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.

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.

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:

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:

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New Opportunity: Director of Product Management

By Effie Zimmerman • April 30, 2026

Director of Product Management ABOUT THE COMPANY A-dec is the premium leader in the dental equipment industry, designing and manufacturing products that span dental chairs, lights, handpieces, furniture, air management, infection control, and delivery systems found in dental offices and operatories. With over 1300 employees and headquartered in Newberg, Oregon, A-dec’s familial culture and values have been attributed to their commitment to the Newberg community and its employees through various investments and programs. ABOUT THE POSITION Reporting into the SVP of Product & Technology, the Director, Global Product Management leads teams that manage all A-dec products, including dental furniture, consumables, and core equipment (chairs, units, lights). They direct the strategic vision and purpose and are responsible for the long-term financial performance of A-dec’s product portfolio. Critical functions for this position include roadmap development, voice of the customer process, portfolio execution, roadmap execution, and the product section of the company’s business strategy. DUTIES & RESPONSIBILITIES Creates the vision and purpose of Product Management. Leads all product management activities for the existing product lines within A-dec Builds and leads a diverse, high-performing product management team. Provides mentorship, support, and guidance, and encourages professional growth and development. Champions the strategic vision and purpose for Product Management across the organization. Implement strategic and tactical plans to meet the company’s objectives while exceeding customer needs. Maintains a constant pulse of dental equipment market developments, including consumer needs, competitive offerings, and brand position. Takes proactive measures to remain competitive with the existing portfolio. Follows industry trends and conducts capability analysis regularly. Executes competitive assessments and market research to gain market and buying preference and insights. Understands and articulates the voice of the customer. Makes tradeoff comparisons to drive decisions that deliver on success criteria. Accountable for concept development selection. Develop strategies in collaboration with Global Sales Team leaders to drive market share growth. Collaborates with Marketing Communications to plan, direct, and execute measurable global actions to drive brand awareness, preference, and demand generation necessary for achieving growth goals. Collaborates with Digital Product Management to ensure complete end-to-end solutions. Reviews revenue and profits on a weekly basis and suggests approaches to marketing and sales to drive growth. Responsible for overall product promotions and analyzing the revenue/net margin trade-offs. Accountable for the standard margins of the portfolio; pricing, positioning, and margins. Works across organizational boundaries to develop a cohesive strategy and ensures smooth execution of cross-functional plans within A-dec. Leads the future portfolio planning with their leadership. QUALIFICATIONS Knowledge, Skills, and Abilities Extensive project management experience. Excellent presentation, communication, and customer skills. Proven leadership skills and effective problem-solving skills. Demonstrated experience in planning, budgeting, and developing business strategies. Ability to influence up, down, and across the organization. Education and Experience Bachelor’s degree in engineering, business management, or a similar focus. Five years of experience in product management. Five years of people leadership experience. Experience and understanding of the “Chief Engineer/Project Chief” methodology or practice. Preferred Experience Master’s degree in business administration. Experience with strategic planning and managing a category P&L in excess of $100 Million. Interested in Learning More? 180one has been retained by A-dec to manage this search. If interested in learning more about the opportunity, please contact Lisa Heffernan / 971.256.3076/ lisa@180one.com .

New Opportunity: Chief Financial Officer

By Effie Zimmerman • April 29, 2026

Chief Financial Officer ABOUT THE COMPANY Three Bears Alaska (“Three Bears” or the “Company”) is the retailer of choice in Alaska for all essential categories, offering local communities a product selection that is not too big, not too small, but “just right” – at prices that provide value and with great service by locals, for locals. The Company was founded in 1980 by Alaskans, for Alaskans – the store footprints, inventory, and pricing are designed to meet the region’s unique needs. Three Bears offers its customers three types of shopping experiences: signature “Mini-Warehouses” (50k+ square feet with a unique, rationalized merchandise assortment model featuring grocery, outdoor/sporting products and full-service pharmacies), Supermarkets (focus is on grocery) and Convenience Stores (offer a broader merchandise selection and better pricing than a typical C-store and serve communities where population densities do not support a full mini-warehouse). Three Bears is owned by Westward Partners in partnership with the founding Alaskan family. Westward Partners is a Seattle-based private equity firm that partners with lower middle market businesses across a variety of industries based in the Pacific Northwest and Alaska. Westward partnered with and invested in Three Bears in early 2022, and has worked extensively with the Three Bears management team to successfully turbocharge growth, more than doubling the store footprint over the past four years. At this point in time, Three Bears has shifted gears from a growth mindset to a focus on margin improvement and optimization. As the new stores begin to reach run-rate and Three Bears fully digests and acclimates to its significantly larger scale and methods of operating, management in partnership with Westward has begun to employ a host of profitability improvement initiatives. The new CFO will have a significant role in managing, executing, and tracking these initiatives, as well as the continual development of new initiatives. It’s an exciting time to join Three Bears for an analytically minded senior finance professional who has a deep understanding of how to maximize gross and EBITDA margins (and absolute EBITDA dollars) in a retail/grocery environment. POSITION SUMMARY As a key member of the executive team and reporting to the CEO, the Chief Financial Officer (CFO) will assume a strategic role in the overall management of the company. The CFO will proactively engage in all areas of the Confidential Company OR “Company”, to bring data and insights, and importantly serve as a key business partner to the CEO and other Senior Leadership. This leader will have primary day-to-day responsibility for planning, implementing, managing, and controlling all financial-related activities of the company. This will include direct responsibility for accounting, finance, treasury, legal, and compliance. CORE RESPONSIBILITIES Assist the CEO and management team in achieving the company's growth and profitability targets: Assist with the facilitation and development of the Company vision, strategy, and planning needed to ensure the success of the organization. Develop and manage financial strategy. Serve as a business partner across functional areas to inform key decisions. Exceed profitability targets through operational excellence and growth in new markets. Advise management on short-term and long-term financial objectives, policies, and actions. Provide reliable forecasting and business intelligence that fuels effective decision-making: Analyze the financial details of past, present, and expected operations in order to identify development opportunities in areas where improvement is needed. Develop analysis to evaluate entry into new markets. Study long-range economic trends and project their impact on future growth in sales and market share Utilize and add to existing analytical tools (data warehouse, PowerBI tools, etc.) to efficiently convey KPIs, reports, and financials in a timely manner at all levels of the organization Exercise good financial management practices and accountability: Ensure company financials comply with GAAP, while also producing useful financial data and KPI metrics to provide senior management with critical business insights. Run a proactive and efficient budget cycle, helping the company tie its investment thesis to its strategy, operational KPIs, and financial forecasts. Make KPIs the centerpiece of the company's performance planning and dashboards. Hold peers accountable. Develop and manage the capital structure Review, oversee and present monthly, quarterly, and annual financial performance reviews. Lead the company’s compliance function with a proactive and business approach, and standardize into business practices: Monitor financial activities to ensure that all legal and regulatory requirements are met Lead the company's compliance auditing program. Proactively identify and resolve potential compliance issues before they manifest. Maintain current knowledge of organizational policies and procedures, federal and state policies / directives. Manage contract renewals and new company contracts to ensure pricing and terms are aligned with business requirements. Manage and maintain contract database to ensure compliance. Develop and maintain internal control program infrastructure throughout the organization Effectively represent the company with external stakeholders: Develop and maintain relationships with banking, insurance, benefits, 401k, and external third-party audit and tax partners. Review, oversee and present financial statements, business activity reports, financial position forecasts, and reports required by regulatory agencies and external stakeholders. DESIRED QUALIFICATIONS, SKILLS, AND EXPERIENCE Bachelor’s degree (MA/MBA preferred) in Accounting or Finance. 15+ years of progressively responsible finance/accounting experience in a high growth grocery/retail organization. Knowledge of finance, accounting, budgeting, and cost control principles including Generally Accepted Accounting Principles. Experience in strategic planning and execution. Ability to analyze financial data and prepare financial reports, statements, 3-statement financial projections, write MD&As, and deep understanding of cash flow forecasting, down to weekly basis. Extensive experience developing multi-faceted bottoms-up company budgets through partnership with internal management team members throughout various levels of the organization, as well incorporating external input and feedback (i.e. a private equity sponsor). Experience managing a levered business and dealing with bank covenants. Demonstrable experience leading and achieving cost savings and profitability improvement initiatives that have made a material impact on the organization by increasing EBITDA over time. Experience and know-how for scaling a growing organization, and anticipating staffing, infrastructural and procedural requirements for a larger business. Ability to deliver board-level financial presentations that accurately summarize business for investors, bankers and vendors. Prior experience with a private equity-owned portfolio company or experience in leading a company through a successful exit is highly desirable. Experience managing the acquisition process and integration of complementary businesses. Experience implementing new accounting software and integrating with broader ERP systems. Knowledge of contracting, negotiating, and change management. Knowledge of automated financial and accounting reporting systems. Experience as a liaison between company accountants, state, and government entities for financial audits. Excellent verbal and written communication skills. Accuracy and attention to detail is a must. High level of integrity and dependability with a strong sense of urgency and results orientation. Unquestionable personal code of ethics, integrity, diversity and trust. Interested in Learning More? 180one has been retained by Three Bears Alaska to manage this search. If interested in learning more about the opportunity, please contact Tom Haley / 503.334.1350/ tom@180one.com

New Opportunity: Corporate Controller

By Effie Zimmerman • April 20, 2026

Corporate Controller ABOUT THE COMPANY With roots going back to the 1960’s, Forest City Trading Group (FCTG), may have started as a small lumber yard run by two immigrant brothers, but has since grown into North America’s largest wholesale lumber product distributor. FCTG facilitates the distribution of products across 6 continents through our network of 12 operating companies and over 750 employees. The company’s impact is far-reaching, especially when considering that one in every ten houses today is built using products sourced and sold by our operating companies. As proponents of forest sustainability, FCTG actively supports suppliers who use sustainable forest management practices that promote forest sustainability and result in long-term environmental, social, and economic benefits. POSITION SUMMARY Reporting directly to the Chief Financial Officer (CFO), the Corporate Controller is a senior finance leader and trusted business partner to the CFO and management team. This role owns the integrity of the Company's accounting, reporting, and control environment while advancing the finance function through improved processes, disciplined decision-making, and effective deployment of technology. This is a hands-on leadership role. The Controller will operate in the details with responsibility for managing the full accounting cycle for corporate and operating companies, commodity position accounting, physical and financial settlement, and daily treasury operations—while building a scalable, high-performing finance organization. The role also operates in a matrixed environment, requiring strong influence skills to align and uplevel financial operations across Operating Companies, and partners closely with the trading desk, risk management, operations, legal, and external auditors. CORE RESPONSIBILITIES Leadership & Culture Build, lead, and develop a high-performing corporate accounting and finance team Foster a positive, accountable culture at the corporate and Operating Company levels Hire, develop, and retain talented accounting, treasury, and shared services professionals Serve as a stabilizing force during system change, organizational growth, or market volatility Assess subsidiary finance capabilities; develop structured plans to up-level talent, processes, and controls Business Partnership & Cross-Functional Influence Serve as a key finance partner to the CFO, Operating Company Controllers, and operations leadership Lead through influence in a matrixed environment—aligning subsidiary Controllers around corporate standards without relying on direct authority Translate financial information into clear, actionable insights for corporate and subsidiary audiences Collaborate with the trading desk to ensure accounting treatment aligns with economic reality and business intent Technical & Functional Oversight Financial reporting and accounting, including trader compensation, commodity futures, and mark-to-market accounting Daily treasury operations and internal cash/collateral management Tax coordination and oversight, including pass-through partnership structures Budgeting, forecasting, and financial planning Internal controls, risk management, and policy oversight Foreign exchange and cross-currency hedging for international procurement and sales Shared services leadership: expense approvals, vendor setup, purchase order controls, and finance policies Decision Support & Systems Apply cost-benefit and ROI thinking to financial and operational decisions Drive automation of routine reporting workflows to free capacity for higher-value analysis Lead ERP implementation and optimization; evaluate best-practice accounting policies as the business evolves Subsidiary Finance Uplift Establish a structured approach to evaluating financial maturity across Operating Companies Develop and maintain a corporate finance playbook that subsidiary Controllers can adopt and execute Provide hands-on coaching and technical guidance to Operating Company finance teams Drive consistent consolidation standards, intercompany accounting, and reporting cadences across subsidiaries Identify and escalate risks in subsidiary financial operations before they affect corporate reporting integrity KEY ATTRIBUTES Trusted Leader & Business Partner: Close thought partner to the CFO; credible with Operating Company Controllers, traders, and senior management. Leads with integrity, sound judgment, and practical business sense. Relationship Builder & Matrix Navigator: Builds trust-based relationships across corporate and subsidiary teams. Leads through influence rather than direct authority in a matrixed environment. Subsidiary Uplift Leader: Assesses and elevates Operating Company finance capabilities through coaching, playbooks, and structured engagement—raising the bar on controls, talent, and reporting quality. Hands-On & Detail-Oriented: Ensures accuracy and follow-through across all finance processes. Process & Technology Focused: Continuously seeks better ways to operate. Leverages ERP and other tools to improve efficiency and data quality; leads system implementation and optimization. Positive, Accountable Leader: Creates a high-accountability finance culture at both corporate and subsidiary levels. Leads by example and develops strong teams. IDEAL CANDIDATE PROFILE Leadership Track Record: Demonstrated ability to build high-performing finance teams Matrix Leadership: Proven success in influencing and driving change without direct authority over Operating Company teams Relationship Builder: Naturally builds trust across organizational levels—someone subsidiaries want to partner with, not just report to Strategic and Tactical Range: Operates at a senior level strategically and at the transactional level when the business requires it Technology Proficiency: Demonstrated curiosity and initiative in experimenting with and adopting emerging technologies (including AI) to enhance financial reporting, forecasting, and process efficiency Change Leadership: Comfortable reassessing processes and building scalable financial infrastructure from a hands-on starting point Integrity & Judgment: High personal integrity and sound judgment in ambiguous, fast-moving environments Interested in Learning More? 180one has been retained by Forest City Trading Group to manage this search. If interested in learning more about the opportunity, please contact Tom Haley / 503.334.1350/ tom@180one.com