Burgeoning Spinout of a Well-Known Medical Device Manufacturer

RoleS:

VP of Operations (Head of Operations)

VP of Finance (Head of Finance)

Situation:

Our client was in a unique position; he was preparing to lead the spinout of an operating unit from a well-known medical device organization. During the critical period of separation, the incumbent GM (soon to be CEO) was reorienting culture and structure toward a startup-esque environment. He needed a strong leadership team to prepare the business for spinout and for a likely future transaction. In need of a strong strategic finance partner and an operations leader as part of his executive team, the GM sought out our support. He required an executive prepared to act as a Head of Finance while under the corporate umbrella, but who could quickly step into the role of CFO after separation. For his Head of Operations, he needed a leader well-versed in medical device within regulatory, quality and supply chain, coming from a best-in-class background with proven startup success.

Our Approach:

Our team sought out financial leaders within highly regulated industries with experience operating within rapid organic growth environments. We identified divisional finance leaders within larger organizations alongside CFOs of $150M+ organizations, particularly those with prior success operating in PE and VC environments. Leaders who had structured a business for sale and/or been involved in a successful exit were highly prioritized. 

Regarding VP of Operations, our team prioritized by growth rate and EBITDA, identifying medical device organizations that had experienced significant growth or operational improvement over the past 10 years, preferably with multiple new product launches during that period. Coupling this with in-depth culture and behavior interviews, our team quickly identified a strong shortlist of talent.

Result:

The result of both searches was a highly-targeted talent pool of candidates; for Head of Finance, all with former carveout, M&A, integration or exit experience. Our client was impressed with his options, ultimately selecting a candidate with a background as a divisional CFO within the medical device world alongside CFO experience in the startup environment as his VP of Finance. This candidate understood the strategic goals of our client while demonstrating a strong culture fit and willingness to travel on-site weekly. Out of multiple finalist candidates, our client selected a strong VP of Operations to join the team, with experience not only in medical device more generally but specifically in our client’s niche area. Our client was impressed with this targeted headhunting project, and entrusted our team with additional critical hires.

“You get it. You get the business and what kind of rare candidate can do this job, holistically. Your eye for talent and discretion regarding who you recommend for the role has been fantastic.”

— GM of the Business Unit