CEO - Private Equity Backed Business
Prowrap Limited (‘Prowrap’) is a leading UK producer of innovative dispensing solutions for aluminium foil, film and paper for three different markets: retail, food service and hair care.
Prowrap comprises two brands:
- Procare UK Ltd is the leading UK supplier of high-quality specialist foil, film and innovative dispensing solutions to hair salons in the UK, Europe and globally for professional hair colouring.
- Wrapex Ltd supplies foil, film and baking paper to the UK food service and retail markets, as well as professional dispensing systems designed for demanding commercial kitchens under the Speedwrap brand.
The business has been established for more than 35 years and in March 2020 the CEO, Nick Scoon, completed an MBO with investment from Longacre Group.
In the last financial year, the business generated £22m revenue and c£3m EBITDA. It employs 65 personnel, mostly based at the head office and production site in Fishponds, Bristol.
Nick and Longacre believe now is the right time to deliver long-term succession planning through the recruitment of a CEO, to take-over from Nick, and lead the business into the future.
The CEO will be responsible for defining, communicating and executing the future strategy and meeting the growth expectations of investors. The CEO will be expected to take a “hands on” approach to expanding the company’s market footprint, building the team to deliver the company’s aspirations, strengthening existing client relationships and driving operational excellence.
The successful candidate will have responsibility for the full P&L and financial model of the business. Reporting to the Board including the investors. Key objectives for the new CEO include:
- Assess and execute the strategy to maximise value from existing business lines;
- In particular, seek to improve revenue from both current and new clients;
- Work in line with the maxim that ‘what gets measured, gets managed’;
- Deliver value from invested capital particularly into potential new business lines or services;
- Develop a stronger digital footprint through social media to create consumer ‘push’.
This is a critical appointment which will test a talented executive excited about contributing to an excellent brand, which is a leader in its field, strongly supported by its investors and operating in a very competitive market place. Candidates will ideally have many of the following backgrounds:
- B2B manufacturing companies where yield management is critical;
- Within similar product sector to Wrapex;
- Sell through a distributor sales model;
- Raw material purchasing;
- Have worked in another PE backed business and/or taken a business through an exit process;
- Experience/familiarity in breaking into new international markets in UK, Europe and RoW.
- Excellent commercial skills and experience of successfully leading a business or business unit as CEO, MD, COO or Sales & Marketing Director;
- A successful track-record in B2B consumer product businesses;
- Excellent people management and team leadership skills;
- Must be able to provide clear direction for the leadership team and really motivate and inspire them to deliver individually and collectively;
- Significant previous P&L, balance sheet, cash flow and budget setting responsibility;
- Previous experience of scaling a similar business to deliver sustained profitable growth;
- Proven track record of winning and managing significant contracts; and, ideally, someone who can add value through a relevant contact base (wholesale / stockists / retail);
- Demonstrable awareness and track record of evaluating and managing risk within a business;
- Someone who will really fit into the existing Prowrap culture and will possess the gravitas and credibility to manage individuals who have spent a significant period of time in the business;
- The ideal candidate is likely to be a proven and experienced CEO – used to leading and managing an enterprise of this size and understands the need for strong management systems to drive the rhythm of the business – e.g sales meeting, weekly ops review, KPIs etc;
- The successful candidate will have strong interpersonal skills that are required to deal with customers, suppliers and internal stakeholders within Prowrap.
Only candidates who live within a reasonable daily commute of Fishponds will be considered at present. Applicants should include full address and current/most recent remuneration details when applying - applications without this information will not be considered. All direct or 3rd party applications to Prowrap will be forwarded to Directorbank who are retained on this search.