Rob Petersen

1.       Why me and Why Wales?

Why me – I come from a family of entrepreneurs who have ran their own businesses.  I suspect that genetics have more than a little to do with it.

Why Wales – I was looking for a platform company that could be used to address the under funded SME segment of the private equity market.  Wales Fund Managers was a business with a strong local reputation and a solid foundation, but needed a “step change” to move to the next stage in the growth of the business.  Having worked off and on in London for over 20 years, I was also looking to have a home outside London, which would provide an ideal location to bring up my young family.  All of the business and personal objectives came together with WFM.  I guess it is just by accident that these came together in Wales.

2.       Did you ever imagine you would get to this point?

Absolutely.

3.       Were there any businesses on which you modeled your own?

I have been lucky to work for both blue chip and smaller organisations and I have tried to take the best of these companies to WFM.  Deloitte and KPMG brought the disciplines and rigour that large accounting firms develop in their employees.  Spending time working for KPMG in the early 90’s in the US significantly influenced my business approach and a developed my ‘can do’ attitude.  HSBC Private Equity (now Montagu Private Equity) gave me a fantastic grounding in the private equity industry.  Working for Deloitte in Germany and starting their German corporate finance advisory business was fantastic experience - I was building a small company albeit within a larger organisation but with a large amount autonomy.  At Pi Capital I learned the true power of a network of investors and how it could be leveraged.  Finally, identifying and taking the best from competitors is one of the best forms of flattery and there are a number ingredients from other private equity investment companies that I have incorporated into WFM

4.       How would you describe yourself?

In business -energetic, tenacious, driven, focussed and strategic - I tend to lead from the front.

To my family I am a push over for my son.

5.       How did you choose your brand?

Wales Fund Managers is an established brand that has presence in the Welsh business community.  Our new fund will be branded the WestBridge SME fund.  This branding is designed to look to the Welsh heritage of the business but also to reflect the company’s focus on the whole of the UK.  It also suggests moving to the next phase of development.

6.       How do you run your company?

Our company is a partnership.  I have assembled a team of partners that have extremely complimentary skills and who have all been successful before.  I look at our business in the same way as I look at a potential investment.  I over resource the business in key areas to ensure that the business can go further more quickly – we look to lay the foundations for sustained growth.

As a leader, I take the team with me.  We have a very open organisation and everyone knows what is needed, what part they are asked to play and what they need to do to ensure they “hold their corner up”.  It is essential that the team are appropriately incentivised and their interests aligned with the businesses and those of our fund investors.  This is why all of the team invest in our transactions and why my partners and I are collectively investing 5% of our £50m fund.  We believe the best place we can invest is behind our own investment judgement.

It is also important to enjoy the journey so the team are close knit and mutually supportive.  We also try to have a bit of fun along the way!

7.       What’s the toughest business challenge you have faced?

My father died suddenly leaving the family business with no effective succession in place.  He was actively involved in all elements of the company and was a great loss to the company and the family.

8.       How did you turn it around?

Key was to initially focus on the basics.  Any business having lost its lynch pin is going to be in turmoil and open to attack from its competitors and the family is extremely grateful for the support it received from the team and the employees.  Also with such a strong character in the business, a proportion of the business knowledge is lost over night.

The important thing was to identify and recruit an appropriately qualified Managing Director who we could work with to stabilise the business and start to lay the foundations for growth.  In the end we found a Welshman, Jonathan Goss, who was keen but came from an adjacent industry.  Accordingly, we needed to work closely with Jonathan to help build his industry knowledge and at the same time move the team on from the uncertainty caused by the loss of my father. 

As with any difficult situation like this, the job was bigger than we thought but with some hard work, clear thinking and focus we have got the company back on the right track and returned it to profitability.  The next stage is to build on what we have.  I guess I treat the company in the same way I do any of our portfolio companies.  Its about supporting the business and its leaders to outperform.

9.       What inspires you?

A total commitment to achieving an objective, be it in sport, business or personal life combined with a “can do” attitude.  I am inspired by my father who remortgaged the family home in the 70’s to successfully start his company using his own money without external support.  My father completely believed in what he was doing, working tirelessly to achieve it.

10.   What’s next?

We have the ambition to build a UK focussed market leading private equity investor in the £1m to £8m equity investment segment.  In ten years time we plan to have £250 million under management and offices in Cardiff, Reading and Manchester. To do this takes rigour, a clear focus on both quality decision making and delivering returns to our investors and a lot of hard work.

On a personal level, I am very much looking forward to building some strong relationships with the people I have met in the Welsh business community.  They have been universally very welcoming and supportive.  I am looking forward to working closely with them.

Home