Principal or Managing Director
Salt Creek Capital (“SCC”) is looking for a new partner-level Principal or Managing Director (“Prin/MD”) to lead all aspects of new leverage buyout acquisitions. Leveraging SCC’s sourcing programs, The Prin/MD will lead new deal evaluation, negotiation and closing, post-closing board of director level portfolio company support and value creation, and the management of the successful exits for acquired companies. The Prin/MD shall be expected to make meaningful contributions and lead substantially all major aspects of one to three new acquisitions per year. Through this role, you’ll create your own track record of deals that you lead and manage, where your skills and contributions will yield uncapped earning potential.
Founded in 2010 with $250MM of AUM and with approximately $100MM of current committed capital, SCC is backed by committed family office, institutional and HNW investors. SCC acquires established, profitable, and market leading small companies in buyout transactions typically valued at $3 to $75 million. We have built an unrivaled sourcing and acquisition platform that enables high potential and skilled private equity professionals to close attractive deals. Independent sponsors and experienced lower middle market deal makers can leverage our platform, resources and committed capital to get more deals done.
Using SCC’s industry leading and proprietary created databases, tools, processes, and technology, the Prin/MD will employ his/her professional judgement to identify; evaluate and qualify; and pursue new acquisition targets that meet SCC’s broad value-based acquisition profile spanning diverse industries. The Prin/MD will develop and negotiate leverage buyout acquisitions and will participate in or lead all aspects of new target company acquisitions, and the equity investment value creation process for typical 4 to 7+ year holds. In essence, the position enables the candidate to be a full, but largely independent territory- and/or sector-based partner of the firm that leads and manages (at the BOD level) those deals developed and acquired through the Prin’s/MD’s efforts. Successful candidates shall have the following minimum relevant experience:
- At least 3+ years of lower middle market private equity, independent sponsor, or search fund experience required; 5 to 7+ years preferred
- Creative deal-making experience, win-win and problem-solving mindset, service orientation; value-added mentality and approach to relationships
- Passion for serving the small business eco-system; desire to provide fair exits to sellers; aspiration to support the growth and/or success of small businesses within diverse industry niches
- Highly proficient accounting and finance skills and financial modeling experience – fundamental understanding of small company accounting and finance and with creating detailed financial models for LBO's
- Business model assessment – ability to understand and evaluate the strengths and weaknesses related to various business, operating, and revenue models
- Market and industry research skills – ability to size up and evaluate a company’s business model and its industry and market and company competitive position
- Strong strategic thinker - experience and aptitude to provide board of director level value-added support to portfolio companies
- Analyze and assess a continual stream of acquisition targets and their related industries; pursue profitable target companies that meet Salt Creek’s expansive acquisition criteria
- Manage and/or support up to six SCC Executive Partners in their ongoing pursuit of acquisition targets that need a new CEO --- usually businesses where hands-on owner operators are seeking to sell and retire
- Indirectly manage a lead funnel of dozens of acquisition targets through up to multi-year sales cycles – use proprietary and industry leading Salt Creek database, tools, technology and systems to develop and close one to three new acquisitions each year; at least 25% of the Prin’s/MD’s time should be spent on ongoing email and phone follow up on warm acquisition targets
- Creatively use lower middle market capital market knowledge to structure attractive buyout and recap transactions and negotiate offers and letters of intent for diverse companies and situations – back existing management, enable family successions, or complete deals where new management shall take-over at closing
- Manage due diligence, including and as applicable: market, financial, environmental, legal, product, IP, facilities and equipment, brand, and other due diligence
- Oversee in-house and 3rd party resources, including in-house recruiter; admin, analyst, and associate support; legal counsel, forensic accountants, insurance providers, and others
- Present deals that you develop to senior Salt Creek leadership; obtain firm investment committee and 3rd party lender and equity provider (as needed) approval, and mobilize to close acquisitions
- Negotiate asset and stock purchase agreements and related legal documents
- Serve on board of directors of acquired companies and provide board of director level strategic support to acquired companies
- Recruit other value-added board members, assist with key portfolio company hires and add value to portfolio companies across multiple dimensions from operations to strategic to growth, etc.
- Manage exit, sale, recap, or other liquidity events
- Represent Salt Creek on a geographic basis from your own or home office for diverse industry segments; plus, on a national basis for those industries or sectors of special interest to you
- Maintain relationships with lenders, brokers, investment bankers and other deal referral sources, and other industry and firm partners, contractors, etc.
- BA or BS degree with preference for degrees in business, finance or accounting, management, economics, or related fields; equivalent professional experience acceptable; Master’s degree, MBA or other advanced degrees a plus, but not required
- Minimum of 7 years of total prior professional experience; 3+ years in private equity or as independent sponsor or with a search fund; additional experience a plus
- Entrepreneurial and biz dev and solution sales mindset; must have creative problem solving, deal making and negotiation skills; plus, critical value-based investor centric outlook required
- Expertise in financial modeling and analysis, including constructing and understanding 3-statement financial models, cash flows, and 5-year investment analyses
- Ability to create, asses, analyze, synthesize, and present recommendations based upon large volumes of financial, company, market, and industry data
- Excellent written and verbal communication skills; strong business writing skills with ability to author entire business plans; strong PowerPoint presentation skills; must positively and credibly represent Salt Creek Capital to numerous diverse constituents
- Self-motivated individual able to work independently and effectively with limited supervision from home or local office with ability to represent Salt Creek Capital
- Prin/MD must have a strong desire for a long-term career in micro-cap or lower middle market private equity; the individual should be seeking career or business opportunity with uncapped earning potential
- Highest level of personal integrity and intellectual honesty; direct communication style
- Willingness to travel up to 15%
Variable compensation package based on closed transactions. The candidate will earn ongoing compensation, bonuses, as well as large equity awards, which are expected to be the biggest driver of long-term compensation, on each new transaction. The candidate shall also have the opportunity to invest side-by-side with SCC on other firm transactions.