Operating Partners Are the Future of Private Equity | Jeremiah Wanzell on Consumer Brand Growth

Why It Matters

Embedding experienced operating partners early ensures disciplined, omni‑channel growth strategies, directly boosting portfolio performance and LP returns in a crowded private‑equity market.

Key Takeaways

• Operating partners must join deals early to shape value‑creation plans.
• Multi‑channel retail strategy is essential; over‑reliance on one channel fails.
• Clear deal thesis and actionable growth levers build credibility with LPs.
• Lower‑mid‑market PE firms lag in professionalizing operating‑partner roles.
• Tariff uncertainty amplifies need for transparent pricing and strong brand differentiation.

Summary

Jeremiah Wanzell, a former executive buyer at Bloomingdale’s and sales strategist for Hugo Boss and Calvin Klein, now runs Growth Mindset Advisors as a fractional operating partner. He argues that the era of pure financial engineering in private equity is ending, and firms must embed seasoned operators at the front‑end of transactions to design and execute value‑creation plans.

Wanzell stresses three core insights: early involvement of operating partners, a disciplined multi‑channel retail strategy, and a concrete deal thesis that outlines specific growth levers. He notes that many lower‑mid‑market firms still treat operating partners as after‑thoughts, hiring them post‑acquisition, which dilutes impact. In contrast, large funds are building dedicated operating teams, and the market is shifting toward professionalization of these roles.

Illustrative examples include the Capeio acquisition, where Wanzell helped craft a niche‑category‑killer thesis and now guides channel expansion, and cautionary tales of Nike’s premature DTC shift and Allbirds’ delayed wholesale rollout. He also highlights macro headwinds—tariff volatility and iOS 14’s data restrictions—underscoring the need for transparent pricing and strong brand differentiation.

The takeaway for investors is clear: to generate outsized returns, private‑equity firms must recruit operators with deep consumer experience, involve them in deal sourcing, and enforce omni‑channel execution. Firms that fail to do so risk missing growth opportunities and falling behind competitors in an increasingly competitive, capital‑rich landscape.

Original Description

In this episode, Alex Rawlings is joined by Jeremiah Wanzell, a seasoned consumer brand executive with leadership roles at Hugo Boss and Calvin Klein, and now an operating partner working with private equity firms to drive growth in the consumer sector. Jeremiah shares his insights into the evolving role of the operating partner, value creation beyond financial engineering, the importance of omnichannel strategy, and how consumer-focused PE firms can win in a shifting market.

⏱️ Timestamps

00:03 – Intro & Background

Jeremiah's career journey: from Bloomingdale’s to Hugo Boss & Calvin Klein

Launching Growth Mindset Advisors to work with PE firms as a fractional growth officer

00:57 – Mistakes Private Equity Firms Make

Misunderstanding or undervaluing the role of the operating partner

Value creation needs real operators, not just consultants

PE firms still testing the waters, especially in the lower/mid-market

03:44 – Why the Operating Partner Model Isn’t Universal Yet

Too often operating partners are brought in post-acquisition — a critical mistake

They need to be involved from the outset to shape value creation plans

05:12 – Case Study: Capizio Acquisition

Deal thesis: investing in niche category leaders

Brought the deal to Argonne after another firm passed

Role: pre-deal diligence, channel expansion, post-deal advisory

07:07 – What Deal Teams Miss

Overlooking multi-channel retail strategy

Examples: Nike’s failed DTC push vs. Allbirds’ slow wholesale expansion

Omnichannel is no longer optional

09:32 – Industry Shoutout: Grata

Sponsor mention for proprietary, data-driven PE deal sourcing

09:58 – State of Consumer Deals

Deal volume down 15% YoY, but deal size up

Highlighted mega deals: Skechers ($9B), Dick’s x Foot Locker, Rode Beauty

Hot sectors: health & wellness, beauty, and digitally native brands

11:27 – Tariffs & Pricing Strategy

Tariff uncertainty is a headwind but affects all brands equally

Brands must have clear differentiation and pricing transparency

Examples: airlines as commoditized vs. a loyal landscaper who passed along cost savings

15:14 – Great Retail Experiences

Retail “theater” matters more than ever

Examples: Vuori, Lululemon, building community through in-store events

It all starts with product excellence

17:32 – Evolution of DTC & Shopify’s Disruption

Apple iOS14 killed third-party tracking; CAC skyrocketed

Shopify commoditized eComm site creation → flooded market with undifferentiated brands

Stubborn brands (e.g. Allbirds) suffered by not adapting

18:59 – Retail Experience Examples

Retail must build community and be about more than transactions

Brands that create loyalty through events and authentic connection win

19:51 – What Jeremiah Recommends

Fan of The Private Equity Podcast and Scott Galloway

Encourages reading, webinars, and giving back to your network

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