JM Search Assists Summit Plastics with CEO Search
May 18, 2023 – Hayden Tewell and Eric Stenholm of JM Search recently assisted in the placement of Joseph Piccione as the new CEO of Summit Plastics, Inc., a LongueVue Capital portfolio company and manufacturer of custom packaging solutions. “The appointment of Joe is an excellent development in Summit’s growth,” said Paul Ebbert, specialty packaging operating partner of LongueVue Capital. “Joe’s strong reputation, skill set, and experience are highly complementary to our culture and operations.” Mr. Piccione brings a wealth of industry knowledge to Summit with more than 35 years of business experience and 25 years in strategic leadership roles, primarily in flexible packaging. He is an accomplished international executive leader of complex flexible packaging businesses under both public and private equity ownership. Mr. Piccione has worked in a variety of senior leadership roles including Jindal Films, Innovia Films, Fitrona Extrusion, Atlantis Plastics, Bryce Corporation, Flexel, and Mobil Chemical.
“I’m very excited to join the Summit Packaging platform,” said Mr. Piccione. “Summit’s commitment to offering packaging solutions for a wide array of end markets and covering a broad geographic footprint, combined with world-class customer service and our tenured, highly skilled team, are competitive advantages that I believe we can lever to significantly grow the company and better serve our customers.”
Summit operates three production facilities that service an expanding customer base across end markets that include food & beverage, healthcare/medical, agriculture, industrial, and retail. With Summit’s partnership with Fredman Packaging in 2022, and ClearView Packaging in 2021, the company continues to expand its geographic presence, broaden its product offerings, and develop a vertically integrated platform.
Related: Transforming Portfolio Companies and Driving Value Creation via Human Capital
Founded in 2001, LongueVue Capital is a New Orleans-based equity investment firm focused on providing transformational growth capital to middle-market companies, drawing upon a 20+ year track record of partnering with entrepreneurs and management teams to drive value creation. With over $850 million of committed capital spanning four funds, coupled with 150 years of combined operating and investing experience, the firm has made investments in a wide variety of industries including healthcare, life sciences, transportation and logistics, precision manufacturing, food and beverage, specialty packaging, consumer, and industrial services.
Experienced Recruiters
JM Search is an advisor to CEOs, investors, and boards of directors in recruiting, assessing, and delivering high performance leaders and transformational leadership teams. Its clients include private equity firms and portfolio companies, venture capital-backed businesses, and publicly held companies across North America. Founded in 1980, the JM Search recruiting team brings together former operating and financial executives, investors and experienced search professionals with deep industry specialization, functional expertise, and proven access to talent spanning multiple industry sectors.
Supporting PE Growth & Valuation During Market Volatility
At the start of 2022, boards advised CEOs to take an aggressive approach to growth in all forms: top line revenue, margin expansion, and market share. As the year has unfolded, variables ranging from the war in eastern Europe, divisive mid-term elections in the U.S., inflation, and rising interest rates have created a drag on profitability. Now, the prevailing message is that CEOs must prepare for a potential recessionary slowdown, preserve cash, pull back on anticipated investments, and reduce growth expectations.
As growth, valuation expectations, and exit timing are reset, the conversations business leaders are having with their boards are shifting from balancing growth goals and market share expansion to capital efficiency and maintaining robust EBITDA margins, says JM Search in a new report authored by Chuck Egoville, a partner and a founding member and co-leader of the firm’s technology practice.
Mr. Tewell leads JM Search’s packaging, paper, and plastics industry practices. A member of the firm since 1997, he is a recognized subject matter expert across these industry segments. Mr. Tewell was named a partner in 2009 and is a founding member of the JM search management committee. He has been instrumental in the growth and development of the firm’s regional office in Chicago.
Mr. Stenholm is a partner at JM Search. He joined the firm in 2016 and is a member of the industrial group, with expertise in packaging, plastics, paper, and specialty materials markets. Mr. Stenholm manages and executes corporate, divisional, and stand-alone business searches for some of the most visible and respected private equity investors, strategic/public corporations, and family/family office backed clients across the United States.
Recent Search
Felix Korostin and Charles Egoville of JM Search recently placed Bill O’Shea as the new CFO of Frontline Education in Malvern, PA. “As we continue to grow and remain committed to supporting school districts across the country with their digital transformation, we are pleased to welcome Bill, a seasoned and respected leader to steward our financial strategy,” said Mark Gruzin, CEO of Frontline Education. “Bill’s expertise and approach will be instrumental to Frontline as we seek to always bring unique value to our clients through innovative technology that enhances their operations.”
Mr. O’Shea brings more than 25 years of extensive financial and operational experience in both large public companies as well as private-equity owned and venture-capital funded start-ups.
Related: Technology, Quality, and Quantity in Private Equity Recruiting
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; and Stephen Sawicki, Managing Editor – Hunt Scanlon Media
