PE FUND INITIATING MAJOR ACQUISITION PROGRAMME
Case Study: Fintech
Interim Group Chief Financial Officer
A Private Equity Fund had embarked on an aggressive programme of acquisition in the Payments/ Fintech ecosystem. Its portfolio had rapidly grown to over twenty companies, and the business found itself in a huge state of flux. It identified the need to secure an outstanding Group CFO, ideally with immediate availability, with and deep understanding of financial controls & systems, IPO and M & A experience, and who would be prepared to travel extensively between multiple locations for an extended period whilst the business moved towards a ‘steady state’.
At the same time, the client recognised the quality of person sought may not be available for several months. An external consultancy was preparing the structural model against a range of assumptions, each of which carried varying degrees of risk, and had installed an interim CFO at significant cost to the client business.
Marden was requested to propose a solution that considered client requirements, existing resources, risk and talent availability. Several options were identified. It was agreed to source talent that could meet criteria and be prepared to engage in several permutations – permanent; interim to permanent; interim and exit. Based on Marden’s knowledge of the potential candidate pool, interim and permanent candidates were identified, engaged and introduced within twelve days. The client decided to engage an Interim CFO with immediate availability to ‘fix’ short term requirements, but who would exit in a three to six month time frame. In parallel, a transparent relationship was retained with several Group CFO permanent candidates, one of whom was appointed to the role four months after an Interim CFO was appointed.
The Interim Director quickly addressed immediate reporting/ process requirements, and, working with an external consultancy, developed the future structure / reporting relationships. The permanent Group CFO entered the business, and quickly developed an effective relationship with the Interim Director. A new structure has been deployed globally, including new office locations.