Strategic Execution: Placing a CFO to Fuel Growth at a PE-Backed Lab Services Platform

The Client

Our client is a private equity-backed healthcare services company offering innovative laboratory testing and monitoring solutions. With a strong presence in behavioral health, chronic pain, and criminal justice programs, the organization provides both drug testing services and a unique pharmacy model that enables more personalized, compliant, and effective patient care. By integrating technology, clinical insight, and service delivery, they’ve positioned themselves as a trusted partner to providers, payers, and public institutions alike.

As the business matured, it found itself at an inflection point—ready to expand through organic growth and the addition of new product lines, while also preparing for a significant corporate transition. To support this next phase, the organization sought a strategic financial leader to professionalize operations and guide it through change.

The Challenge

The company was embarking on a complex growth trajectory while simultaneously managing the divestiture from a larger platform. They needed a new Chief Financial Officer to serve as both a strategic thought partner to the CEO and a steady operational hand during a pivotal moment of transformation.

The CFO’s mandate was multi-faceted:

• Stand up an independent finance function following the divestiture
• Lead financial planning and analysis, including robust cash flow forecasting and scenario modeling
• Build reporting infrastructure to support decision-making across leadership, investors, and the Board
  
• Evaluate and upgrade systems, processes, and business intelligence tools
  
• Assess and build out the internal team, with a focus on talent development and operational discipline
• Serve as a key partner in M&A, including due diligence, modeling, and integration
• Help guide the company toward a successful exit

The ideal candidate would not only have experience in private equity-backed, service-oriented environments, but also possess the EQ, communication skills, and strategic mindset to operate effectively in a complex, fast-moving business. The company was also looking for a hands-on, “scrappy” leader—someone who could move between the boardroom and the frontlines with ease.

Our Approach

We launched a targeted search, initially focusing on Arizona and the broader Midwest before expanding nationwide. We prioritized CFOs and senior finance executives with experience in:

• Healthcare services or laboratory environments
• Private equity-backed businesses with $30–100M in revenue
• High-growth or complex operating environments where finance was being built or restructured
• Functional leadership across FP&A, systems implementation, and M&A integration

We screened for candidates with at least 10 years of financial leadership experience (most with 12–15 years), and placed a strong emphasis on strategic communication, problem-solving capability, and executive presence.

Throughout the search, we partnered closely with the CEO and private equity sponsor to fine-tune the candidate profile and ensure alignment at each step. Over the course of the engagement, we connected with more than 100 qualified finance leaders across the country.

The Placement

The candidate ultimately selected brought a rare and deeply relevant combination of experience:

• A six-time CFO and COO with a proven track record in private equity-backed companies across healthcare, business services, and other industries
• Demonstrated success in professionalizing finance organizations and implementing scalable infrastructure to support growth
• Experience overseeing both finance and operations for companies with up to 500 employees—particularly in field-based, service-driven settings
• Deep familiarity with systems selection, reporting tools, and best practices for driving visibility and alignment across leadership teams
• A strategic thinker with clear communication skills, strong executive presence, and the ability to bring order to ambiguity

​

The Outcome

The new CFO has quickly become an essential part of the company’s leadership team. They successfully took ownership of key financial processes, implemented a roadmap for reporting improvements, and began evaluating technology upgrades across the organization. They’ve also built trust with the executive team, engaged directly with the private equity sponsor, and brought clarity to a range of strategic conversations.

Perhaps most importantly, the new CFO has brought a steady hand and sharp perspective to a dynamic business moment—balancing long-term value creation with near-term operational needs. With this hire in place, the company is well-positioned to scale sustainably, pursue strategic M&A, and deliver strong results for its investors and stakeholders.