Summary:It's always a pleasure to speak to a grizzled veteran who has decades of experience leading hundreds of deals that have raised billions of dollars.Here to share that wisdom is Gregg Nabhan, Chairman of the America's Equity Capital Markets, as well as Managing Director of the Consumer and Retail team at Bank of America. Gregg is responsible for the origination, IPO valuation, structuring, book-building, price discovery allocation trading, and aftermarket performance of equity transactions. Gregg has almost 40 years of experience on Wall Street. He's led over 400 deals, raising over 265 billion for companies around the world, including 115 IPOs totaling 50 billion dollars. Prior to joining Bank of America in 2008, Gregg worked at Morgan Stanley for 13 years where he was a Managing Director in the equity capital markets. He has a BA in Economics and Political Science from Columbia University. Gregg and I talked about the past 4 decades of economic twists and turns, some of his career highlights and what he sees coming around the bend.Highlights:Gregg talks about his start at Bank of America (2:45)The IPO resources that B of A offers (4:35)Gregg's perspective on the last 3 years of market activity (5:20)The Fed's inflation strategy (8:43)The number of IPOs now, compared with the past 15 years (10:08)Industries that are favoured to open the IPO market (11:20)Gregg discusses the valuation reset (12:46)What strong performing companies have in common (14:45)What the Fed needs to see to change their stance on interest rates (16:15)Gregg's take on the state of the consumer (18:58)Gregg tells us about some of his favourite deals over the years (19:44)The biggest challenges for management teams going through an IPO (20:55)Gregg's take on ESG (23:15)Will IPO Road Shows remain virtual, post-COVID? (24:38)Gregg talks about the huge value of his mentors over the years (25:46)Links:ICR TwitterICR LinkedInICR WebsiteGregg Nabhan LinkedInBank of America TwitterBank of America WebsiteFeedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, marion@lowerstreet.co.

SummaryA growing number of food companies are investing in sustainable product development, but only a handful are really getting it right. Joining me to talk about doing sustainability successfully is Joe Ennen. Joe is CEO and a director at SunOpta, which trades under the symbol S T K L. The company sources, processes, and produces organic, natural, and non-GMO plant and fruit-based food and beverage products. SunOpta sells to retail customers, food service distributors, branded food companies, and food manufacturers. They have 14 processing facilities, mainly in North America. Joe has over three decades of experience as a food industry leader. Prior to his current role, he was Group Vice President of Innovation at PepsiCo, and served as CEO at Columbus Foods, and CEO of Columbus Manufacturing. Joe has an undergraduate degree in Finance and Marketing from University of Minnesota, and an MBA from University of Michigan.We talked about Sun Opta's investments in capacity, innovation, and the five factors that have fuelled the huge growth of plant-based milk products.Highlights:Joe explains SunOpta as a business (2:57)The changes at SunOpta since Joe's arrival (4:21)SunOpta's five strategic imperatives (5:50)The company's ESG focus (8:45)Joe discusses what he sees for this market in the next few years (10:20)How SunOpta assures customer retention (13:06)Managing a diverse customer base (15:22)Joe talks about their impressive 2nd quarter results (16:31)Navigating through difficult times (18:11)How SunOpta moves with the consumer (19:40)What investors might not understand about Sun Opta (20:52)SunOpta's capacity-building achievements (22:45)Links:ICR TwitterICR LinkedInICR WebsiteJoe Ennen LinkedInJoe Ennen SunOptaSunOpta LinkedInSunOpta WebsiteSunOpta TwitterFeedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, elizabeth@lowerstreet.co.

SummaryIn an industry that's seen incredible growth in the last few years, lots of Saas companies are exploding. But Saas software vendor AvePoint was on the scene long before the industry took off, and their strategic vision of the cloud's potential has helped secure their own extraordinary long-term growth.Back in March we chatted with AvePoint's Chief Brand Officer, Dux Raymond Sy about building brands, so I'm excited to learn more about this growing company with today's guest, AvePoint's CEO, Dr. TJ Jiang.TJ co-founded AvePoint in 2001, and he's served as CEO since 2005. He holds a Master's degeree in electrical and computer engineering from Cornell University, and a PhD in data mining from NYU and in 2010, TJ was the recipient of Ernst and Young's, Entrepreneur of the Year Award.Ave Point is the Saas backbone of data management and the hybrid workforce. Their full suite of Saas solutions enable organizations worldwide to collaborate with confidence in the cloud. More than 9 million cloud users rely on AvePoint solutions for securing data, sustaining connections and ensuring business continuity.TJ and I spoke about the early, lean years of the business, AvePoint's careful choices along the way, and the evolutionary factors that have made AvePoint one of the biggest players in the Saas industry.Highlights:TJ's enterpreneurship story: how AvePoint began (3:15)What AvePoint does and who their clients are (5:58)How the pandemic influenced their business (7:38)TJ explains the benefits and necessity of Saas technologies (10:15)The size of the market and why this is just the beginning of digital transformation (13:34)TJ talks about AvePoint's go-to-market strategy (15:01)Why AvePoint is enjoying great growth when other companies are struggling (16:58)The story on some of AvePoint's latest acquisitions (19:01)TJ discusses their philosophy on capital allocation (23:03)Some of the factors that have led to AvePoint's strong balance sheet (24:50)The things that investors might miss about AvePoint (26:32)Links:ICR TwitterICR LinkedInICR WebsiteTJ Jiang LinkedInTJ Jiang TwitterAvePoint WebsiteAvePoint TwitterAvePoint LinkedInFeedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, elizabeth@lowerstreet.co.

Summary:Private markets investment is a giant field, and finding a unique place in the business isn’t easy. But when you pay close attention to timing, the needs and wants of your clients, and building a solid team, you can make a definitive mark in the industry. Joining me to talk about how that's done is Scott Hart, CEO of StepStone Group, a private markets investment firm. Since its founding in 2006, StepStone’s seen steady growth, and that’s been fueled by their customized investment solutions and advisory and data services. With 23 offices around the world and $137 billion of assets under management, they just keep growing.Scott joined StepStone in 2007, and he’s held a number of responsibilities across the organization, managing important client relationships, serving as co-head of private equity co-investments, and eventually becoming co-CEO in 2019, and CEO in January 2022. Scott is also a member of the global executive committee, private equity executive committee, private equity investment committee, and private equity portfolio and risk management committees.We talked about the factors around StepStone’s huge growth since Scott started in 2007, and the flywheel effect that’s helped get it there. We also took a dive into how diversification helped them carve out a niche built around custom products for a global client base.Highlights:Scott tells us about StepStone's mission and how they carry it out (03:16)Some of the important trends StepStone reacted to when they began 15 years ago (05:51)Scott outlines StepStone's strong position within the GP and LP ecosystem (08:04)StepStone's diversification strategies, global approach, and visibility (10:26)What they have offered retail investors versus industrial investors (13:40)Scott discusses StepStone's acquisition of Greenspring Associates (15:02)StepStone's company culture and how they attracted the right people (16:39)The keys to international expansion and managing a global firm (19:31)The resiliency of the private markets after a decade-long bull run (21:57)Scott shares projections for StepStone's long-term organic growth (24:53)Links:ICR TwitterICR LinkedInICR WebsiteScott Hart LinkedInScott Hart BioStepStone WebsiteStepStone LinkedInFeedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, elizabeth@lowerstreet.co.

Summary:In an ever-changing market, consistent communication and messaging is essential to building up stakeholder trust. Corporate access is key when it comes to developing relationships between companies and investors, but access strategy can be difficult to navigate without the right experience. Joining me on this episode of ICR Industry Reports is Meaghan Montegari, Managing Director and Head of Global Investor Access. Meaghan recently joined ICR with over a decade of experience in all facets of corporate access and institutional equity sales. While on the sell side with companies like BofA Merril, Scotia Capital and Wells Fargo, she worked closely with corporates to identify potential shareholders, execute road shows, assist in mergers, spins, and acquisitions, and coordinate major conferences.In this episode, Meaghan and I discuss today's corporate access landscape, the importance of clear and consistent marketing, and why access to data combined with a human touch is such a difference maker.Highlights:What are investor access and corporate access? (02:46)Meaghan talks about the implementation of MiFID II and subsequent conflicts of interest (03:47)Meaghan discusses ICR's holistic view of the market (07:11)How has the shift towards in-house corporate access changed the market landscape? (09:05)Meaghan explains why a human touch is necessary when interpreting data (11:40)Why is it critical to consistently meet with or refresh your shareholder base? (13:30)How often should companies meet with investors? (16:45)Meaghan breaks down why ICR's corporate access services are designed to partner with the sell side (19:07)How is Meaghan using ICR's data to create a powerful new targeting platform? (20:29)Links:ICR TwitterICR LinkedInICR WebsiteMeaghan Montegari LinkedInMeaghan Montegari BioFeedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, elizabeth@lowerstreet.co.

Summary:In today's knowledge-based economy, your intellectual property is your competitive advantage and it needs to be protected. My guest this week is John Mancini, partner at Mayer Brown and a member of the firm's global intellectual property practice, which was named IP practice group of the year in 2017 and 2020 by Law360. John's practice focuses on litigating copyright, trademark, trade secret, and patent disputes across the country, and he has successfully tried high-profile intellectual property cases as lead council, representing both public and private companies in a wide range of industries. His clients include tech giants like Google, YouTube, Spotify and many others and his contributions to the field have been recognized with many awards and honors including his 2020 induction into The Legal 500 Hall of Fame for trade secret litigation. John and I spoke about IP-related vulnerabilities companies should be aware of, new intellectual property challenges facing businesses in the social media age, and why getting your IP assets figured out should be an early priority for any company.Highlights:John walks us through his path to intellectual property litigation (03:03)John outlines Mayer Brown's practice and history (04:35)Why pre-IPO companies should prioritize protecting their IP rights (06:06)How companies can enforce their IP assets as barriers to entry (09:12)IP vulnerabilities pre-IPO companies should be aware of (11:00)How are social media influencers creating new vulnerabilities for companies they work with? (17:50)John shares some significant cases he's been involved with (19:15)John explains how to approach protecting IP rights on a global scale (20:51)Who does John consider an ideal client? (26:48)Links:ICR TwitterICR LinkedInICR WebsiteJohn Mancini LinkedInJohn Mancini BioMayer Brown LinkedInMayer Brown WebsiteFeedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, elizabeth@lowerstreet.co.

Summary:Given the legal complexity of just about every aspect of running a company, lawyers are nearly ubiquitous in the corporate world. So, it should come as no surprise that a lifetime in corporate law amounts to an incredible wealth of knowledge and insight that can extend a lawyer's value far beyond just providing legal advice.My guest this week is Henry Nassau, CEO of global law firm, Dechert. First joining Dechert in 1987 and returning in 2003 after a stint as in-house general counsel (and briefly COO) at Internet Capital Group, Henry served as chair of Dechert's corporate and securities group for a combined 14 years, representing private equity sponsors, venture capital firms, public and private corporations, management teams, boards, and special committees regarding corporate and securities matters and advising clients on mergers, acquisitions, dispositions, investments, securities offerings, proxy contests, corporate governance, and general corporate matters. CEO since July of 2016, Henry has played an instrumental role in expanding the Philadelphia-based firm's international platform across Europe, Asia, and the middle east. Today, Dechert has equal representation of lawyers inside and outside of the United States, making them a go-to choice for cross-border matters.Henry and I spoke about the rise and fall of the dot-com bubble as it compares to current market conditions, trends in economic globalization, and why the transition from private equity law to businessperson can be a relatively seamless one.Highlights:Henry outlines the history of Dechert, as well as his own history with the firm (03:29)Henry explains his decision to go in-house at ICG in the late 90s (08:42)Henry unpacks how lessons he learned from the burst of the Internet bubble inform his practice today (13:33)What sets Dechert apart from other firms? (16:53)Henry discusses trends he sees in globalization (18:39)How did COVID affect Dechert and what adaptations seem permanent? (20:38)Henry offers insight on recent market trends (23:53)Links:ICR TwitterICR LinkedInICR WebsiteHenry Nassau BioDechert WebsiteDechert LinkedInFeedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, elizabeth@lowerstreet.co.

Summary: My guest this week is co-founder and president of Zenger Folkman, a leadership development consultancy, Joe Folkman. For more than 30 years, Joe has been assessing and studying top leaders in a variety of industries and is a world-renowned psychometrician and leadership development expert. If you're not familiar with his unusual job title, a psychometrician creates psychological tests to measure employees' knowledge, skills, and abilities. Joe is also a prolific writer and has contributed to the Harvard Business Review, Forbes, and Business Insider. His research has also been featured in Business Week, The New York Times, and The Wall Street Journal. Finally, Joe is the best-selling author and co-author of nine books on leadership and feedback, including his latest work; The Trifecta of Trust: The Proven Formula for Building and Restoring Trust.Joe and I spoke about the foundational theory of this latest book, how the implementation of diversity and inclusion policies have a positive effect on trust, and why you actually can please everyone...and have to.Highlights:Joe talks about his use of data in making his assessments (03:29)Joe lays out the three pillars of The Trifecta of Trust (05:52)Joe discusses some top-level statistics of trust and links them to the corporate world (07:16)Joe outlines why consistency is important when building trust (10:27)Do you need to please everyone to be trusted? (12:04)How did the pandemic change which leaders were trusted? (13:52)Joe reveals that managers often have a preference for giving negative feedback (16:49)How do we regain lost trust and how do managers navigate what they don't know? (20:44)Joe talks about the interplay between trust and diversity and inclusion policies (23:50)Joe talks about intergenerational variations of trust (27:32)Links:ICR TwitterICR LinkedInICR WebsiteJoe Folkman LinkedInZenger Folkman LinkedInZenger Folkman WebsiteFeedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, elizabeth@lowerstreet.co.

Summary:According to recent surveys, 43% of Americans expect to add to their debt in the next six months in order to make ends meet. Most will use credit card debt to bridge the gap, but high interest rates could see this put the financial futures of many Americans at risk. Innovative solutions to help manage that debt can make all the difference.Today's guest is Scott Sanborn, CEO of LendingClub, the only full-spectrum FinTech Marketplace Bank that has helped more than 4 million Americans save billions of dollars with no plan to slow down any time soon. A LendingClub veteran since 2010, Scott served first as the company's Chief Marketing Officer, then Chief Operating Officer before stepping into the CEO position in 2016. Scott was instrumental in steering the company through a prolonged period of triple-digit growth running up to its 2014 IPO, the largest tech IPO that year, and has long been a driving force in the organization.In this episode, Scott and I talk about the company's impressive and consistent growth, why their services are accessible to a wider range of customers than their competitors, and how their 2021 acquisition of a digital bank has transformed their business. Highlights:Scott traces LendingClub's path from its founding to its recent bank acquisition (03:17)Scott discusses what sets LendingClub apart from their competitors (06:13)Scott explains how the bank acquisition expanded LendingClub's TAM (09:15)How does LendingClub use technology to improve their customer service? (12:01)Scott unpacks LendingClub's positive flywheel, and what is driving their repeat business (14:41)Scott teases the products and services we can expect to see from LendingClub over the next few years (18:37)How will AI be a game changer down the road? (21:34)How is LendingClub positioned to help Americans deal with inflation and rising interest rates? (23:15)What do shareholders misunderstand about LendingClub? (27:31)Scott shares how his passion for surfing informs his work (29:28)Links:ICR TwitterICR LinkedInICR WebsiteScott Sanborn LinkedInScott Sanborn BioLendingClub LinkedInLendingClub WebsiteFeedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, elizabeth@lowerstreet.co.

Summary: While gyms were closed, and most of the population was stuck at home during the pandemic, the home exercise equipment category saw a huge boom in sales. With this came increased consumer appetite for connectivity and consolidation of their fitness experience across all the products in their home gyms.Today's guest is Jim Barr, CEO of the iconic fitness brand Nautilus Inc. Also falling under the Nautilus umbrella are well-known brands like Bowflex and Schwinn. Before joining Nautilus, Jim was Group President of Richie Brothers, a global leader in sales of used industrial equipment, and Chief Digital Officer at Office Max, where he led the transformation of its online and omni-channel experiences. In this episode, Jeff and I talk about how Nautilus managed the huge surge in demand for their products during the pandemic, how they've used digital technology to transform the customer experience, and how getting your team right is a key driver of success.Highlights:Jim discusses the current landscape of the home fitness industry (4:12)Jim gives a breakdown of his strategic business plan North Star (7:15)Jim talks about Nautilus' huge growth in digital members and how this was achieved (10:24)Jim explains how a diverse portfolio of products has helped Nautilus grow (12:40)How did the pandemic affect Nautilus' supply chain demand and how has this changed? (14:24)Jim takes us through his personnel changes, and how this has benefitted Nautilus (16:11)Jim talks through the pivot that Nautilus made to AI, machine learning, and vision and motion capture technologies (18:04)Jim discusses industry competition and the power of the Nautilus brand (20:30)How can diversity in retail channels manage risk? (23:21)Jim talks about having a long-term view can help investors understand your story (25:31)Links:ICR TwitterICR LinkedInICR WebsiteJim Barr LinkedInNautilus LinkedInNautilus WebsiteFeedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, elizabeth@lowerstreet.co.