The Private Equity Podcast, by Raw Selection

Alex Rawlings
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Hosted by Alex Rawlings, Managing Partner of Raw Selection, a specialist executive search firm. Join us as we interview the leading experts in Private Equity, unlocking their secrets of success to share with you. Discover how some of the top Private Equity professionals got into Private Equity, how they rose to success and learn about some of the mistakes they made along the way.Alex has strong connections to the Private Equity industry through his executive search firm, Raw Selection, which specialises in working with Private Equity firms and their portfolio companies across Europe and North America. Alex is straight talking and to the point and aims to unlock real gold you can build into your firm or portfolio companies. Find out more at www.raw-selection.com

  1. 1D AGO

    Mastery of the Psychology of Change & Transformation

    Guest: Meg Pogue, Founder, Mission Squared Host: Alex Rawlings Meg Pogue joins Alex to discuss the psychology behind change in private equity-backed businesses. A former CEO who scaled her company from 2 to 95 employees, Meg now works with executive teams to navigate transformation, cultural friction, and the human dynamics of growth and acquisitions. The conversation explores why acquisitions and major transformations often trigger fear and resistance inside organizations. While executives are typically excited by growth and opportunity, most employees prioritize stability and social connection, both of which can feel threatened during periods of change. Meg explains how the brain’s threat response can lead to defensive behaviours, disengagement, and poor decision-making. Leaders often misinterpret this as resistance or negativity, when in reality it’s a natural psychological reaction to uncertainty. She shares practical leadership tactics for managing change effectively, including rebuilding trust through authenticity and vulnerability, empowering employees with a sense of control, and communicating the “why” behind transformation. Meg also introduces simple tools leaders can use during times of change, such as the “1–10 engagement question” and asking employees directly “How can I support you better right now?” — both designed to surface concerns quickly and maintain momentum during transformation. 🕒 Timestamps 00:00 – Introduction to Meg Pogue 00:28 – Meg’s CEO journey and leadership lessons 01:54 – Fear and perception around private equity acquisitions 03:23 – Leadership personality differences during change 05:14 – Why employees feel threatened by transformation 06:44 – Communication and leadership during change 10:59 – Rebuilding trust within teams 13:25 – Empowerment and giving employees control 14:51 – Leading change in fast-paced PE environments 18:40 – Questions leaders should ask their teams 19:07 – The “1–10 engagement” leadership tool 21:30 – Raising standards without creating resistance 24:51 – Leadership book recommendations 26:17 – Meg’s book: The Adversity Hack 27:39 – How to connect with Meg Key Takeaways Change triggers threat responses Most employees prioritize stability and connection, making acquisitions feel risky. Executives often underestimate psychology High-drive leaders assume others share their excitement for transformation. Trust accelerates change Authenticity and vulnerability help rebuild trust quickly. Empowerment reduces resistance Giving employees voice and autonomy improves engagement. Clear communication matters Explaining the “why” behind change helps teams align faster. Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success. 🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection www.raw-selection.com Looking to grow your team? Check out our Hiring Guides for proven strategies, templates, and best practices to make smarter hires.

    28 min

  2. MAR 24

    Scaling a Home Services Business

    Guest: David Williams, CEO, Advantage Services Group (ASG) Host: Alex Rawlings David Williams joins Alex to share how he transitioned from consulting into entrepreneurship through acquisition — and scaled a home services platform to $100m+ in revenue in just five years. Since acquiring his first HVAC business in Oregon during COVID, David has completed 10 acquisitions, expanded into three states, and grown organically at ~20% annually. His focus? Building one fully integrated company — not a loose roll-up of brands. 🕒 Timestamps 00:00 – Introduction & David’s background 01:57 – Choosing entrepreneurship through acquisition 02:51 – Why HVAC, plumbing & electrical? 03:48 – Moving to Oregon & first acquisition 04:16 – Growth to $100m+ revenue 07:57 – From small business to scalable platform 08:54 – Pillar 1: Infrastructure 09:50 – Pillar 2: Systems & integration 11:19 – Pillar 3: Building strong GMs 12:16 – Pillar 4: Culture as a CEO responsibility 15:08 – Core belief: Operating with urgency 17:56 – Why integration is about people, not spreadsheets 21:42 – Earning trust post-acquisition 24:05 – Book & podcast recommendations Key Takeaways Durable industry thesis: Large, fragmented, non-discretionary market.Integration focus: ASG builds one company with shared systems and culture.Leadership bench: Strong GMs drive performance.Culture is deliberate: Clear beliefs — not designed for everyone.Urgency wins: Speed in customer service and decision-making is core.M&A is emotional: Time on the ground builds trust and long-term alignment.Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success. 🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection www.raw-selection.com Looking to grow your team? Check out our Hiring Guides for proven strategies, templates, and best practices to make smarter hires.

    27 min

  3. MAR 17

    Balance Sheet First Investing Like an Operator, Not Traditional PE

    In this episode, Alex Rawlings speaks with Andrew Sachs, Founder of Mauloa, about why he believes the traditional private equity model is fundamentally flawed — and what a long-term alternative looks like. After starting his career at Morgan Stanley Capital Partners, Andrew built Mauloa around a simple philosophy: no excessive leverage, no forced exits, and a focus on compounding cash flow over decades. Mauloa takes minority stakes (30–40%) in family and multi-generational businesses, avoids debt, and prioritises culture, balance sheet strength, and long-term alignment. ⏱️ Timestamps 00:00 – Andrew’s background and founding Mauloa 01:10 – Why private equity’s model is flawed 03:02 – Investing without debt or exit pressure 06:18 – Fund structure without institutional capital 07:44 – Incentivising management long-term 10:49 – Free cash flow freedom vs leverage pressure 12:14 – “Piles of money” vs chasing IRR 16:54 – The Middle Market Accelerator 19:16 – What Andrew reads and recommends Key Themes Over-leverage and short hold periods distort decision-makingLong-term compounding beats short-term IRR optimisationCulture and leadership matter more than financial engineeringSupporting “boring” small and middle-market businesses builds real wealthIf you're questioning whether traditional PE is the only model, this episode offers a thoughtful, long-term alternative. Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success. 🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection www.raw-selection.com Looking to grow your team? Check out our Hiring Guides for proven strategies, templates, and best practices to make smarter hires.

    21 min

  4. MAR 10

    The lessons from Formula 1 to 22 acquisitions by a Private Equity-backed CTO

    In this episode, Alex sits down with Peter Rossi, a UK-based CTO with 25+ years in technology and 15 years in commercial leadership. From running trackside IT at McLaren to leading 22 acquisitions in a PE-backed group, Peter shares hard-earned lessons on growth, integration, and operating under pressure. ⏱️ Timestamps 00:00 – Introduction & career overview 00:28 – Life at McLaren & high-performance environments 01:23 – VC due diligence & scaling tech businesses 02:24 – Building and exiting a SaaS company 03:50 – The biggest PE mistake: rigid M&A planning 07:25 – Lessons from Formula One 10:21 – Why professionalising leadership can slow growth 14:23 – How to double EBITDA in a PE cycle 18:56 – Integration lessons from 22 acquisitions 20:19 – Resources & how to connect 🔑 Key Takeaways Plan for ambiguity. You can only acquire what exists in the market.Not all revenue is equal. Cutting “non-core” products can damage the core.Protect speed. Over-professionalising leadership reduces risk tolerance and slows execution.Simplify to scale. Focus on core products and commercial outcomes to grow EBITDA.Integration is human. Success comes from winning hearts and minds — not just aligning systems.Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success. 🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection www.raw-selection.com Looking to grow your team? Check out our Hiring Guides for proven strategies, templates, and best practices to make smarter hires.

    22 min

  5. MAR 3

    What Two PE Exits Taught James About Winning as a CFO

    In this episode, host Alex Rawlings welcomes James Carver, a seasoned CFO with two private equity-backed exits under his belt. James shares his unique journey from the trading desk to executive leadership, and unpacks valuable lessons from navigating complex M&A deals, ESOP sales, and private equity integrations. ⏱️ Episode Highlights 00:00 – Intro & Background James shares his career path from stock analysis to FP&A and investment banking before stepping into CFO roles. 05:22 – Transition to Corporate Finance & First Exit How James helped scale a medical distributor from $30M to $65M, leading to a PE-backed strategic sale. 08:47 – Second Exit in Charlotte Turning around a struggling portfolio company and leading it through a successful 2024 exit. 09:51 – Common CFO Hiring Mistakes in PE The importance of SOPs, process infrastructure, and cross-functional alignment. 12:13 – Strategic Focus: Quote-to-Cash & Customer Experience Mapping key processes to maximize customer lifetime value and ROI. 13:35 – Value Creation Before Exit Driving growth through territory expansion, sales team optimization, inventory efficiency, and acquisitions. 17:26 – Exit Lessons Why having no advisor in his first sale was a challenge—and how having one in the second made a big difference. 21:17 – Acquiring Smaller Businesses James’ playbook for building trust with founders, being transparent, and respecting their culture post-acquisition. 25:37 – Final Advice Embrace best practices from acquired companies—don’t force your way if theirs is better. 26:32 – Resources James recommends the Wall Street Journal and CNBC to stay sharp on market trends. 27:28 – Contact 📧 Reach James: jim_carver59@yahoo.com Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success. 🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection: www.raw-selection.com Looking to grow your team? Check out our Hiring Guides for proven strategies, templates, and best practices to make smarter hires.

    28 min

  6. FEB 24

    Learnings from a $1BN+ exit and 300 investments in Private Equity

    Episode Overview: In this episode, Alex Rawlings speaks with Richard Fitzgerald of CapitalSpring, a private equity firm specializing in foodservice and multi-location consumer businesses. Richard shares insights into CapitalSpring’s differentiated, sector-focused approach, how they’ve scaled over 20 years, and the recent $1B+ exit to Bain Capital. He also unpacks their latest fundraising success in a tough market and the importance of specialization in today's crowded PE landscape. Timestamps & Key Topics: 00:00 – Introduction Overview of CapitalSpring’s focus and two key topics: fundraising success and a $1B+ exit. 00:54 – Richard’s Background From investment banking to founding CapitalSpring in 2005 with a sector-specialist mindset. 03:19 – Why Multi-Location Businesses? Opportunities found on Main Street—resilient, everyday consumer services often overlooked in PE. 04:43 – Starting Small, Scaling Big CapitalSpring began with $3M; now 300 investments and $4B deployed across 100+ brands. 06:30 – Specialization as a Differentiator Why generalist firms struggle, and how deep focus wins deals without being the highest bidder. 08:55 – $1B+ Exit: Sizzling Platter to Bain Capital Growth from 400 to 800+ locations across multiple brands and markets, despite COVID headwinds. 14:03 – Key Learning: Labor-Light Models Pandemic emphasized the value of operational efficiency and low labor reliance in QSR investments. 15:27 – Fund VII: First Close Success How CapitalSpring raised in a tough market by showcasing portfolio resilience and a hybrid debt/equity model. 17:44 – Hybrid Capital Strategy Flexibility to invest via debt, equity, or both—offering solutions to founders and mitigating risk for LPs. 20:04 – Book Recommendation: Give and Take by Adam Grant The power of relationships in PE—not just financial modeling. 21:57 – Connect with Richard Email: rfitzgerald@capitalspring.com | LinkedIn & website via CapitalSpring. Top Takeaways: Specialization is key in today’s competitive PE environment.Hybrid investing (debt + equity) offers flexibility and downside protection.Operationally light, multi-unit businesses prove resilient—even in crises.Long-term success in PE depends on relationships, not just technical skills.Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success. 🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection: www.raw-selection.com Looking to grow your team? Check out our Hiring Guides for proven strategies, templates, and best practices to make smarter hires.

    23 min

  7. FEB 17

    Building a Value Creation Machine & Scaling a Private Equity Firm

    🎧 Episode Summary: In this episode, Alex Rawlings speaks with Chris Sznewajs of Pacific Avenue Capital Partners about building a private equity firm focused on complex corporate carve-outs and businesses owned by “unnatural owners.” Chris shares how Pacific Avenue identifies overlooked assets, drives value through operational focus, and recently expanded into Europe with a team-first approach. He dives into the lessons from building out their Paris office, the firm’s unique deal sourcing strategy, and a case study involving a complex carve-out from Total Energy. Chris also unpacks their value creation model, why they invest heavily in operational talent, and how they maintain culture across borders. ⏱️ Timestamps: 00:00 – Intro to Chris & Pacific Avenue 01:28 – Key mistakes in PE & portfolio strategy 03:52 – Why Europe? Lessons from expansion 05:47 – Building and integrating cross-border teams 10:57 – Defining “complex transactions” 12:24 – Total Energy carve-out case study 15:17 – Proprietary sourcing via corporate relationships 17:25 – Investing in ops: value creation strategy 20:16 – How their ops team is structured 22:45 – Chris’s interests & offer to connect 💡 Key Takeaways: Focus on carve-outs and “unnatural owners” enables deep value creation.Expansion to Europe was led by people, not just strategy.A proprietary sourcing approach is key in competitive processes.Ops team = generalists with deep business acumen who partner with management.Carve-outs require patience, resources, and a consistent strategy.Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success. 🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection: www.raw-selection.com Looking to grow your team? Check out our Hiring Guides for proven strategies, templates, and best practices to make smarter hires.

    24 min

  8. FEB 10

    How private equity firm THL is winning with AI implementation

    In this episode, Alex Rawlings is joined by Alex Sabel, Vice President at THL Partners, to explore how the firm is embracing AI across its operations and portfolio. Alex leads THL’s research function and AI strategy, bringing a data-driven, quant mindset to private equity. He shares how THL uses AI internally to improve investment workflows, how portfolio companies are deploying AI to drive product innovation and efficiency, and what he’s learned from both successes and failures. Whether you’re exploring AI adoption or refining your strategy, this episode offers clear, practical insights from the front lines. ⏱ Timestamps 00:00 – Intro to Alex Sabel & THL’s AI Focus AI at the firm, portfolio, and personal level. 00:55 – Alex’s Background From public markets to PE, building THL’s research and AI function. 03:12 – Common Mistakes in AI Adoption Why firms must focus on data foundations first. 04:35 – Real-Time Insight vs. Info Overload The value of surfacing insights at the right time. 06:02 – Investing in the Global Compute Ecosystem THL’s thesis: look beyond GPUs to second-order AI winners. 09:19 – THL’s Three-Pronged AI Strategy Invest in AI, use it internally, and support portfolio adoption. 11:42 – How THL Supports Portfolio Innovation Roundtables, tech summits, and a vendor ecosystem to foster AI experimentation. 13:36 – Case Studies: Binder, FourKites & Sentria Examples of AI-driven product innovation and operational efficiency. 17:57 – When AI Fails Why THL embraces “fail fast” and knows when to build vs. buy. 22:12 – Deciding When to Use AI Break problems into first principles—GenAI isn’t always the answer. 25:26 – What’s Blown Alex’s Mind AI organizing and standardizing messy, fragmented enterprise data. 27:45 – Daily Tools & Tips Coding assistants and using multiple LLMs (ChatGPT, Claude, Gemini, Groq) for varied insights. 31:06 – What to Read Short term: WSJ, FT, Economist. Deep dives: SemiAnalysis and top Substacks. 32:31 – Connect with Alex Sabel Open to collaborating on AI, compute infrastructure, and emerging vendors. Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success. 🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection: www.raw-selection.com

    32 min
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Hosted by Alex Rawlings, Managing Partner of Raw Selection, a specialist executive search firm. Join us as we interview the leading experts in Private Equity, unlocking their secrets of success to share with you. Discover how some of the top Private Equity professionals got into Private Equity, how they rose to success and learn about some of the mistakes they made along the way.Alex has strong connections to the Private Equity industry through his executive search firm, Raw Selection, which specialises in working with Private Equity firms and their portfolio companies across Europe and North America. Alex is straight talking and to the point and aims to unlock real gold you can build into your firm or portfolio companies. Find out more at www.raw-selection.com

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