Please browse previous editions of Pilot's Log below
Pilot's Log is published bi-monthly by PILOTpartners, the specialist international management resourcing group. If you would like to suggest an idea or article for the publication please contact James Wheeler at j.wheeler@pilotpartners.eu or on +44 (0)780 859 0176
Welcome to the September 2011 edition of Pilot's Log
For all those people who predicted a year ago that the private equity universe would have (at least partially) recovered by the end of 2011, I'm wondering who is now pointing at the end of 2012... or 2013... or whenever the debt refinancing tsunami is going to hit…
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IFRS Update
Financial reporting never stands still so nobody should be surprised by the relentless charge towards further change over the next few years to both UK GAAP and International Financial Reporting Standards. Chris Smith reports. Read more
The Pilot's Log Q&A
James Wheeler sat down for a spot of lunch and a chat with Andy Etherington a distinguished interim CEO with an individual approach to complex change, turnarounds, acquisitions and disposals for private equity investors. Read more
When a good plan comes together
Dave Hall, Managing Director of YFM Equity Partners, speaks to Katherine Steiner-Dicks on how the firm's re-branding exercise was not as painful as expected, their stance on management and the broad sector outlook. Read more
Case Studies from PILOTpartners' roster
Summary case studies from PILOTcases has the approval of the interim executives and the clients concerned but to preserve confidentiality, names have been changed or abbreviated. Read more
Welcome to the June 2011 edition of Pilot's Log
This issue of Pilot's Log focuses predominantly on management - how to measure (and predict) successful CEOs and what differences top CFOs can make to a portfolio business.
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Ignore Customers at your Peril
your customers' requirements, and does management truly know what customers think of your proposition? Tony Lahert reports. Read more
The Pilot's Log Q&A
David Ives has workied closely with restructuring advisers and stakeholders in divisions of ITV plc and Associated Newspapers amongst others. James Wheeler caught David in a quiet moment while marooned in Scotland on his current project. Read more
Marrying the right CEO to your investment
Interview with Mark Ligertwood, of Dunedin Capital, on getting to grips with one of the most critical and widely debated issues facing private equity investors...selecting the right CEO for your investment. Read more
Case Studies from PILOTpartners' roster
Summary case studies from PILOTcases has the approval of the interim executives and the clients concerned but to preserve confidentiality, names have been changed or abbreviated. Read more
Welcome to the April 2011 edition of Pilot's Log
The spring thaw has arrived in force, and so has the surge in sales of BBQs. When I first moved to the UK nearly 8 years ago, I felt very popular when I was asked to countless barbeques. I smugly thought that my American wit and charm (not an oxymoron for anyone sniggering)...
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In 1995 the UK signed up to the OECD's Anti-Bribery Convention. 16 years later we attempted to comply with our obligations by passing the Bribery Act 2010 (the Act). The Act was due to come into force on 1 April 2011 (April Fool's Day) 2011, but, perhaps for that very reason, it has been delayed and will now come into force on 1 July 2011. Read more
The Pilot's Log Q&A
Peter Chappelow, a private equity portfolio chairman, offers some rather upbeat news about lending to private equity-backed companies and why just as he was ready to retire he chose this line of challenging, yet highly satisfying line of work. Read more
Delivering value for our clients
Whenever we meet clients as well as advisers and prospective candidates we are always asked and are delighted to explain our professional work in our niche markets through discussing case studies and the actions delivering successful outcomes. Read more
Private Equity and Pension De-Risking
Associate Director with Grant Thornton's Pensions Advisory Practice focuses on critical issues for private equity investors, often forgotten in the first round of due diligence or the euphoria of looking at an exit. Read more
Welcome to the February 2011 edition of Pilot's Log
Almost two months into 2011 and the perceived 'thaw' seems to have been validated with announcements of new deals and fund closings. Will this mean more work for us all?
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In 1910, Ralph Furse joined the Colonial Office's 'patronage office' and set about improving the way that young men were selected for their roles directly governing large swathes of Africa and Asia. Read more
The Pilot's Log Q&A
David Carratt, a managing director in the London office of Kennet Partners, talks shop during one of the most exciting and challenging times for the technology sector. Among other topics, Carratt speaks of the virtues of investing in and exiting Read more
Point of View
Peter Hammermann, Co-Head of Barclays Private Equity Europe and Managing Director of the firm's German operations, speaks to Pilot Partners' Michael Gebauer on factoring in currency risk, the appetite for financing in Mittelstand businesses, Read more
PE and Interims in CEE
Tamas Toth, CEO of Interim Resourcing LTD, PILOTpartners' affiliated firm in Hungary, talks here about trends in the CEE private equity market and the response of the interim management sector to new opportunities in the region. Read more
Welcome to the December 2010 edition of Pilot's Log
2010 is finally winding down; one could argue that it isn't very different from 2009. The million dollar question (being American I still think firstly in dollars) is whether 2011 will mimic these past two years, or finally witness the 'rebirth' of private equity. Any predictions would very much welcome! Luckily for us, in this issue Jon Moulton does indeed give us some of his insight.
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James Wheeler sits down to crystal ball gaze with the ever resourceful Jon Moulton of Better Capital. According to Jon, global funds north of $10bn are still being raised, to many a private equity investor's bafflement. Read more
The Pilot's Log Q&A
Michael Gebauer talks to Robert Deri, an interim Executive about internet mail order growth and his latest role as Group Finance Director for Scala Holdings plc and the process resulting in the successful sale of the business. Read more
Change Management and Private Equity
Change Management is surely just the internal actions in a company to execute the structure plan and correct the business processes, right?. No, there's a lot more to it than this, says Nic Vine. Read more
PILOT on launching SMI
PILOTpartners announces the formation of a global resourcing partnership with a common focus on senior level interim executive resourcing, operating within a framework of common ethical and operational standards. Read more
Welcome to the October 2010 edition of Pilot's Log
Summer is over, people are back to work, deal flow is picking up, fund raising efforts have resumed in earnest – are we back to business as usual? Read more
Bowmark Capital's Kevin Grassby dissects private equity's fittest proposition. Now is the time for many private equity investors to play it safe. That is why, increasingly, the healthcare industry is the sector where they are looking to invest. Read more
Industrial Revolution
Bruno Deschamps, a senior adviser to 3i and founder and managing partner of development capital firm, Entrepreneurs Partners LLP, shares his views on the future role of private equity and why it will mean a cultural evolution for many firms. Read more
Turnaround to remember
La Seda de Barcelona turnaround completed with capital increase and relisting following debt restructuring in an English Court. Alan Tilley of Bryan Mansell & Tilley reports on how it became a name to remember in debt restructurings in August 2010. Read more
PILOT launch CANE
PILOTpartners announces the launch of its Chairman and Non-Executive Practice (CANE). Why CANE and why now? John Gerry outlines the three main structural reasons for this initiative and explains why it should matter to private equity folk. Read more
Welcome to the July 2010 edition of Pilot's Log
As July comes to a close, and (most of) Europe seems to be shutting down for business, we thought Pilot's Log would set you up nicely for the summer break... Read more
James Wheeler of PILOTpartners engages in discussion with Nigel Atkinson and David Wilton with BTG Mesirow Financial Consulting. BTG MFC focus on their relationships with and the needs of their private equity clients in the current marketplace.
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UK Retail - more pain to come?
Gavin George, European Managing Director of GA Asset Advisors Ltd, sets the scene for management and investors of retail assets as consumer indicators give warning signals for the autumn and winter seasons. UK retail may have so far avoided the intensive care ward, but it's by no means out of the woods. Read more
The Pilot's Log Q&A
Michael Gebauer, head of private equity with PILOTpartners, talks to Paul Siegenthaler, a specialist business integration & transformation interim executive about his approach to successful cross-border M&A transactions. Read more
What's happening in France, Pierre?
Pierre van den Broek is the owner and President of NIM Europe, France's leading interim management resourcing group. In this discussion with James Wheeler of PILOTpartners he gives his take on the French private equity market in general and explains how top level interim management can make all the difference in portfolio companies. Read more
Welcome to the May 2010 edition of Pilot's Log.
My father used to tell me that time accelerates as one ages. When one is
18 and heading off to college, it's hard to believe something like that. Well, as I continue to turn into my father, time indeed does continue to accelerate. But oddly, not across the board. Read more
Pilot's Log Q&A
Luke Johnson
Risk Capital Partners
Wikipedia cites him as a "projector", in line with the 17th century term for a man involved in many different businesses, and in this edition of Pilot´s Log serial entrepreneur and founder of Risk Capital Partners, Luke Johnson, projects just what shape he thinks the private equity industry will take over the next two years. Read more
A Mechanism for Financial Salvation?
Oh dear - it looks like there are many dark days ahead for the UK economy! Having survived the credit crunch, Alan Thomas ponders how we now face the grim and tiresome prospect of paying for the hole this has left in the country's balance sheet while simultaneously stemming our national "overheads". Read more
Cash, management, banks and stress
The Turnaround Director's view
Aidan Condie is a turnaround director specialising in transforming medium sized businesses. Here he discusses the choices facing stressed companies in the current environment using a current turnaround project as a model. Read more
DACH M&A markets from the "valley of tears" to new horizons in 2010?
Pieter Kraan is partner with PILOTpartners covering client opportunities throughout Western & Central Europe. Here Pieter sets out the challenges for stress investors in the DACH countries (Germany, Austria & Switzerland) in 2010. Read more
Welcome to the March 2010 edition of Pilot's Log
We are now well into the first quarter of 2010. Around us are the signs of a slow recovery, as deal flow has gone from non-existent to slightly more than a trickle. Before the Lehman collapse, many had predicted that the 'recovery' could take 12-18 months; post Lehman few were making any predictions... Read more
The changing face of asset based lending
Piers Harmer and Chris Hart of Lloyds Commercial Finance speak to Pilot's Log about the changing definition of asset based lending. Read more
As the introduction of the new "superrate" 50 per cent income tax increase looms (from 6 April 2010) together with the degradation of personal allowances and the restrictions of tax relief on pension contributions, our legal practice has seen many tax planning schemes being marketed to our clients. Robin Dabydeen from Wedlake Bell reports... Read more
The Pilot's Log Q&A
Katherine Steiner-Dicks speaks to Andrew Marchant, former executive chairman of Unigestion's private equity division and a former founding director of Cinven, on how private equity funds can prepare themselves for the next onslaught of fundraising while keeping their brand's reputation intact... Read more
Stressed-Deal Doing
There are many reasons why a professional investor would shy away from investing into troubled businesses. - Alan Thomas reports. Read more