The Private Equity Podcast, by Raw Selection

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

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

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

In this episode, Alex Rawlings speaks with Adil Taha, a private equity operator specialising in the UK legal sector. They explore why private equity has struggled to scale law firms, the challenges of buy-and-build strategies, and why many legal businesses are weaker than they appear financially.
Adil shares lessons from rescuing and rebuilding Child & Child, explains why consumer legal services are attracting the most PE interest, and discusses how law firms differ from other professional services businesses. The conversation also covers the impact of AI, rising salary costs, partnership structures, and why the US legal market may offer bigger opportunities for investors.
Topics Covered
 PE investment trends in legal services 
 The Child & Child turnaround 
 Why law firms are difficult to scale 
 Problems with traditional partnership models 
 Why buy-and-build strategies are struggling 
 Consumer legal services vs full-service firms 
 The role of AI and rising costs in legal 
 Why the US market is attracting PE attention 
Timestamp Highlights
00:00 – Introduction to Adil Taha 
02:29 – Child & Child acquisition and turnaround 
09:11 – Where PE is investing in legal 
14:55 – The hidden weaknesses in law firms 
26:51 – Why professional services are hard to scale 
35:23 – Investment strategies that may work in legal 
45:05 – Why PE is looking toward the US market 
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

In this episode, Alex Rawlings speaks with Shiv Narayanan, CEO of How to SaaS, about how private equity firms can use marketing and AI as value creation levers. They discuss why many B2B companies underinvest in marketing, how AI is changing buyer behavior, and why brand authority and content are becoming critical for growth.
Timestamps
00:03 – Introduction to Shiv Narayanan and How to SaaS
01:55 – Common marketing mistakes in PE-backed businesses
04:15 – Finding the right marketing strategy and spend
08:06 – How PE firms should assess CMOs
12:49 – AI as a value creation lever
14:40 – How AI search is changing buyer behavior
16:02 – Why brand authority matters more than ever
17:54 – AI agents and the future of marketing teams
20:20 – The importance of investing in content
22:44 – Why podcasts and video are growing in B2B marketing
24:22 – The risk of overusing AI-generated content
25:21 – Shiv’s books and final advice
Key Takeaways
Many B2B companies rely too heavily on sales and underinvest in marketing.
Strong CMOs focus on revenue, forecasting, and enterprise value creation.
AI platforms like ChatGPT are reshaping how buyers research solutions.
Businesses need strong brands and quality content to remain visible.
Podcasts, YouTube, and thought leadership content are becoming essential.
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