CFO – Leisure & Entertainment

Background

The leisure and entertainment industry has undergone significant capital investment via Private Equity and listed entities taking a heightened interest in the sector over the past five years. Both global players and domestic players operate across the Australian marketplace and have seen significant returns to their investment if they get their operating cost base model and marketing right.

A client of ADAPT’s has successfully executed one of Australia’s fastest growing companies through both organically driving the current portfolio of assets, coupled with an aggressive acquisition model of new assets which complement their entertainment offering. Having grown their revenue base from $20m to $100m over the past three years, the company required the appointment and support of a highly experienced, growth-minded Chief Financial Officer. The organisation was in the middle of the capital raise and planning on forming an initial public offering (IPO) to the market in 2020.

Solution

ADAPT agreed a set of deliverables for a successful appointment which would underpin the next phase for the company. Required was new ‘bigger business’ thinking, innovation to scale an already growth-related business and a track record of implementing the right process, systems and governance to realise reaching an IPO over the next 18 months.

Outcome

Working closely with the principal owner, our client was keen to have minimal conversations with the market about this opportunity. This was due to sensitivity of the current incumbent in position as well as a changing board of directors. As such, all executives were engaged, assessed and then only a select few provided confidentiality agreements to sign on behalf of ADAPT. The successful appointee was attracted to join primarily because of the legacy they could build and the journey over the next 18 months to potentially realise value via an IPO in the marketplace.