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

    How a PE-Backed CRO Drove 4x Revenue Growth

    In this episode of The Private Equity Podcast, Alex Rawlings speaks with Adam Crandall, Chief Revenue Officer at Addtronics, a private equity-backed platform of robotics and automation companies. Adam shares how he helped quadruple revenue at a founder-led automation business before its successful exit. He explains why growth begins with putting the right people in the right seats, rather than relying solely on processes, industry experience, or technology. The conversation explores how private equity firms and portfolio company leaders can identify attractive markets, improve pricing, align compensation with profitability, and build a repeatable go-to-market playbook across multiple operating companies. Adam also discusses the cultural shift from pursuing revenue at any cost to prioritising profitable growth. He explains how sales leaders can communicate price increases confidently, assess commercial talent effectively, and give operating company presidents autonomy while maintaining platform-wide alignment. Key Takeaways Why the right talent is the foundation of scalable revenue growthHow Adam helped a founder-led company achieve 4X revenue growthWhy attitude, adaptability, and soft skills can outweigh lengthy industry experienceHow market specialisation can create a dominant competitive positionWhen strong demand and long backlogs signal an opportunity to increase pricesHow to position price increases around customer valueWhy sales compensation should reward profitable growth, not revenue aloneHow a standardised go-to-market playbook supports add-on integrationTools for assessing salespeople and commercial leadersTimestamps 00:00 – Introduction to Adam Crandall and Addtronics 00:30 – Adam’s career journey from HR to revenue leadership 01:25 – Quadrupling revenue and exiting a founder-led business 02:19 – The foundations of 4X revenue growth 02:49 – Getting the right people in the right seats 04:08 – Identifying high-growth end markets 05:01 – Hiring for attitude, adaptability, and soft skills 07:48 – Building a team capable of accelerated growth 08:17 – Value creation through market specialisation 09:40 – Pricing as a value creation lever 11:33 – Implementing price increases in founder-led businesses 12:01 – Communicating price increases to customers 14:23 – Shifting the culture toward profitable growth 15:22 – Aligning sales compensation with margin targets 16:49 – Creating a repeatable go-to-market playbook 17:44 – Balancing platform consistency with operating company autonomy 18:11 – What belongs in a scalable commercial playbook 19:36 – Assessing sales talent and commercial leadership 20:33 – Recommended resources for private equity revenue leaders 21:00 – How to connect with Adam Crandall 21:28 – Closing remarks 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

  2. Jul 21

    Building Professional Services Firms for Growth: Private Equity, Acquisitions and AI

    In this episode of The Private Equity Podcast, Alex Rawlings speaks with Zachary Darrow, Chief Executive of Darrow Everett and leader of the firm’s Private Equity and Securities Practice Group. Zachary shares how Darrow Everett grew from a real estate and finance boutique into a full-service law firm with eight offices across the East Coast. He explains how the firm navigated the global financial crisis, the pandemic, client losses and changing interest rates by diversifying its services and pursuing strategic acquisitions and team lift-outs. The conversation explores why integration is often the hardest part of professional-services acquisitions and how treating employees as a second group of clients can improve talent attraction, retention and performance. Zachary also discusses Darrow Everett’s data-led approach to business development, including measuring conference ROI, producing targeted digital content and ensuring marketing activity reaches genuine decision-makers. Alex and Zachary examine the growing intersection between private equity and legal services. They discuss the regulatory barriers to outside investment in law firms, the potential role of managed service organisations and how private equity could provide the capital and operational expertise required to modernise the sector. Finally, Zachary explains how Darrow Everett is adopting AI. Current use cases include reviewing large volumes of litigation data, identifying potential omissions in legal documents and improving internal workflows—while maintaining human oversight and professional accountability. Key Takeaways • Build professional-services firms as businesses, not simply collections of practitioners. • Successful acquisitions depend on fast, thoughtful cultural and operational integration. • Founders should prepare their infrastructure, legal documentation and financial reporting before pursuing investment or an exit. • Marketing activity should be assessed through measurable returns rather than tradition. • AI can enhance legal analysis and productivity, but its output must still be checked by experienced professionals. • Private equity could unlock significant growth within legal services if regulatory and ethical concerns are properly managed. Timestamps 00:00 – Introduction to Zachary Darrow 01:00 – Building a business that happens to be a law firm 01:31 – Navigating the global financial crisis 02:28 – Diversification, marketing and acquisitions 03:25 – Lessons from team lift-outs and firm acquisitions 04:49 – Acquiring people-centric professional-services businesses 05:12 – Treating employees as a second client group 07:01 – Modernising legal-sector business development 07:58 – Measuring conference and sponsorship ROI 08:55 – Content-led digital marketing 11:48 – Lessons from advising founders and investors 12:01 – Why founders must prepare earlier 13:57 – “Make-ready” work before raising or selling 14:56 – Chief Outsiders 16:22 – Private equity’s opportunity in legal services 17:20 – Alternative business structures and MSOs 18:18 – Solving law firms’ capital constraints 20:17 – AI investment and transformation 21:15 – Darrow Everett’s adoption of legal AI 24:01 – AI use case: reviewing large datasets 25:29 – AI use case: strengthening legal documents 27:24 – Zachary’s recommended reading 28:22 – How to contact Zachary Darrow 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

  3. Jul 14

    How the Best Companies Design and Deploy a Scalable Sales Engine

    In this episode of The Private Equity Podcast, Alex Rawlings speaks with Bill Bell, Fractional Chief Revenue Officer at Chief Outsiders, about building a repeatable sales engine that drives organic growth across private equity portfolio companies. Bill explains why commercial due diligence is often far less rigorous than financial, legal, and operational diligence—and how this leads firms to underwrite ambitious growth plans against sales organisations that were never designed to deliver them. He shares why hiring more salespeople rarely fixes a broken system, what strong sales leadership looks like, and how documented processes, CRM governance, pipeline discipline, and structured onboarding create scalable performance. The conversation also explores the risks of hiring competitors solely for their “black book”, the value of stage-gated sales processes in long-cycle industrial markets, and Bill’s experience growing a PE-backed North American business from $180 million to $325 million in revenue while more than doubling its EBIT margin. Key Takeaways • Diagnose the commercial engine before adding sales headcount. • Assess whether sales managers are truly managing, coaching, and forecasting—not simply carrying major accounts. • Build systems that make capable salespeople productive rather than relying on individual heroics. • Use clear stage gates to qualify opportunities early and avoid wasting months on deals that will never close. • Professionalising the leadership team and commercial function can unlock organic growth and support M&A integration. Timestamps 00:00 – Introduction to Bill Bell and Chief Outsiders 00:52 – The biggest commercial mistake private equity firms make 02:17 – Why hiring more salespeople can increase cost, not revenue 02:46 – Diagnose, fix the infrastructure, then add capacity 03:17 – Four areas of commercial maturity to assess 04:46 – What makes an effective sales manager 07:03 – How manufacturing companies typically hire sales talent 08:00 – The danger of relying on a salesperson’s “black book” 08:56 – Building a sales system instead of hiring your way to growth 09:56 – Four foundations to establish before recruiting sales reps 11:24 – What a documented sales process should look like 11:53 – Using stage gates in an 18-month industrial sales cycle 13:43 – The hidden cost of pursuing customers who will not buy 15:40 – Bill’s biggest PE-backed growth success story 17:34 – Recommended books, masterclasses, and podcasts 18:58 – How to contact Bill 19:27 – Closing remarks 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

  4. Jul 7

    How Private Equity Is Investing in Founder-Led Software Businesses

    In this episode of The Private Equity Podcast, Alex Rawlings speaks with Bobby Ocampo and Sheldon Lewis, co-founders and managing partners of Blueprint Equity. Following the successful close of Blueprint Equity’s $333 million third fund, Bobby and Sheldon explain how the firm identifies and supports high-growth B2B software companies. They discuss Blueprint’s early growth investment strategy, its direct sourcing infrastructure and the role its six-person operations team plays in supporting portfolio companies. The conversation also explores the impact of artificial intelligence on software valuations, underwriting and value creation. Bobby and Sheldon explain how Blueprint has integrated multiple AI tools across sourcing, deal evaluation, portfolio operations and internal workflows. They also share why vertical software businesses with deeply embedded customer workflows may be better positioned to withstand AI disruption than lightweight horizontal software products. Key Topics Blueprint Equity’s early growth investment strategyRaising a $333 million third fundInvesting in B2B vertical software businessesBuilding a large direct sourcing functionSupporting founders with recruiting, go-to-market and RevOpsUsing AI to identify, prioritise and track investment opportunitiesConnecting multiple AI tools through an integrated technology stackUnderwriting software businesses in an uncertain marketAssessing founders in minority growth investmentsMoving quickly without creating employee burnout Timestamps 00:00 Introduction 00:28 Blueprint Equity and the successful Fund III raise 00:53 The firm’s early growth equity investment thesis 01:43 Building the team and operations function 02:50 Common mistakes made by investment firms 04:21 Underwriting software businesses in the AI era 06:33 How Blueprint structures its value creation team 07:41 Recruiting and institutionalising portfolio companies 08:35 RevOps, reporting and financial visibility 09:53 How Blueprint uses AI internally 10:37 AI-driven sourcing and opportunity prioritisation 11:06 Using proprietary data in underwriting 12:32 Blueprint’s AI technology stack 14:01 Building a genuine direct sourcing strategy 15:24 The resources required for proprietary origination 16:46 Less obvious investment signals 17:14 Assessing the entrepreneur behind the business 18:13 Vertical software and the threat of AI disruption 20:25 Creating a fast-moving culture without burnout 22:09 Recommended private equity news and content 23:34 How to connect with Blueprint Equity 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

  5. Jun 30

    Insights into the Private Equity Lower-Middle Market

    In this episode of The Private Equity Podcast, Alex Rawlings speaks with Paul Isaac, Managing Partner of Isaac Management LLC, about investing in lower-middle-market businesses through a permanent-capital model. Paul explains why Isaac Management operates without a traditional fund, predetermined exits or outside investor pressure. He discusses the risks of overleveraging, the importance of understanding a company’s community and culture, and why higher interest rates have created a disconnect between buyer expectations and seller valuations. The conversation also explores Paul’s journey from banking and private credit to launching his own investment firm, how buyers can build trust with founders, and why operational improvement and talent development often create more sustainable value than financial engineering or acquisition-led growth. Key Takeaways Why excessive leverage and weak market understanding can undermine an acquisition.How permanent capital supports patient ownership and long-term decision-making.Why lower-middle-market deal activity has slowed as financing costs have increased.How transparent communication and flexible deal structures can build seller trust.Why operations may offer a stronger value-creation opportunity than pricing or M&A.The importance of retaining, developing and incentivising key employees. Timestamps 00:00 Paul’s background and the launch of Isaac Management 01:27 A permanent-capital approach without a traditional PE fund 02:24 The biggest acquisition mistake: overleveraging 04:50 Deal trends across the lower middle market 06:46 The valuation gap between buyers and sellers 08:39 Tariffs, financing costs and portfolio-company pressure 11:05 Chief Outsiders 12:32 Building an investment firm without institutional backing 15:28 From the search-fund concept to permanent capital 16:56 Why long-term ownership resonates with business founders 19:48 Lessons from seller conversations and dealmaking 21:18 Equity rollovers, seller financing and deal preparation 23:08 The most effective lower-middle-market growth lever 25:03 Talent retention and the true cost of replacing employees 26:31 Employee ownership and long-term engagement 27:00 Paul’s recommended media and publications 27:58 How to contact Paul Isaac 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

  6. Jun 23

    Building Value Through Carve-Outs, Operational Transformation and AI

    In this episode of The Private Equity Podcast, Alex Rawlings speaks with Russ Roenick, Co-Founder and Managing Partner at Transom Capital, about building a differentiated middle-market investment strategy around carve-outs, special situations and operational complexity. Russ explains how launching Transom shortly before the global financial crisis shaped the firm’s highly hands-on approach. He outlines how Transom identifies businesses with strong underlying industry potential but significant operational challenges, then applies a disciplined value-creation model to improve performance. The discussion covers Transom’s six core operational transformations: salesforce effectiveness, new product innovation, digital transformation, supply-chain improvement, cost reduction, and talent and culture. Russ also shares how the firm structures its operations team, why former portfolio-company CEOs and CFOs can become highly effective operating partners, and how Transom is deploying AI across back-office and commercial functions. Key Takeaways Why operational and situational complexity can create attractive entry points.How Transom approaches carve-outs as an opportunity rather than simply additional risk.The importance of building repeatable operational capabilities instead of attempting every possible transformation.Why operating teams should be involved from underwriting through execution.How supply-chain improvements have generated substantial gross-margin expansion.Where AI is currently delivering value across accounts payable, receivables, customer service, forecasting and sales.Why portfolio companies need internal AI champions to drive adoption.How leaders can stay informed without overpowering portfolio-company management teams. Timestamps 00:00 Introduction to Russ Roenick and Transom Capital 00:30 Moving from McKinsey into Private Equity 01:26 Transom’s value-oriented investment strategy 01:55 Distressed investing versus operational value investing 03:16 Using operational and situational complexity 04:14 Carve-outs, lender situations and tail-end funds 05:14 Launching Transom during the global financial crisis 07:04 The importance of adapting while maintaining investment discipline 08:29 Why Transom specialised in carve-outs and special situations 10:58 Why many firms view carve-outs as excessive risk 12:54 Transom’s six operational transformation strategies 13:23 Salesforce transformation 14:17 New product innovation 14:45 Digital transformation and AI implementation 15:15 Supply-chain and gross-margin improvement 16:13 Cost reduction, talent and culture 17:37 Structuring the portfolio operations team 18:05 Recruiting former portfolio-company CEOs and CFOs 19:59 Transom’s approach to AI adoption 20:57 Applying AI across back-office functions 21:49 Creating internal AI champions 22:48 Common AI use cases across the portfolio 24:10 How Russ stays informed 25:31 Leadership, decision-making and knowing when to step back 25:57 How to contact Russ 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

  7. Jun 16

    $465M Exit and how to get to the top 5% in US Buyouts

    In this episode of The Private Equity Podcast, Alex Rawlings speaks with Daniel Pianko, Co-Founder of Achieve Partners, about Achieve’s talent-led investment strategy, its $465 million exit of Optimum, and how the firm reached top 5% performance for DPI in Cambridge Associates’ US buyout benchmark. Daniel shares how Achieve Partners invests in businesses where the biggest growth constraint is access to trained talent. Rather than simply competing for experienced hires, Achieve builds apprenticeship-style programmes inside portfolio companies, creating new talent pipelines that drive revenue, margin expansion, retention, and differentiated value creation. The conversation explores the relationship between private equity firms and operators, why data-driven decision-making matters, how Achieve partners with universities and underrepresented talent pools, and why doing good and generating alpha do not need to be in conflict. Key Takeaways: Private equity firms should empower operators to challenge assumptions with data.Achieve invests where talent shortages can be solved through focused training.Apprenticeships can increase capacity, margins, retention and scalability.Optimum shows how training pathways can unlock healthcare IT growth.Strong impact and strong returns can reinforce each other.Timestamps: 00:03 – Introduction to Daniel Pianko and Achieve Partners 00:29 – Daniel’s career path and linking social impact with financial return 01:52 – The mistake PE firms and portfolio companies make in the boardroom 03:44 – How to avoid PE investors driving strategy without enough data 05:10 – Achieve’s unique strategy: investing where talent shortages constrain growth 06:38 – Building apprenticeship programmes to solve supply-demand talent gaps 07:08 – Daniel’s Goldman Sachs training experience and how it shaped Achieve’s model 08:25 – Rebuilding the talent pyramid in lower middle market companies 09:49 – Why Achieve focuses on business services, tech services, and healthcare services 11:12 – Building talent programmes at the portfolio company level 12:10 – Solving the gap between university education and first jobs 13:04 – Why companies should stop searching for “purple squirrels” 14:58 – Partnering with universities and building access to talent 16:44 – The Optimum exit: $465 million sale to Infosys 17:12 – Optimum’s healthcare IT thesis and value creation plan 19:00 – Building healthcare IT training pathways with universities and industry bodies 20:56 – Challenges in expanding Optimum beyond its historic core 22:24 – How Achieve reached top 5% DPI performance 22:50 – Why Achieve sells when the underwriting target is achieved 23:42 – How training programmes create a natural exit point 25:07 – Aligning impact with alpha creation 27:31 – Talent arbitrage, underrepresented communities, and overlooked graduates 29:40 – Why solving major social problems can create superior returns 30:08 – Daniel’s recommended podcasts, books, and shows 31:57 – How to contact Daniel Pianko 32:23 – Closing remarks 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

  8. Jun 9

    From Warby Parker to Diapers.com: David Bell on Consumer Brand Success

    In this episode of The Private Equity Podcast, Alex Rawlings speaks with David Bell, former Wharton Professor of Marketing and early-stage investor in consumer companies including Diapers.com, Warby Parker, Harry’s and Jet.com. David shares what he looks for in standout consumer brands, why founder insight and capital discipline matter, and how businesses can build emotional and symbolic value around everyday products. David explains why great consumer companies often begin with a simple frustration: what is wrong with the status quo? From buying diapers online to rethinking eyewear pricing, the best founders identify a clear customer problem, build a strong proposition, and execute with precision. He also discusses why overcapitalisation can damage consumer brands, using Allbirds and Casper as examples of businesses that grew quickly but struggled to sustain value. The conversation explores omnichannel distribution, brand storytelling, cultural relevance and genuine product innovation. David highlights Touchland, Warby Parker, Native, EOS, Hello and Happy, showing how founders can elevate mundane categories through design, positioning and customer experience. Key Takeaways:  Great consumer investments often start with a visceral customer problem.  Capital efficiency is critical because consumer exits rarely match software-scale outcomes.  Strong brands combine functional, emotional and symbolic value.  D2C alone is rarely enough; winning brands need a measured omnichannel strategy.  The next wave of consumer winners needs real product innovation, not just better go-to-market.  Founder obsession with small details in design, scent, usability and narrative creates differentiation. Timestamps:  00:03 – Introduction to David Bell and his journey from New Zealand to New York  01:00 – David’s background at Wharton and investing in consumer companies  01:28 – What attracted David to early winners like Diapers.com  02:19 – Why Diapers.com solved a fundamental customer pain point  03:15 – The importance of insight, execution and market size  03:44 – Lessons from Allbirds and the dangers of overcapitalisation  05:32 – How great consumer brands scale beyond the early stage  06:27 – The shift from pure D2C to omnichannel distribution  07:52 – Why strategic buyers value brands with retail traction  09:18 – Why some consumer brands fail to sustain momentum  10:11 – Touchland and the reinvention of hand sanitiser  11:33 – Cultural relevance, collaborations and emotional connection  12:03 – Sponsor message from Grata  12:32 – What makes a brand fundamentally strong  13:29 – Diapers.com and the power of descriptive branding  14:26 – Warby Parker’s storytelling, fairness and American heritage  15:49 – Building cognitive associations through brand activations  17:40 – How much brand success is intentional versus luck  18:09 – Opportunities in legacy consumer categories  19:24 – Why obsessive attention to detail matters  20:19 – Craig Dubitsky, EOS, Hello and elevating mundane products  21:15 – Happy Coffee and design-led differentiation  22:14 – Where the consumer industry is today  22:43 – Capital-efficient growth and the Native deodorant example  23:39 – Why real product innovation now matters more than ever  24:36 – What David reads, watches and listens to  25:04 – Identifying white spaces in health, wellness and longevity  26:30 – Consumer opportunities through cultural arbitrage  27:27 – Lessons from Coca-Cola’s global distribution and brand power  28:24 – How to connect with David Bell  28:52 – Closing remarks 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

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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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