.
  • Identify and supervise human capital resources to build and develop great teams.
  • Cultivate an extended network of executives, consultants, and advisors to assist in implementing growth and development programs at portfolio companies.
  • Drive a continuous improvement mindset through the company culture.
  • Contribute to innovation efforts and continue to expand revenue opportunities and increase profitability across all platform investments.
  • Assist with growth initiatives to include more acquisitions and partnership identification strategies. Identify, research, and develop new opportunities/business ventures that fall within and outside of existing lines of business.

Ideal Professional Profile Skills

Strategy Assessment and Planning
Has successfully led the evaluation and implementation of an overall company strategy including identifying the key elements of a strategy.  Operated in an environment where strategic planning has been accomplished with pace and complexity.  Leverages a framework to both create and communicate strategy for the organization.

Financial Leadership
Solid grasp in reviewing financial results and the analysis of those results to provide accurate insights.  Track record of taking actions based upon forecast and actual results to achieve growth and EBITDA goals. Monitors progress toward strategic objectives by leveraging KPIs.  Experience in leading analysis on investments into the business (geographic and/or product expansion).  Demonstrated track record leading the development of an annual budget and provide analysis on variance to budget.

Operational Excellence
Demonstrated results in leading a commercial organization.  Experience with multiple go to markets (low touch/e-commerce, direct sales (key account / territory), and distribution).  Command of various commercial tools to help improve a portfolio company’s commercial team.
Product management experience including the successful launch of new product(s), software, or services into the marketplace. Experience with successful product development and a command of product development tools, including, but not limited to, project management, failure analysis, design for manufacturing, cost analysis, etc. 

Talent Development
Skilled at creating organizational structures and aligning teams with the vision and strategic direction of the organization. Strong ability and proven track record of building, managing and developing high performing teams with diverse skillsets.

M&A
Track record of results in leading acquisitions, including target identification, target cultivation, due diligence leadership (command over the major due diligence work flows and relevant experiences), acquisition integration, acquisition valuation, and successful return on investment from acquisitions.  Experience leading and conducting due diligence culminating in a successful acquisition and integration.

Qualifications

  • Bachelor’s degree or equivalent experience required. Master of Business Administration (or commensurate experience) preferred.
  • 10+ years of industry experience with an industrial technology, test and measurement, or software company with experience in multiple functions (including, but not limited to, sales, marketing, finance, product management, or product development).
  • Full P&L Leadership of a business unit or stand-alone entity and management of multiple business functions as a General Manager, or President.
  • Market research, analytical, financial modeling, metrics, and presentation skills required.
  • Organizational and time management skills to prioritize workloads to meet time sensitive deadlines required. Must be results-oriented with the ability to change priorities as needed.
  • Must have strong verbal, written, and interpersonal communication skills to interact with all associates, with the ability to communicate with tact and diplomacy.
  • Skilled at establishing and developing relationships with trusted advisors and businesses for future opportunities.
  • The ability to come in and quickly establish rapport with a CEO and senior management team is critical for an operating partner.
  • Team builder/team player, capable of cross-functional thinking is essential.
  • Consistently displays integrity, models behavior.
  • Incredibly self-motivated with the ability to work independently and within a team.

Interested in Learning More?

180one is a retained search firm and has been engaged by Pike Street Capital to manage this search. If interested in learning more about the opportunity, please contact Matt Oltmann at 180one.


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