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: Chief Financial Officer

By Effie Zimmerman • May 28, 2026

C HIEF FINANCIAL OFFICER ABOUT THE COMPANY Founded in 1929, Bennett is a trusted, family-led provider of water, plant health, and energy solutions for growers with locations in California’s Central Valley and Hawaii. Based in Selma, California, and now led by fourth-generation CEO Tyler Bennett, the company offers fully integrated services to maximize resource efficiency - delivering turnkey solutions that help customers maximize yields, improve water efficiency, and enhance crop health. What began as a family-run business, Bennett grew alongside the farming communities it served, built on a commitment to practical solutions, dependable service, and long-term relationships. Over the decades, Bennett continued to evolve with the needs of the industry. As agriculture faced new challenges around efficiency, resource management, and crop performance, the company expanded its capabilities to support operations in more ways. Through each stage of that growth, one principle remained constant: focus on solving real problems in the field and stand behind their work. In August of 2025, Pike Street Capital made an investment in Bennett to help facilitate continued growth and geographical expansion. More information is available at www.bennett.llc . ABOUT THE POSITION The Chief Financial Officer position is accountable for the strategic, financial, administrative, and risk management operations of the company, including the development of a financial and operational strategy, metrics tied to that strategy, and the ongoing development and monitoring of control systems designed to preserve company assets, maximize profits, and report accurate financial results to the Board and stakeholders. The CFO candidate must be willing to take a side-by-side role with the CEO and executive team to motivate the people in the organization to achieve its mission and financial targets. The CFO will report to the Chief Executive Officer and be a key member of the Company’s senior executive team. She or he will design, install, and manage the practices and systems necessary, including financial policy, reporting, compliance, risk management, controls, financial accounting, cost accounting, accounting systems, cash management, banking relationships, tax strategy, and Board interface. The CFO will coordinate the development and filing of all bank and board-related reports and regulatory documents, if any, and initiate and maintain accounting and auditor relationships. DUTIES & RESPONSIBILITIES Executive & Strategic Leadership Serve as a strategic partner to the CEO and executive team, actively contributing to policy, direction, and long-term planning. Help define and execute the company’s growth strategy in alignment with operational, financial, and market objectives. Drive a high-performance culture through accountability, transparency, and collaboration. Lead by example, setting the tone and culture across the organization. Operate as a player/coach, comfortable building models, developing presentations, and engaging directly in critical business issues. Attract, develop, and retain top-tier financial and operational talent. Lead major business initiatives and projects (e.g., productivity improvement, pricing strategies) with measurable results. Shoulder broad business leadership responsibility, beyond traditional finance functions. Financial Planning & Analysis (FP&A) Own the development and ongoing refinement of annual budgets, monthly forecasts, and long-term financial planning. Track and maintain key performance indicators (KPIs) to measure performance against strategic goals. Conduct hands-on analysis of financial performance, with actionable insights to achieve growth and EBITDA targets. Lead investment analysis and decision support, including customer pricing models and full business case development. Demonstrated expertise in labor cost management and margin improvement strategies. Bring experience across multiple ERP platforms; ERP selection and implementation experience is highly preferred. Accounting & Financial Operations Oversee all accounting and finance functions, ensuring accuracy, integrity, and timeliness of financial information. Prepare and deliver comprehensive financial reporting packages, including monthly P&L, balance sheet, cash flow, and covenant compliance. Ensure all financial statements are prepared in accordance with GAAP and meet internal and external stakeholder requirements. Lead all month-end close activities, including general ledger, balance sheet reconciliations, and overhead allocation. Enhance and scale accounting processes, systems, and internal controls to support company growth. Coordinate the annual audit process, ensuring unqualified audit results. Lead the preparation and management of company-wide budgets, including revenue and capital expenditure planning. Treasury & Working Capital Management Lead cash flow forecasting, management, and decision-making around weekly cash disbursements. Improve the full cash cycle- credit policy, collections, inventory, and payables management. Manage lender relationships and covenant compliance. Use forward-looking cash flow analysis to guide capital structure decisions and working capital strategy. M&A & Private Equity Engagement Collaborate with the leadership team and private equity sponsors on M&A add-on strategies and roll-up execution. Experience or understanding of value creation planning, reporting, and board-level communication. DESIRED QUALIFICATIONS A complete understanding of the role of a private company CFO as a fiduciary with responsibility for reporting, bank covenant compliance, and Board interface. Domain expertise in accounting policy, accounting systems, financial reporting, taxation, and bank compliance. Superior management, analytical, organizational, administrative, and presentation skills. The temperament and maturity to be a key confidant and collaborator with the CEO and the management peer group. Master's degree in accounting or business administration, or equivalent business experience, preferred. 10+ years of progressively responsible experience in an industry-relevant company in a financial capacity. Experience partnering with an executive team and have a high level of written and oral communication skills. Preference will be given to candidates with an MBA in Finance and the Certified Public Accountant or Certified Management Accountant designations. Interested in Learning More? 180one has been retained by Bennett 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 • May 27, 2026

Chief Financial Officer (CFO) ABOUT THE COMPANY Superior Duct Fabrication is a market-leading fabricator of highly technical commercial ducting and specialty HVAC products, serving mission-critical end markets such as data centers, semiconductor manufacturing, healthcare, higher education, and industrial facilities. Founded in 2002 and headquartered in Pomona, CA, Superior operates out of five strategic manufacturing sites across the Western U.S. and Ohio, with a deeply experienced union workforce, vertically integrated operations, and a reputation for quality, speed, and reliability. In 2025, Seattle-based private equity firm Pike Street Capital made a platform investment in Superior to accelerate growth through geographic expansion, product innovation, and targeted acquisitions. With a strong leadership team, trusted customer relationships, and increasing demand for sophisticated air handling solutions, Superior is positioned for rapid, scalable growth. POSITION SUMMARY Superior Duct Fabrication is seeking an experienced and results-driven Chief Financial Officer (CFO) to lead the financial strategy and execution of its private equity-backed, high-growth business. The CFO will play a critical role in enabling both organic and acquisitive growth, optimizing operations, and driving value creation in partnership with the CEO, President and private equity sponsor. This is a hands-on executive leadership role ideal for a proven financial leader with deep manufacturing expertise and a track record of operating in dynamic, performance-driven environments. Essential Duties and Responsibilities Executive & Strategic Leadership Serve as a strategic partner to the CEO and executive team, actively contributing to policy, direction, and long-term planning. Help define and execute the company’s growth strategy in alignment with operational, financial, and market objectives. Drive a high-performance culture through accountability, transparency, and collaboration. Lead by example, setting the tone and culture across the organization. Operate as a player/coach—comfortable building models, developing presentations, and engaging directly in critical business issues. Attract, develop, and retain top-tier financial and operational talent. Lead major business initiatives and projects (e.g., productivity improvement, pricing strategies) with measurable results. Shoulder broad business leadership responsibility, beyond traditional finance functions. Financial Planning & Analysis (FP&A) Own the development and ongoing refinement of annual budgets, monthly forecasts, and long-term financial planning. Track and maintain key performance indicators (KPIs) to measure performance against strategic goals. Conduct hands-on analysis of financial performance, with actionable insights to achieve growth and EBITDA targets. Lead investment analysis and decision support—including customer pricing models and full business case development. Demonstrated expertise in labor cost management and margin improvement strategies. Bring experience across multiple ERP platforms; ERP selection and implementation experience is highly preferred. Accounting & Financial Operations Oversee all accounting and finance functions, ensuring accuracy, integrity, and timeliness of financial information. Prepare and deliver comprehensive financial reporting packages, including monthly P&L, balance sheet, cash flow, and covenant compliance. Ensure all financial statements are prepared in accordance with GAAP and meet internal and external stakeholder requirements. Lead all month-end close activities, including general ledger, balance sheet reconciliations, and overhead allocation. Enhance and scale accounting processes, systems, and internal controls to support company growth. Coordinate the annual audit process, ensuring unqualified audit results. Lead the preparation and management of company-wide budgets, including revenue and capital expenditure planning. Treasury & Working Capital Management Lead cash flow forecasting, management, and decision-making around weekly cash disbursements. Improve the full cash cycle—credit policy, collections, inventory, and payables management. Manage lender relationships and covenant compliance. Use forward-looking cash flow analysis to guide capital structure decisions and working capital strategy. M&A & Private Equity Engagement Collaborate with the leadership team and private equity sponsors on M&A add-on strategies and roll-up execution. Experience or understanding of value creation planning, reporting, and board-level communication. QUALIFICATIONS Bachelor’s degree in Finance, Accounting, Business Administration, or a related discipline; CPA and MBA strongly preferred. Extensive experience in senior financial leadership roles, ideally within a private equity-backed or high-growth manufacturing environment. Deep understanding of financial and operational disciplines, including P&L ownership, balance sheet management, cash flow optimization, and capital allocation. Demonstrated experience in corporate governance, risk management, and regulatory compliance. Proven ability to lead complex negotiations related to financing, vendor agreements, M&A, and commercial terms. Expertise in budgeting, forecasting, financial modeling, and working capital management; prior public accounting experience is a plus. Strong business acumen with the ability to quickly assess new challenges and make sound, data-driven decisions in a dynamic environment. Natural leadership presence with the ability to build trust and credibility across all levels of an organization and with external stakeholders. Resilient under pressure with a disciplined approach to prioritization, execution, and delegation. Exceptional communication skills—both written and verbal—with the ability to clearly articulate financial concepts to non-financial stakeholders. Committed to service excellence, with strong interpersonal skills and a collaborative leadership style. High attention to detail and precision, balanced with the ability to think strategically and see the broader business context. Interested in Learning More? 180one has been retained by Superior Duct Fabrication to manage this search. If interested in learning more about the opportunity, please contact Tom Haley / 503.334.1350/ tom@180one.com .

New Opportunity: Chief Financial Officer

By Effie Zimmerman • May 21, 2026

Chief Financial Officer ABOUT THE COMPANY Milwaukee Electronics (MEC) was founded in 1954, offering services in circuit board design and PCBA assembly to the mining industry in the Wisconsin, USA, region. Michael Stoehr purchased the company in 1985 with the mission of creating a business that would put customers first and be a fulfilling place to work for the employees serving those customers. MEC has since grown into an international organization with locations in Wisconsin, Oregon, Mexico, India, and Singapore, serving a multitude of industries and customers from Fortune 50 companies to small, privately held organizations. Jered Stoehr is the second generation to take the Chief Executive helm, carrying on his father’s customers-first legacy and ensuring that MEC maintains the entrepreneurial spirit that has allowed the company to continually expand its range of services, maintain decades-long customer relationships, and provide careers for many dedicated employees. Our services include: End-to-end electronics manufacturing services, including PCBA, box build, and test Program management, including supply chain and logistics management Quick-turn prototype and on-demand manufacturing Our Mission is Acceleration. For customers, we bring innovations to life from prototype to production. We turn their vision into reality and accelerate what’s possible through partnership, a commitment to quality, and flexible processes. For employees, we create opportunities to grow and change. Through continuous learning programs, internal promotions, and a culture of personal care, we accelerate the cycle of abundance for our people and our communities. Our 70+ years in electronics innovation is powered by our incredible people, from the factory floor to the corporate office, who bring this mission to life each day. POSITION SUMMARY The Chief Financial Officer (CFO) reports directly to the CEO and is a key member of the executive leadership team, responsible for all aspects of financial management, strategy, and performance. The CFO partners closely with operations, supply chain, and commercial leaders to align financial goals with manufacturing objectives while ensuring compliance, efficiency, and sustainable growth. This role requires an experienced finance leader with strong knowledge of manufacturing operations, cost accounting, and global business practices. The CFO will provide strategic financial guidance, manage risk, and ensure the company has the resources and insights to achieve its objectives. Essential Duties and Responsibilities Strategic Leadership Serve as a strategic partner to the CEO, President, executive team, and board of directors, providing insights on growth, profitability, and sustainability. Develop and execute financial strategies that support long-term business objectives. Provide recommendations on operational efficiency, capital allocation, and expansion opportunities. Maintain a strong relationship with financing partners. Development of financial plans and forecasts, capital expenditure plans, budgets, cashflow forecasts and covenant forecasts. Financial Management & Reporting Oversee domestic and international financial operations, including accounting, reporting, tax, and treasury functions. Ensure accuracy, timeliness, and compliance of financial reporting under U.S. GAAP and local statutory requirements in Mexico, India, Singapore, and other jurisdictions. Lead preparation and presentation of financial results, KPIs, and dashboards for executive leadership and stakeholders. Work with the outside CPAs for successful financial audit and tax reporting. Operations & Cost Management Partner with manufacturing leaders to monitor operational performance and key cost drivers. Oversee cost accounting, inventory valuation, and margin analysis to support informed decision-making. Drive initiatives that enhance efficiency, reduce costs, and improve profitability across global operations. Lead the relationships with the benefit providers, 401k, self-insured health and dental, disability and life. Maintain a competitive benefit package that is cost-effective. Contracts, Risk & Compliance Manage and negotiate the business insurance package. Negotiate, review, and manage NDA’s and contracts with customers, vendors, and service providers. Ensure compliance with federal, state, and international financial and tax regulations. Strengthen internal controls and risk management practices across the organization. Team Leadership & Development Lead and mentor the finance team, including a Director of Finance, Corporate Controller, and the corresponding accounting teams. Foster a culture of accountability, collaboration, and continuous improvement. Develop team capabilities to support evolving business needs. Global Responsibilities Oversee domestic and international financial operations, ensuring compliance with U.S. GAAP and local statutory requirements in Mexico, India, Singapore, and other jurisdictions. Manage global tax strategy, including transfer pricing, cross-border compliance, and coordination with external auditors and advisors. Drive consistency in financial practices, systems, and reporting across all locations while respecting local requirements. Collaborate effectively across diverse geographies, time zones, and cultures to ensure alignment and accountability. KEY PARTNERSHIPS The CFO will collaborate across the organization to bridge finance with operations, including: Operations & Manufacturing – Partner with Plant General Managers, Supply Chain, Logistics, and Quality teams to manage production performance, cost drivers, and efficiency improvements. Engineering & Product Development – Collaborate with R&D and Process Engineering on new product investments, process improvements, and automation initiatives. Commercial Functions – Support Sales, Business Development, and Program Management with pricing strategy, contract terms, revenue forecasting, and customer profitability. Corporate Services – Align with HR on labor costs and workforce planning, IT/ERP on systems and reporting integration, and Legal on contracts, risk, and compliance. Executive Leadership & Board – Partner with the CEO and board of directors to provide insights on financial performance, growth opportunities, and long-term strategy. QUALIFICATIONS Bachelor’s degree in Accounting, Finance, or related field required; CPA with 5+ years of professional experience required. MBA or CMA strongly preferred. 15+ years of progressive finance experience, including 5+ years in a senior leadership role. Proven expertise in manufacturing finance, including cost accounting, margin analysis, and operations support. Demonstrated success in contract negotiation, risk management, and global financial operations, including multi-site, international entities. Experience in mid-sized companies ($100M–$250M revenue) and familiarity with scaling finance across multi-site global operations preferred. Strong executive communication skills with the ability to influence across functions, geographies, and cultures. Hands-on, detail-oriented leader with a strategic mindset, adaptability, and integrity in a fast-paced environment. Key Competencies Strategic, financial, and analytical thinker with proven ability to align financial strategy to business goals Deep understanding of manufacturing operations, cost structures, and operational performance drivers. Strong business acumen with demonstrated negotiation and partnership skills. High integrity and commitment to ethical practices Collaborative leadership style with a focus on developing people and building high-performing teams. Advanced data analysis skills and systems expertise, including ERP and CRM platforms, business intelligence tools, and Excel, with the ability to translate data into actionable insights. Interested in Learning More? 180one has been retained by Milwaukee Electronics to manage this search. If interested in learning more about the opportunity, please contact Tom Haley / 503.334.1350/ tom@180one.com .