Caldwell Partners Posts Flat Revenue Growth
November 13, 2017 – Caldwell Partners International has posted fourth quarter revenues of $15.8 million (Canadian), up .5 percent. Full year revenues fell 1.6 percent, from $58.7 million to $57.8 million.
The search firm had a slightly lower average number of partners at 37.5 compared to 38 in the prior year. And a lower average fee per assignment was partially offset by higher productivity per partner. The average fee per assignment decreased to $133,000 (2016: $150,000). The year-to-date number of assignments per partner increased to 11.5 (2016: 10.1), resulting in an increase in the total number of assignments to 432 (2016: 383).
“We are pleased with our team’s performance in both the quarter and the full year,” said John Wallace, chief executive officer. “Our Canadian team had a significant rebound from last year’s challenges, the U.S. saw higher search volumes in a steady economic environment, the U.K. team’s two new partners will contribute favorably towards profitability in the coming year, and we are seeing increased traction in cross-border collaboration with our colleagues in Latin America and New Zealand,” he said.
“We have a strong and well-functioning team overall, and the seven new partner teams in Stamford, New York, Miami, Atlanta and London have further expanded our ability to make our clients better, more competitive and more successful by connecting them with transformational talent,” he added. “We believe the results we were able to deliver are reflective of the manner in which we are running this firm – balancing growth through the continued investment in the firm with profitability that allows us to reward our shareholders with a sustainable dividend.”
The board of directors also declared the payment of a quarterly dividend of two cents per common share payable to holders of common shares of record on Nov. 20, and to be paid on Dec. 15.
Shares in Caldwell Partners, which trades on the Toronto Stock Exchange, rose 2.91 percent to $1.06 (Canadian) upon release of its revenues. The company has a current market cap of $21.6 million (Canadian).
Recent Growth
Earlier this month, the firm expanded with the addition of Alex Alcott as a partner in its financial services practice in London. Mr. Alcott’s appointment furthers Caldwell’s expansion strategy across Europe. With more than 20 years of executive search experience, Mr. Alcott works across the global financial services sector on roles that include a variety of board, executive committee, chief financial officer, general auditor, treasurer and other function searches for global public companies and private equity portfolio company rebuilds. He was most recently a partner in Heidrick & Struggles’ London office, where he was a member of the global financial services and chief financial officers practices and led the financial services CFO practice in the U.K.
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Recently, Caldwell named Chris Beck as chief operating and financial officer. Mr. Beck, who is based in Boston, joined Caldwell in 2013. He has more than 20 years of experience in finance with a track record of leading and managing financial, accounting and business operations. “Chris is a collaborative and energetic leader with the vision to grow our organization, ensure our financial strength and operating efficiency, and drive the development of new products, solutions and services,” said Mr. Wallace. “Under his leadership and counsel, we have attained our financial goals, expanded our reach via acquisition and strategic partnerships, and enhanced the manner and degree to which we are able to serve our clients.”
This spring, Caldwell added Kathy Ventura as a partner in its consumer, e-commerce & retail, and marketing & communications practices based in its Stamford, Conn office. Ms. Ventura recruits senior executives in all areas of consumer products and services, including consumer technologies, automotive, lifestyle brands and consumer financial services. She also specializes in corporate reputation leadership roles, including communications, public affairs and corporate marketing. Her clients include Fortune 500 companies, private equity and other alternative asset firms, and their portfolio companies. Her work also encompasses diversity and inclusion initiatives for her clients. She was previously with Russell Reynolds Associates, where she led the firm’s corporate communications practice.
The firm also recently named Matt Comyns as managing partner of its cybersecurity search practice. He, too, is based in the firm’s Stamford office and was recruited out of Russell Reynolds Associates. Mr. Comyns has a distinct and well-regarded focus on recruiting chief information security officers and next-level-down top lieutenants in information security for large global corporations and fast-growing private companies, as well as cyber security consultants for leading professional services firms and top executives for cyber security technology companies. He previously co-led Russell Reynolds global cybersecurity practice, where he served for nearly six years.
In addition, Caldwell appointed Shawn Banerji as managing partner of the firm’s technology, digital and data leaders practice. Specializing in the global technology sector, Mr. Banerji recruits CIOs and CTOs across major industries, including financial services, telecom/technology, retail/consumer, healthcare, industrial/natural resources, as well as media and internet. He also has extensive experience in business process outsourcing, process improvement, and shared services. Like the others, Mr. Banerji joins Caldwell in Stamford and was recruited from Russell Reynolds Associates, where he most recently served as a leader in the firm’s technology officers practice.
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; Stephen Sawicki, Managing Editor; and Will Schatz, Managing Editor – Hunt Scanlon Media
