CHALLENGE
A middle-market private equity firm owned five separate operating companies in the medical technology industry. The vision was to combine the businesses to expand revenue by matching up to 100% of the industry’s key procurement targets and reduce costs through operating synergies in Product Development, Operations, and Sales. Market trends were driving demand for integrated solutions, providing an outstanding opportunity for any business able to deliver a wide range of solutions at scale.
However, each of the individual portfolio companies operated within its own niche, with its unique strengths, weaknesses and cultures.
The new CEO was tasked with the challenge of creating a unified strategy, leadership team and set of operational processes to capture the market opportunity.
ACTIONS
- Conducted assimilation workshops for new CEO in multiple locations to kick start relationships, align messaging, and answer the question – “what does this change mean for me”
- Performed preliminary role sort to provide immediate clarity to the organization
- Facilitated workshops to align the team around goals, strategies, and action plans
- Regular behind-the-scenes coaching to help accelerate decisions and enhance communication
RESULTS
- Increased sense of ownership by connecting the team’s co-created “bottoms up” plan to the PE firm’s “top down” vision
- Quickly re-formed the leadership team, adding new and re-sorting existing members
- Designed assignment for exiting leader to ensure smooth and positive transition
- Attracted industry Sales leader to join and drive agreed cross-selling program
- Executed early wins to accelerate unity, shared accountability and results
- Delivered operational costs savings in staffing, location and procurement
Combined business grew at a rate above market averages and delivered a successful exit in the planned timeframe.
