The Private Equity Podcast, by Raw Selection

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

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Sep 23, 2025

Jeremiah Wanzell, a seasoned consumer brand executive and former leader at Hugo Boss and Calvin Klein, shares his expertise as an operating partner focused on consumer brand growth. He discusses the critical role of operating partners in private equity, emphasizing the need for them to be involved from the start of deals. Jeremiah highlights the importance of a strong omnichannel strategy and shares insights on the shifting consumer market, including notable case studies like Capizio. His perspective on value creation goes beyond finances, showcasing the power of real operators.

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ADVICE

Hire Operators For Real Value Creation

Do hire real operators as operating partners instead of relying only on financial engineers or consultants.
Bring those operators into firms to design and drive value creation, not just to rubber-stamp deals after closing.

INSIGHT

Bring Ops In Pre-Deal With A Thesis

Include operating partners at the front end of deals to shape value creation plans and diligence.
Operating partners need an actionable deal thesis to be credible and effective with PE teams.

ANECDOTE

Sourcing And Advising On Capizio

Jeremiah brought the Capizio deal to Argonne after another firm passed and then joined the advisory board post-close.
He led pre-deal diligence, value-creation planning, and now helps with channel expansion.

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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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