Hunt Scanlon: Booming private equity sector feeds TritonExec’s Expansion to the U.S.
One of Britain’s fastest expanding executive search firms is experiencing exponential growth in the U.S. – largely due to a rise in private equity sector assignments, driven by demand for digital executives. Let’s take a look at the firm’s recent moves and the fast-growing private equity sector.
Aside from the big-branded executive recruiters, all of whom devote significant time and manpower to talent acquisition initiatives throughout the PE space, a number boutique search firms are working alongside these investment brands to provide talent up and down the functional scale. And much of the activity is taking place on American shores.
Following that demand, London-headquartered executive search firm TritonExec has expanded its private equity practice into the U.S. by opening new offices in Atlanta and New York. The U.S. expansion will be led by partner Abe Doctor. The firm noted that its private equity practice has been the fastest growing segment of TritonExec’s business.
“The $12 million turnover business, which is focused on digital and professional services and private equity, is also expanding its global headcount from the current team of 25 to 40 over the next year,” the firm said. In early 2018, TritonExec reported that it had $20 million in new contracts lined up over the next 24 months.
“Companies acquiring others through private equity deals are looking to strengthen their new investments with seasoned operators in their markets, so we expect this to be one of our busiest growth areas for a number of years to come,” said Mr. Doctor. “A decade ago, the trend was to buy and sell in a relatively short space of time, whereas we’re now seeing a drive to embrace digital, especially for more traditional industries, as a means of adding value for their eventual resale.”
He described this as a boon to the firm’s digital officers practice which it expects to grow to serve the ever-expanding pool of global companies embracing digital proficiency. “Digital acumen across these areas of investment for non-digital industries is increasingly important for CEOs and executive chairmen of private equity portfolio businesses,” said Mr. Doctor.
TritonExec has managed to carve itself a niche in this competitive sector. The business embraces technology to predict and uncover subtle trends in compensation, diversity and talent shortages, as well as help to determine which candidates are most likely to succeed in certain organizations. The firm holds a track record retention rate of 96 percent within a 24-month period, from placements made with its multinational clients, according to its own statistics.
Established in 2011, TritonExec has assisted in the recruitment of candidates all over the globe, with most placements (60 percent) being made in the U.K. and the U.S., followed by the rest of Europe and the Nordics (35 percent) and Asia (five percent). Its client list includes Capgemini, Accenture, Deloitte, Icahn Enterprises, Gryphon Investors, and its very first client, Genpact. At the beginning of the second quarter, OakNorth bank completed a debt finance deal with TritonExec, which is to be invested in marketing, technology and infrastructure.
Mr. Doctor is now responsible for the direction of TritonExec’s North American operations based in Atlanta. He focuses on partner-level retained search assignments, CIO and CTO engagements, as well as multi-hire recruitment programs for professional services clients, private equity portfolio companies and the Fortune 500. Mr. Doctor joined TritonExec in 2016 from Korn Ferry where he was principal and practice leader in the global IT & professional services group there. With nearly 10 years of executive recruitment and talent advisory experience, he has worked with management and strategy consultancies, technology services and outsourcing firms, and his portfolio has included searches in digital, business transformation, analytics and strategy consulting.