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 • October 20, 2026
Chief Information Officer ABOUT THE COMPANY With roots dating back to 1938, The Papé Group is the West’s leading supplier of capital equipment solutions. Today, Papé operate 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 The Chief Information Officer (CIO) provides leadership and management of the information technology function for the company. The CIO is responsible for providing leadership and development to the corporate technology team, including software development, infrastructure, support, web development, database administration, and applications development. The CIO will partner with company-wide business leaders to align their business needs as well as corporate initiatives with cost-effective technology strategies and solutions to achieve those goals as the company continues to grow and evolve. Examples include the company’s One Customer | One Papé initiative that is designed to strengthen the relationship between customers and the company through a variety of mediums, with a heavy emphasis on leveraging technology. The CIO will be a proven technology and business leader and possess broad-based progressive IT leadership experience. The role requires sophisticated management skills in IT planning, organizational design and development, and process thinking. Papé has completed 25+ acquisitions over the past 8 years, with each acquisition being fully integrated into Papé’s technology infrastructure and systems on day one. Essential Duties and Responsibilities Team Management and Development Lead, train, develop, and coach a high-performance information technology team; identifying appropriate staffing needs, skill sets, or alternative outsourcing. Align IT's organizational structure and initiatives with company-wide requirements for technology solutions, information needs and security requirements. Responsible for optimizing the IT demands and the supply capacity of the teams to prioritize the assignment of resources. Set objectives and strategies for the IT team. Strategic and Business Planning Develop and execute short-, mid-, and long-term strategic technology and system roadmaps that translate business requirements into projects, goals, objectives, and deliverables with the business partners and end-user experience in mind. Establish the objectives for operations, maintenance, and enhancement of the IT systems and a plan for continuous improvement of the service levels. Help define IT infrastructure strategy, architecture, and processes. Drive a coordinated ERP approach across all of Papé’s operating companies to ensure the success and integrity of the overall design and integrations with other technologies. Technology and Infrastructure Full operational management responsibility for information and telecommunication technology functions and services; ensures appropriate implementation and support for business systems by managing and coordinating applications development/maintenance, data processing, data center infrastructure, local/wide area network administration, office automation, and technical support activities. Responsible for building and optimizing the evolving needs of system-level architectural capabilities to support the data and integration strategies. Evaluate effectiveness, efficiency, and costs of existing technology and systems, research new or alternative solutions, and make recommendations to senior management as appropriate. Maintain working knowledge of new and evolving technologies and systems for possible application to development or future organization needs. Identify emerging issues in technology and digital processes and develop strategies to implement value-added technology, collaborating with functional areas of the business impacted. Participate in the evaluation of new tools, platforms and technologies and articulate the business case for investments. Provide architecture leadership around technology interfaces with systems outside of the ERP, including those that reside with the OEMs, and the company’s CRM. Ensure that the organization continues to stay current with the latest technology security applications and tools to guard against cyber threats. Project Management Develop and manage project plans in collaboration with functional business leaders to ensure proper resource utilization, expense management, and timely completion. Leads large IT projects, including the design and deployment of new IT systems and services. Develop and manage the annual information technology department budget; includes project planning, expense management, and external resource utilization. Prioritize, assign, and manage a portfolio of technology projects in support of business goals; ensure delivery of projects within time and cost limitations. Partner with other functional leaders on implementation and company-wide adoption of new technology and/or processes through effective change management. External Relationships Provide expertise and leadership in the selection and management of vendors to provide low-cost, high-efficiency solutions. Represent Papé at industry conferences and be an active member with the OEMs to help influence technology outcomes. Business Partnering Engage, build, and partner with executive leaders and key stakeholders to ensure alignment with current and long-term business objectives. Work closely with cross-functional leaders to identify technology business needs, develop collaborative solutions and execution plans in alignment with the business strategy. Be obsessed with delivering results, insist on high standards, possess a knack for thinking strategically and “finding a way”, and an external awareness and curiosity to innovate and disrupt within the capital equipment market. Participate, as a member of the business leadership team, in strategic planning activities by providing systemic and technological solutions where business opportunities or challenges are identified. Ensure a business intelligence structure and tools are in place to deliver appropriate information to decision makers. Qualifications Bachelor’s degree in information systems, business, or equivalent analytical and strategic management capabilities acquired through on-the-job experience and training. 10+ years of progressive leadership experience with 5+ years in a senior leadership position managing a similar scope and size technology team. Proven success leading IT, preferably in a complex, multi-location, multi-business organization, preferably involving equipment dealerships, distribution, or similar operationally intensive businesses. Experience integrating and progressively modernizing custom legacy applications alongside cloud, SaaS, and emerging AI technologies. Ability to analyze business needs and recommend and implement appropriate solutions. Ability to develop and collect key performance indicators to measure performance. Experience managing a wide variety and scope of information technology projects that successfully achieve time, cost, and operational expectations. Comprehensive knowledge of IS technology architecture, software, ERP experience, cloud computing, mobile computing, IT security, and company-wide training. Experienced in leading teams of IT professionals and staff across multiple technical disciplines Ability to communicate vision, motivate workforce, create effective teams, and build strong peer relationships. Ability to prioritize and manage multiple ongoing projects and responsibilities to meet business technology needs. Experience in developing and supporting customer-facing business systems and/or implementing related digital transformation initiatives. Strong ability to collaborate functionally with other management and leadership team members. An effective communicator who clearly and concisely conveys information and ideas to all levels of the organization and uses your influencing skills to advance shared interests and business goals. Innovative problem solver with critical thinking skills and strong analytical abilities. Experience with system integration and change management. Interested in Learning More? 180one is assisting The Papé Group in this search. If interested in learning more about the opportunity, please contact Tom Haley/ 503.334.1350/ tom@180one.com .
By Effie Zimmerman • October 13, 2026
Chief Financial Officer ABOUT THE COMPANY Kenworth Sales Company is a multi-generation, family-owned commercial truck dealership founded in 1945 and headquartered in West Valley City, Utah. With more than 1,400 employees across 38 locations, the company provides comprehensive truck sales, parts, service, leasing, rental, and financing solutions throughout the Intermountain West and Mid-Atlantic regions. Recognized as Kenworth Dealer of the Year in both 2020 and 2025, Kenworth Sales Company has built its reputation on quality products, superior service, and a long-standing commitment to its customers and communities. ABOUT THE POSITION Reporting directly to the President, the Chief Financial Officer provides strategic leadership and oversight across accounting, financial reporting, compliance, information technology, security and risk management, finance, and treasury. As a key member of the senior leadership team, the CFO plays an integral role in shaping the Company’s business strategy, financial direction, capital planning, and overall operations. Essential Duties and Responsibilities SENIOR MANAGEMENT Actively participate as a member of senior management to execute the company’s business strategy. Establish and maintain effective working relationships with the dealer principal, board of directors, family business council, president, COO’s, and senior management. Ensure compliance with the company’s vision, mission, and values. Coordinate the preparation of annual business plans for all departments, including forecasts for future business growth, general economic, industry, and financial conditions. Analyze financial operations and identify areas of improvement. Develop innovative and effective financing strategies to support Company operations and growth. Evaluate growth opportunities including valuation analysis, due diligence, financing, risk assessment, purchase agreement support, and post-acquisition integration planning. Develop and foster productive relationships with outside tax, legal, accounting, banking, insurance, and investment advisors as appropriate to support succession planning for ownership and management. FINANCIAL REPORTING Supervise the company’s accounting and financial reporting systems. Ensure financial statements fully and accurately represent the financial position of Company operations and comply with GAAP standards. Design, maintain, and enforce appropriate internal controls, approval authorities, segregation of duties, financial policies, and fraud prevention processes to safeguard Company assets and ensure the integrity of financial reporting and business practices. Ensure reporting compliance with government authorities and regulators, franchisors, and funding institutions. Engage and coordinate all audit functions as directed by the board of directors. Coordinate and supervise internal audits for compliance with Corporate financial standards and related Company policies and procedures. Develop and maintain financial dashboards, key performance indicators, variance analyses, and management reporting tools that provide Management timely insight into financial performance, profitability, liquidity, departmental results, and emerging business trends. RISK MANAGEMENT Supervise the company's risk oversight, including the identification, management, and remediation of physical, virtual, reputational, financial, strategic, and operational risks inherent in all Company operations. Engage and effectively manage physical damage, liability, and business operations insurance coverage, loss prevention, cybersecurity, etc. CASH MANAGEMENT Supervise the company's cash flow. Develop and review pro forma financial and cash flow forecasts to ensure adequate money supply for Company operations. Oversee customer account services, including the receivables process. Develop and maintain strong banking and lender relationships including credit facilities, borrowing capacity, debt obligations, lender reporting, covenant compliance, and other treasury activities. Administer the company's financial obligations, ensuring compliance with contract terms including accounts payable and payment schedules. INFORMATION TECHNOLOGY Supervise the company’s information technology (IT) program, including cybersecurity oversight, systems reliability, data protection, software and vendor management, disaster recovery planning, business continuity support, and technology initiatives. QUALIFICATIONS Bachelor’s degree in accounting, finance, business, or related field required; MBA and/or CPA preferred. Minimum of 10 years of progressively responsible experience in senior financial, accounting, or audit roles, with experience operating at a leadership level. Strong knowledge of GAAP, financial reporting, corporate compliance, financial analysis, acquisitions, and negotiations. Experience with business operations, information technology, and/or the heavy-truck or commercial vehicle industry preferred. Demonstrated ability to lead, develop, and retain high-performing teams while improving organizational effectiveness. Excellent communication, interpersonal, organizational, time-management, and decision-making skills. Ability to analyze complex business issues, develop sound financial and business-case recommendations, and communicate them effectively to senior leadership. Ability to work independently, manage multiple priorities, and operate effectively in a fast-paced, changing business environment. Willingness and ability to travel as needed for business purposes. Interested in Learning More? 180one has been retained by Kenworth Sales Company to manage this search. If interested in learning more about the opportunity, please contact Lisa Heffernan / 971.256.3076/ lisa@180one.com .
By Effie Zimmerman • September 16, 2026
General Manager- Leasing 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) of Leasing will be responsible for all Papé PacLease company operations and performance. General areas of responsibility will include business planning, profitable business growth, asset management and profitability, vehicle maintenance standards, and the profitable sale of vehicles at the end of the leasing term. Additionally, this position will oversee the short term rental fleet and lease return sales, contract maintenance, rental performance, and financial and personnel management for this division. 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 Develop and execute the overall strategic plan for the leasing division, including revenue, profitability, fleet growth, operational standards, utilization, customer service, and retention. Establish annual and long-term business plans, budgets, forecasts, and performance goals. Drive revenue growth while maintaining disciplined control of expenses and operating costs. Manage fleet acquisition costs, depreciation, residual values, financing costs, maintenance expenses, insurance, and other major components of leasing profitability. Oversee the acquisition, deployment, utilization, maintenance, and disposition of fleet vehicles. Develop and manage processes and procedures for management and tracking of assets, including accurate visibility into lifecycle costs and total costs of ownership. Lead and develop the sales team and strategies for sales and customer acquisition. Establish a disciplined sales process, pipeline process, and forecasting. Ensure compliance with all applicable federal, state, and local regulations. Recruit, develop, motivate, and retain a high-performing leasing organization. Collaborate with dealership leadership to create a unified culture and operating strategy for the Leasing business. CANDIDATE PROFILE The ideal candidate brings a proven track record of successful management experience in commercial truck leasing or dealership environments. Key strengths include: Proven track record of successful management experience within the dealership or leasing environment. Demonstrated experience in developing teams, setting performance goals, and achieving sales targets. Experience developing and executing sales strategies that consistently exceed revenue and profitability targets. Experience leading and developing standard operating procedures for lease operations, asset maintenance and utilization, customer qualification, lease structuring and pricing, long-term leasing contracts, and customer communication. Preferred Bachelor’s degree is preferred, or equivalent combination of education and progressively responsible industry experience. 10+ years of progressive leadership experience in truck dealership or leasing sales and operations. 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 Tom Haley/ 503.334.1350/ tom@180one.com .
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