CFO Case Study: Hiring a Private Equity CFO in a £90m PE-Backed Business

CFO Case Study: Hiring a Private Equity CFO in a £90m PE-Backed Business

Introduction

Harper May partnered with a £90m private equity-backed business to support a critical finance leadership decision during a key phase of growth.

While the business had a strong Finance Director in place, increasing investor expectations and operational complexity highlighted the need for a more strategic CFO.

This case study explores how our finance executive search process identified and delivered the right leadership to support value creation and future exit planning.

The Challenge: Scaling Beyond the Finance Director Role

As the business moved into a more demanding phase of its private equity lifecycle, expectations of the finance function shifted significantly.

Key pressure points included:

• Investor Reporting: Transitioning from standard reporting to high-frequency, investor-grade financial insight
• Value Creation: Aligning financial performance with clear, measurable exit objectives
• Board-Level Influence: Strengthening the finance voice in strategic decision-making

While the Finance Director remained a strong operator, the role had evolved beyond its original scope.

This created a critical decision:

👉 Promote internally, or appoint an experienced Private Equity CFO

The Harper May Approach: Leadership Benchmarking

Rather than proceeding directly to market, Harper May conducted a structured benchmarking exercise across comparable UK PE-backed businesses in the £75m–£150m range.

Our assessment focused on:

• Debt & Capital Structure: Experience managing leveraged environments and covenant requirements
• Exit Readiness: Familiarity with due diligence processes for trade sales or secondary buyouts
• Stakeholder Management: Ability to engage and challenge investors at board level

This identified a clear outcome:

👉 The next phase of growth required proven CFO-level experience within private equity

The Solution: Targeted CFO Search

Harper May delivered a focused, discreet search across the UK private equity market.

Our process included:

• Targeted Talent Mapping: Identifying CFOs with full investment cycle experience (entry to exit)
• Sector Alignment: Prioritising candidates with experience in similar growth and operational environments
• Cultural Fit: Assessing resilience, pace, and leadership style required in PE-backed businesses
• Strategic Matching: Ensuring experience in areas such as buy-and-build and post-merger integration

This ensured the appointed CFO could operate effectively from day one.

The Result: Strengthened Financial Leadership

The appointment of an experienced Private Equity CFO delivered immediate impact:

• Improved Investor Confidence: Clearer, more structured financial reporting
• Operational Improvements: Identification of EBITDA improvements through cost and margin analysis
• Strategic Alignment: Finance aligned more closely with value creation objectives
• Enhanced Readiness: The business was better positioned for future funding and exit planning

Expert Insight: When Internal Promotion Isn’t Enough

This case highlights a key reality in private equity-backed businesses:

A strong Finance Director does not automatically translate into an effective CFO at the next stage of growth.

As complexity increases, businesses require leadership with direct experience in:

• Investor engagement
• Capital structure management
• Value creation planning

Ensuring the right leadership at the right time is critical to delivering on investment objectives.

Frequently Asked Questions

What is the difference between a Finance Director and a CFO in a PE-backed business?

A Finance Director typically focuses on reporting, controls, and financial operations. A CFO focuses on strategy, investor relations, capital structure, and delivering the value creation plan.

When should a £90m business hire a CFO?

A business should consider appointing a CFO when investor expectations increase, reporting complexity grows, or the company is preparing for funding, scaling, or exit.

If your business is assessing CFO hiring or considering whether to promote internally, Harper May provides specialist support across both CFO recruitment and Finance Director recruitment.

Explore our Private Equity Finance Recruitment services, and how we support businesses across London and the UK in building finance leadership teams aligned to growth and investment objectives.