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

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

🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection: www.raw-selection.com

 

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