A whirlwind, that’s for sure… When we started to explore Cooper Parry’s strategic investment by Waterland Private Equity late in 2021 – after 170 years as an independent Partnership – I knew things were about to change, but I didn’t quite realise how much.
Roll forward three years, and we announced our partnership with Lee Equity in December 2024. By April 2025, that secondary PE LBO transaction was completed, and Cooper Parry continued on its rocket-fuelled growth trajectory. A total of sixteen acquisitions completed, and with more in the pipeline, our headcount has grown from 400 to over 1,600, and our Partner group is now 150-strong.
It’s been an incredible ride in the CFO seat. And after nearly nine years in the role. with group turnover around £200 million higher than when I joined in 2017, I’ve recently stepped into a new role as CP’s Chief Acquisitions Officer. It’s a move that reflects just how central M&A has become to our strategy. And how much I’ve learned along the way.
What It’s Really Like Being a CFO in a PE-Backed Business
The moment private equity investment lands, the CFO role changes overnight. The stakeholder landscape expands, expectations intensify, and the pace picks up. Our Board pack went from a simple seven pages to 25. Data requests came from every direction – internally to support M&A and core organic growth, and from the equity sponsor, lenders and a raft of advisors.
As the CFO, you increasingly move from reporting the numbers to really articulating the story behind them, and directing focus. You’re not just looking back – you’re scanning the horizon, spotting risks, and pre-empting questions before they’re asked.
And it’s not just different ‘technically’ in terms of output. It’s emotional. We went from a very tight-knit leadership team to managing a broader, more externally influenced dynamic. The pressure is real. The spotlight moves fast. And you feel it.
The M&A Learning Curve
One of the most exciting and intense parts of the CFO role was leading our acquisition strategy. Due diligence became second nature – financial, legal, tax, commercial – and we’ve continued to build a dedicated M&A team and a brilliant integration function to make sure new businesses feel part of the CP family quickly. It’s so important to identify post deal hot spots that might lead to business case aspirations being missed, and value being eroded.
But the biggest lesson reinforced? Just because you can buy a business, and maybe have the financial resources to do so, doesn’t mean you should. Cultural fit is always critical. Vision alignment matters. And if a team doesn’t want to be acquired and adapt to play a role in a larger group, it rarely ends well.
That’s why I’m so energised by my new role. As Chief Acquisitions Officer, my team and I get to focus entirely on finding the right businesses to join CP. And making sure they thrive once they do.
Advice for CFOs Entering the PRIVATE EQUITY World
If you’re about to step into a PE-backed CFO role, here’s what I’d share:
- Build your team early. Don’t wait until you’re underwater and try to stay ahead.
- Create headroom. If you’re always reacting, you’re not leading.
- Find your support network. It can be lonely and sometimes relentless. Mentors, sounding boards, peers. They really matter.
- Own the narrative, communicate clearly and make the story accessible…..not everyone’s a Finance person. But remember you probably know the story better than anyone, so be confident and embrace the opportunity that brings. It’s unlikely anyone is “out to get you”.
- Treat it like a new job. Because it is. New goals, new dynamics, new rules. New areas where you’ll need to ask for help. But a great opportunity to stretch yourself and have fun!
Looking Ahead
I’m incredibly proud of what we’ve achieved and CP’s growth profile. And grateful for the experience and the people I’ve worked with thus far. I think the CFO role at CP is one of the most challenging and rewarding gigs out there, and I’m excited to see where it goes next.
Our new CFO Ollie is a terrific addition to the business and knows the sector incredibly well. He’s going to have a huge impact. I wish him every success stepping into this fast-paced, high-impact, and opportunity-rich role. I’m really looking forward to working alongside him and the broader leadership team as we continue to scale, acquire, and build something special within a rapidly changing industry.
If anyone reading this is on a similar journey, even if just exploring options, at CP we’re always happy to share our own story. Because when we say, “we’re just like you,” we mean it. We’ve lived the PE journey. We’ve felt the pressure. We’ve figured things out the hard way. We’re happy to share our learnings from the experience. So get in touch if you’d like to talk.
