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 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 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 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
By Greg Togni April 6, 2026
When the Masters Tournament tees off at Augusta National on Thursday, April 9, much of the world will tune in not just for golf, but for something increasingly rare: consistency. In an era where nearly everything feels in flux, the Masters remains almost stubbornly familiar. And that’s precisely why it continues to grow. For companies navigating change, the Masters offers a compelling lesson. Tradition and innovation are often framed as opposing forces. At Augusta, they coexist, deliberately, carefully, and profitably. Few events guard tradition as fiercely as the Masters. Patrons still buy pimento cheese sandwiches for $1.50 and walk not run when the gates open. Cell phones are prohibited on the grounds. There are no sprawling sponsor tents, no commercial signage lining the fairways, and no blaring music between shots. Even the language is intentional. Attendees aren’t fans, they’re patrons. Employees aren’t staff, they’re members. Winners don’t hoist trophies in front of LED boards; they slip on a green jacket in Butler Cabin. These aren’t gimmicks. They’re signals. What’s often missed is that the Masters is far from static. Behind the scenes, Augusta National has invested heavily in innovation, just not where it would disrupt the experience. The tournament has become a leader in sports broadcasting, offering one of the most advanced digital viewing experiences in the world. Streaming options give fans unprecedented control over featured groups, individual holes, and real-time scoring. The Masters app is consistently ranked among the best in sports, blending tradition-heavy visuals with cutting-edge technology. International distribution has expanded dramatically, growing global viewership without altering the on-site product. Sponsorship revenue has increased through exclusivity and scarcity rather than volume, fewer partners, and deeper relationships. Augusta didn’t innovate by changing what made the Masters special. It innovated by protecting the experience while modernizing access to it. Perhaps the Masters’ most underrated capability is restraint. There are no naming rights. No halftime-style spectacles. No social media gimmicks plastered across Amen Corner. Augusta National has repeatedly said no to revenue opportunities that would dilute the brand, even as demand continues to grow. Many companies struggle not because they fail to innovate, but because they innovate indiscriminately. They abandon what made them successful in pursuit of what feels new. The Masters shows that enduring brands don’t confuse change with progress. For executives, boards, and investors, the takeaway is clear: preserving tradition and driving innovation are not mutually exclusive goals. The strongest organizations do both simultaneously, anchoring themselves in what they believe while adapting how they operate. As the green jackets come out this April, the Masters will once again remind us that progress doesn’t always look loud. Sometimes, it looks like a familiar sandwich, a quiet fairway, and a product that evolves just enough to stay timeless.
By Effie Zimmerman March 31, 2026
Corporate Counsel 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. ABOUT THE POSITION Reporting directly to the Chief Legal Officer (CLO), the Corporate Counsel will provide legal support for the company’s commercial operations, with a primary focus on drafting, reviewing, and negotiating customer agreements related to the sale, rental, lease, service, and maintenance of equipment. This role works closely with sales, operations, service, and finance teams to ensure that commercial transactions align with company policies, mitigate legal risk, and support business objectives. The position requires strong contract negotiation skills, practical business judgment, and the ability to operate in a fast-paced environment while managing multiple priorities. Essential Duties and Responsibilities Commercial Contracting Draft, review, and negotiate a wide range of customer-facing commercial agreements including equipment sales, rental and lease, service and maintenance, master service agreements, statements of work, and customer terms and conditions. Provide practical legal guidance on contract structure, risk allocation, and commercial terms. Ensure agreements comply with applicable laws, company policies, and risk tolerance. Business Partnership Collaborate with sales, operations, service, and finance teams to facilitate efficient deal execution. Provide legal support during contract negotiations with customers and commercial partners. Advise internal stakeholders on legal and contractual risks and propose business-oriented solutions. Contract Management & Process Improvement Develop and maintain contract templates and playbooks to streamline negotiations. Identify opportunities to improve contracting processes and reduce cycle time. Assist in the implementation and oversight of contract management systems. Risk Management & Compliance Identify legal and operational risks in commercial agreements and recommend mitigation strategies. Ensure proper documentation of negotiated terms and approvals. Stay current on relevant legal developments affecting commercial transactions and equipment-related industries. Additional Legal Support Assist the CLO with other corporate, compliance, and commercial legal matters as needed. Support dispute-resolution efforts related to customer contracts as needed. Qualifications Juris Doctor (JD) from an accredited law school Active license to practice law in at least one U.S. jurisdiction within the company’s footprint 5+ years of legal experience in commercial contracting, preferably in-house or at a law firm, supporting commercial transactions Experience supporting sales or commercial teams in a business environment Preference for experience drafting, reviewing, and negotiating customer agreements involving sales of goods and equipment, equipment rental and leasing arrangements, service and maintenance agreements Preference for familiarity with UCC Article 2 and commercial equipment transactions Preference for experience implementing or working with contract lifecycle management (CLM) systems Skills & Competencies Strong contract drafting and negotiation skills Ability to balance legal risk with business objectives Excellent written and verbal communication skills Strong attention to detail and organizational skills Ability to manage multiple matters simultaneously in a fast-paced environment Collaborative mindset with strong business partnership capabilities 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 .
More Posts