Industrial manufacturing, operational excellence, middle market investing, speciality distribution, and other complex topics made simple with executive sessions. Join our host, Clayton Gullett of MiddleGround Capital, as we invite industry experts to share key insights from from the factory floor to the board room about topics ranging from ESG and automation, to industry 4.0.
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MiddleGround Capital Podcasts
Get behind-the-scenes access to the minds shaping the world of Private Equity, hear captivating stories about transactions and investments, and learn about the innovative approaches leading investors, operators, advisors and bankers employ to drive sustainable growth and create enterprise value. https://www.howtosaas.com/pevaluecreation
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Ep. 82: Amanda Good, Searchlight Capital Partners | Turning Good Businesses Into Great Investments
39:06
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39:06Shiv interviews Amanda Good, Partner and Head of Value Creation at Searchlight Capital Partners. In this episode, Amanda shares practical strategies to transform good companies into great ones through operational excellence, team enhancements, and a disciplined planning process. Learn how to balance quick-win initiatives with longer-term strategic …
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Ep. 81: Andrew Weinberg of Brightstar Capital on Blending AI with Traditional PE Strategies
35:08
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35:08Shiv interviews Andrew Weinberg, Founder, CEO & Co-Chair at Brightstar Capital Partners. On this episode, Andrew talks about transforming traditional private equity through an “invest and operate” or ”us and us” model. Learn how AI is becoming an integral value creation lever alongside traditional strategies and about practical examples of applying…
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Ep. 80: Bradford Pilcher of Bonaccord Capital Partners on Unlocking PE Firm Growth Through GP Stakes
57:16
57:16
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57:16Shiv interviews Bradford Pilcher, Partner at Bonaccord Capital Partners. In this episode, Brad unpacks the GP stakes strategy – what it is, how it works, and why it’s more than just a passive investment. Learn how mid-market private equity firms can grow through capital formation, thoughtful product diversification, and talent strategy. Learn what …
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Ep. 79: Lloyd Metz, ICV Partners | Transforming Legacy Businesses with Capital, Digital, and EQ
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46:45Shiv interviews Lloyd Metz, Managing Partner at ICV Partners. In this episode, Shiv and Lloyd discuss investing in legacy or family-owned businesses in sectors like consumer goods (CPG), food and beverage (F&B), and business services. Learn how to drive transformation in these companies by modernizing operations, embracing digital, and scaling go-t…
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Ep. 78: Jon Nuger, Berkshire Partners | Prioritizing Culture Within PE Firms
43:17
43:17
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43:17Shiv interviews Jon Nuger, Managing Director at Berkshire Partners. Shiv and Jon discuss the importance Berkshire Partners places on culture within the firm and the impact this has on the way they invest and create value. Learn how a focus on culture can be a differentiating strategy, how it shapes your relationships and conversations (particularly…
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Ep. 77: Hilary Gosher, Insight Partners | Operational Excellence from Sourcing to Exit
52:21
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52:21Shiv interviews Hilary Gosher, Managing Director at Insight Partners. In this episode, Shiv and Hilary discuss how Insight’s 120-person Onsite team gives the firm a competitive edge across its portfolio. Learn how having an in-house operations team can be a force multiplier for portfolio companies by bringing deep functional expertise and strategic…
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Ep. 76: Richard Erickson and Stan Bikulege, Lightview Capital | Scaling Founder-Led B2B Services Businesses
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34:01Shiv interviews Richard Erickson, Co-Founder and Managing Director, and Stan Bikulege, Principal, at Lightview Capital. In this episode, Richard and Stan discuss how they invest in and scale founder-led B2B services-based businesses. Learn about the benefits of recurring and reoccurring revenue, their value creation strategy, and how to align with …
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Ep. 75: Raj Bakhru, BlueFlame AI | How AI Is Transforming Private Equity Workflows
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38:12Shiv interviews Raj Bakhru, CEO and Co-Founder at BlueFlame AI. In this episode, Shiv and Raj discuss how generative AI is transforming private equity operations. Learn how AI agents are already reshaping workflows across sourcing, diligence, and portfolio value creation. Hear how PE firms can leverage proprietary data and build internal AI committ…
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Episode 22: successfully merging companies & cultures
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28:28On MiddleGround’s twenty-second episode of executive sessions, Clayton Gullet leads discussions with Ryan McComb, our Managing Director on the Transaction Team, and Dan Stoettner, CEO of A. M. Castle & Co. This episode covers: Strategic Benefits of Company Mergers Culture Alignment in Mergers Effective Merger Communication and Integration Overcomin…
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Ep. 74: John Stewart, MiddleGround Capital | Optimizing Operations in Industrial Manufacturing Portcos
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44:34Shiv interviews John Stewart, Founder and Managing Partner at MiddleGround Capital. In this episode, John shares his expertise in investing in the industrial B2B manufacturing space — from his two decades at Toyota, to moving to the investment side of the equation. Learn about underwriting the value creation plan and creating enterprise value for i…
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Ep. 73: Alex Russ, Evercore | How to Stand Out in the Fundraising Crowd
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45:35Shiv interviews Alex Russ, Senior Managing Director & Head of North America at Evercore’s Private Funds Group. In this episode, Alex shares his experience helping private equity GPs raise funds from LPs. Learn how to approach fundraising in the current market, the characteristics that successful fundraisers have in common, and the importance of a s…
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Ep. 72: Chris Sznewajs, Pacific Avenue Capital | Investing in Companies with “Unnatural” Owners
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43:43
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43:43Shiv interviews Chris Sznewajs, Founder and Managing Partner at Pacific Avenue Capital. In this episode, Chris and Shiv discuss carve-outs, buyouts, and the non-traditional types of investment deals available for “unnatural” owners – founders and investors who are ready for a transition. Learn how to underwrite these types of deals, and what benchm…
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Episode 21: practical automation for manufacturers
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38:42On MiddleGround’s twenty-first episode of executive sessions, Clayton Gullet leads discussions with John Dotson and Miles Anderson from MiddleGround’s Automation. This episode covers: Automation as a response to labor shortages How to identify tasks to automate Ensuring success: training, ROI, and culture Check out our company blog recapping the ep…
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Ep. 71: Amanda Kim, Avante Capital Partners | How Your Mission Can Be a Valuable Differentiator
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38:09On this episode of the Private Equity Value Creation podcast, Shiv speaks with Amanda Kim, Principal at Avante Capital Partners. As a majority women- and minority-owned private credit and structured equity fund, the team at Avante Capital Partners uses their unique insights and network to win deals, generate better returns and help women advance in…
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Ep 70: Mason Myers, Greybull Stewardship | Building Foundational Growth in Pre-Mid-Market Portcos
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39:18Shiv interviews Mason Myers, Founder and CEO at Greybull Stewardship. In this episode, Mason explains why Greybull Stewardship focuses on pre-middle-market companies and the steps they take to set these companies up to be true middle-market companies primed for PE backing. Learn how they take companies under $5M in EBITDA and grow them organically,…
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Ep. 69: Devon Kirk and Jonathan Metrick, Portage | How Investment and Ops Teams Can Work Together
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41:28Shiv interviews Devon Kirk, General Partner, and Jonathan Metrick, Chief Growth Officer at Portage. Devon and Jonathan share their perspectives from different sides of the investment table – Devon is on the investing team while Jonathan is on the internal ops team. Learn about their experiences investing in global FinTech and financial services, wh…
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Ep. 68: Joseph Hanna, Pivoting Model Partners | Product, Pivoting, and AI as Agents
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49:50
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49:50Shiv interviews Joseph Hanna, Founding Partner at Pivoting Model Partners. In this episode, Joseph talks about differentiating between your product’s feature set and the customer’s perceived value in that feature set. Learn why companies should consider pivoting to AI to grow and sustain their business, and how companies can deploy and leverage AI …
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Ep.67: Jim Sharpe, Unity Partners | Aligning Values with Growing Portcos
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33:37Shiv interviews Jim Sharpe, Partner and Head of Propel at Unity Partners. In this episode, Jim talks about how to truly action a company’s values and incorporate them into your growth plans while ensuring alignment with founders. Learn about building a culture of ownership, how to use employee equity as a growth strategy, and why clear and transpar…
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Ep. 66: The Future of General vs Vertical AI | Shiv Narayanan, How To SaaS
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40:50Shiv Narayanan, Founder and CEO of How To SaaS, explains how AI can be leveraged by the private equity world. Learn about the differences between general and verticalized (or specialized) AI and how data is the product. Listen to how PE firms can use AI in the diligence phase, and the business strategy for companies to build their own vertical AI t…
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Episode 20: marketing - the key to winning new business
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28:46On MiddleGround’s twentieth episode of executive sessions, Clayton Gullet leads discussions with Nate Wheeler, Founder of marketing agency weCreate, and Leanne Walmsley, Communications & Marketing Manager at our portfolio company, Xtrac. This episode covers: Developing an effective marketing strategy The importance of digital marketing in B2B manuf…
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Ep. 65: Josh Schwartz, Growth Factors | Navigating Growth As An Operating Partner
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38:48Shiv interviews Josh Schwartz, Operating Principal at Growth Factors. In this episode, Josh talks about the unique operating partner model between Growth Factors and Bregal Sagemount. Learn his approach to value creation from the GTM side, how to look for growth levers during diligence, and how to navigate the political dynamics between operating p…
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Ep. 64: Todd Morrissey, Hidden River Strategic Capital | Alternative Avenues for Underserviced Companies
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33:11Shiv interviews Todd Morrissey, Partner at Hidden River Strategic Capital. In this episode, Todd shares alternative avenues for founders and entrepreneurs other than a growth equity buyout and private credit deals. Learn how they help companies determine how much capital they need to scale, the opportunities for combining debt and equity as an inve…
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Ep. 63: Brad Armstrong, LMP | Supporting Portcos With an Advisor Bench
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35:46Shiv interviews Brad Armstrong, Partner at Lovell Minnick Partners (LMP). In this episode, Shiv and Brad talk about LMP’s approach to supporting their portfolio companies with a robust operating partner bench, as well as how to prioritize where to allocate budget, resources, and advisors when making value creation plans. Learn about weaponizing the…
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Ep. 62: Stephen Marks, Emmersion Capital | How to Navigate the Rewards and Risks of Nearshoring
40:48
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40:48Shiv interviews Stephen Marks, Managing Director, Emmersion Capital. In this episode, Shiv and Stephen discuss the benefits and challenges of nearshoring, including the economies of scaling your workforce in Latin America, onboarding and company culture, as well as macroeconomic risks and political challenges. Learn about labor arbitrage opportunit…
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Episode 19: bringing innovation to market
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42:48On MiddleGround’s nineteenth episode of executive sessions, Clayton Gullet leads discussions with John Stewart, MiddleGround’s Founding Partner, and Steve Myers, former operations leader at Parker Hannifin. This episode covers: Innovation process and customer-centric development Challenges and risk management Success factors for innovation Check ou…
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Ep. 61: Diamond Innabi, Software Equity Group | Relationships between Founders and Investment Banks
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30:44Shiv interviews Diamond Innabi, Principal at Software Equity Group. In this episode, Diamond shares how investment banks can help founders position their companies to increase the likelihood of transactions. Learn how successful founders think about the process of exiting, as well as how to maximize the valuation of a transaction and ensure the int…
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Ep. 60: Creating Enterprise Value With Marketing | Shiv Narayanan, How To SaaS
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35:14Shiv Narayanan, Founder and CEO at How To SaaS, shares his presentation from Silicon Y’All 2024. Learn about the nine critical marketing problems most companies face, from poor gross revenue and net retention problems to not generating enough traffic or leads. Shiv also shares the five most common value creation scenarios and the four major marketi…
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Ep. 59: John Bailey, OneFund Investments | What To Look For in PE Operating Teams and Partners
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36:32Shiv interviews John Bailey, Co-Founder at OneFund Investments. In this episode, John shares how he runs his fund of funds, how he vets the PE firms they invest in, and the pros and cons of how PE firms approach operating teams. Learn about key differences between the three models for operating teams within PE firms, how to build a lean (but impact…
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Episode 18: changing careers from auto to rail
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38:37On MiddleGround’s eighteenth episode of executive sessions, Clayton Gullet leads discussions with Bill Krueger, President of Global Manufacturing Operations at The Greenbrier Companies. This episode covers: Transitioning from automotive to rail Key differences between automotive and rail manufacturing Developing ESG practices in a new industry Chec…
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On MiddleGround’s seventeenth episode of executive sessions, Clayton Gullet leads discussions with MiddleGround's very own Ryan McComb, Managing Director and Infrastructure Thesis leader, and David Walden, Director, from the Transaction Team. This episode covers: Trends driving growth in the sector How aging infrastructure creates pressure to innov…
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Ep. 58: Scott Stouffer, scaleMatters | Using Data to Make Effective Go-To-Market Investments
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48:46This episode is sponsored by scaleMatters. In this episode, Shiv Narayanan interviews Scott Stouffer, CEO and Founder at scaleMatters, to talk all about data – data hygiene, data infrastructure, and the insights that come from data to make those important value creation decisions. Learn how scaleMatters – a firm that specializes in go-to-market ana…
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Ep. 57: Sean Cantwell, Volition Capital | Growing Portcos by Building the Operations Function
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40:38Shiv interviews Sean Cantwell, Managing Partner at Volition Capital. In this episode, Sean shares how Volition Capital’s operations teams support their portcos with the resources, tools, and frameworks they need to grow. Learn about best practices including portfolio summits, internal resource portals, and training. Hear about when it makes sense t…
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Ep. 56: Jordon Kruse & Matt Wilson, Oaktree Capital | Opportunities in Special Situations Investing
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43:56Shiv interviews Jordon Kruse, Managing Director and Co-Portfolio Manager, and Matt Wilson, Managing Director and Co-Portfolio Manager, at Oaktree Capital. In this episode, Matt and Jordon explain their approach to special situations investing, including rescue financing transactions where they restructure the debt and balance sheet of companies. Th…
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Ep. 55: Inovia Capital Panel | Making Acquisitions A Success From the People, Cultural, and Technical Side
39:14
39:14
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39:14Shiv interviews Krista Skalde, Chief Talent Officer Partner at Inovia Capital, Meryl Almeida, Director of Corporate Development at Inovia Capital, and Kory Jeffrey, Principal & VP, Technology at Inovia Capital. In this episode, Krista, Meryl, and Kory share how they evaluate acquisitions, how to create value from a corp dev perspective, and how to …
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Episode 16: building a successful workforce
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38:16On MiddleGround’s sixteenth episode of executive sessions, Clayton Gullet leads discussions with MiddleGround portfolio CEOs Ron Lindsay of Lindsay Precast and Tom Brockley of Arrow Tru-Line. This episode covers: Creating an Engaged Workforce Strong Management, Communication, and Trust Adapting to Labor Market Challenges Check out our company blog …
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Episode 15: cutting energy use in manufacturing
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36:22In episode 15 of Executive Sessions, we explore practical approaches to cutting energy usage in manufacturing with MiddleGround Capital’s Director of Operations, Jason Jacob, and Director of ESG, Madelyn Tutewiler. In this episode, they explore: 1. Strategies for improving energy efficiency with case studies from across the MiddleGround portfolio 2…
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Ep.54: Aldy Keene, Loyalty Research Center | The Importance of Customer Loyalty for Portcos
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41:46
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41:46Shiv interviews Aldy Keene, CEO at Loyalty Research Center. In this episode, Aldy shares how to evaluate the quality of relationships to understand how loyal a company’s customer base really is, and how both founders and investors can use that data to create value. Learn why companies should spend more time analyzing their customer base, how to fin…
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Ep.53: Randy Garg, Vistara Growth | Leveraging Growth Debt as an Alternative Means of Funding
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33:49Shiv interviews Randy Garg, Founder and Managing Partner at Vistara Growth. In this episode, Randy explains the situations in which debt is a viable avenue for funding companies, how growth debt differs from growth equity, and how to decide which is right for your company. Learn what the targeted returns are on these types of investments and the ro…
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Ep.52: Tim Strickland, Summit Partners | Fostering a Culture of Data, Accountability and Alignment
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41:40Shiv interviews Tim Strickland, Advisory Partner at Summit Partners. In this episode, Tim draws on his experience as CRO of Zoom Info and in leadership roles at large martech companies to discuss what it takes to build and grow multi-hundred and billion-dollar go-to-market organizations. Learn what metrics are important to track to keep everyone al…
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Ep.51: Brian Neider, Lead Edge Capital | How Boards Can Add Value to Portcos
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52:44Shiv interviews Brian Neider, Partner at Lead Edge Capital. In this episode, Shiv and Brian discuss best practices for building boards and what board members can do to add value to portfolio companies. Learn how to guide a business as a board member once you’ve invested in a company, what the changes to the financial markets mean for PE firms, and …
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Ep.50: Jeff Standridge, Innovation Junkie | Seven-Domain Diagnostic For Strategic Growth
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44:24Shiv interviews Jeff Standridge, Managing Director at Innovation Junkie. In this episode, Jeff shares his framework for a strategic growth plan and how his firm conducts an introductory diagnostic based on seven domains. Jeff discusses some of the best practices within those domains and the questions you can use to determine how senior leadership v…
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Ep.49: Paul W. Swaney III, Swaney Group Capital | Creating Value When Investing in Industrial Businesses
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57:24Shiv interviews Paul Swaney, Managing Director of Swaney Group Capital. In this episode, Shiv and Paul discuss how to create value when investing in industrial and manufacturing industries, and how that differs from B2B tech and software investments. Learn how Paul and his team increase capacity by looking at production lines, the impact of workpla…
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Ep.48: Peter Walker, Carta | Using Equity to Attract & Retain Employees
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38:59Shiv interviews Peter Walker, Head of Insights for Carta. In this episode, Peter and Shiv discuss how PE-backed companies can use equity to attract, compete for, and retain employees, as well as to grow companies and increase continuity. Plus, learn how Carta’s first-party data helps PE firms, management companies, and founders learn from industry …
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Ep.47: David Bluth, GLC Advisors | How the Market Has Shifted for SaaS M&A
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41:18Shiv interviews David Bluth, Managing Director of GLC Advisors. Shiv and David discuss how the tech M&A market has changed since 2021, with deal volume dropping by 45% in 2023. Learn the top reasons David sees deals fall apart in the last few years, how founders should prepare themselves as the market starts to become more active, and why PE firms …
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Ep.46: Omair Sarwar, Gearbox Capital | Matching Values with Founder-Led Companies
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36:11Shiv interviews Omair Sarwar, Founder & CEO of Gearbox Capital. In this episode, Omair and Shiv discuss how to vet founder-led companies to ensure they share the same values, how to build deep relationships with those founders, and the benefits of focusing on bootstrapped companies. Plus, learn how Gearbox uses offshoring to enhance their investmen…
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Ep.45: Shiv Narayanan and Kate Hawkes, How To SaaS I How C-Level Marketers Impact Company Growth
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36:41Shiv speaks with Kate Hawkes, VP of Marketing at How To SaaS. Shiv and Kate talk about the challenges businesses face when they don’t have C-level marketers on their team, and how CEOs and investors can support marketers to advance to this level. Learn what being a C-level marketer entails, how this approach impacts growth strategy, how to improve …
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Ep.44: Alex Western, Terminus Capital Partners | Finding Clarity With the Vision Prism
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46:43Shiv interviews Alex Western, Managing Director of Terminus Capital Partners. Shiv and Alex talk about how TCP’s Vision Prism offers a more focused strategy, targeted positioning, builds better products, and provides a lot of enterprise value. Learn how focusing on the right mission can help investors, founders, and CEOs use this framework to build…
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Ep.43: Mohammad Rasouli and Philipp Reineke, AIx2 | Improving Investment Processes with AI
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42:35Shiv interviews Mohammad Rasouli, CEO of AIx2, and Philipp Reineke, COO of AIx2. Learn how AI can be leveraged in the investment industry, from sourcing and vetting deals, to getting VDDs and CIMs ready, as well as optimizing and exiting investments. They discuss the social welfare impact of AI as more and more funds start to use the technology, ho…
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Ep.42: Kevin Iudicello, Realization Capital Partners | Generating Value with Secondary Investments
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48:33Shiv interviews Kevin Iudicello, Partner at Realization Capital Partners, on the data-driven strategies that enable the firm to create value in a crowded market. You’ll learn about the possibilities for investors in the secondary market, how the high valuations of 2020 continue to impact options for liquidity, and how companies with slower growth c…
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Ep.41: Sunaina Sinha, Raymond James | How to Improve ROI with Capital Formation Strategies
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43:21Shiv interviews Sunaina Sinha, Global Head, Private Capital Advisory at Raymond James. Shiv and Sunaina discuss how PE sponsors can look at overall capital formation for their funds and portcos in order to generate the highest ROI. Learn about what alternative liquidity options are available to LPs and GPs and when it makes sense to consider a cont…
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