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SalaryCompany Overview:
Founded in 1988 as a post-industrial recycling company, Star Plastics, (“the Company”) is one of the highest quality North American producers of engineering grade, custom color compounds across multiple product categories including polycarbonate, ABS, and nylon. With full-service laboratories to develop, test, and formulate, the company is known for quality, consistency, and precise testing, averaging a material satisfaction rate of 98.6% over the past three years. In addition to providing custom polymer compounding, the company also offers UL-recognized products, tolling services to major resin manufacturers and off-grade Engineered Thermoplastics (ETP) marketed under the Polymer Vault brand name. End-markets include Electrical, Consumer Electronics, Construction, Automotive, Appliance, Household, Outdoor, and Display Packaging, among others.
From pre- and post-consumer recycled-content to ITE and Ocean Bound plastics, the Company offers up to 100% recycled-content materials with specialty performance options to fit various application needs. Today, environmental sustainability is embedded in how the Company does business with the commitment to using recycled-content polymer solutions that perform better for customers and for the planet. The sustainability strategy is built upon three foundational pillars: resource efficient operations, partnering for more sustainable products and processes, and thriving communities.
Learn more about Star Plastics here: https://starplastics.com
Investor Background:
Star Plastics is backed by three private equity firms focused on providing strategic, flexible capital to companies with high growth potential. The investor group acquired Star Plastics in August 2021.
Learn more about NewSpring Capital here: https://newspringcapital.com
Learn more about Trinity Investors here: https://trinityinvestors.com
Learn more about Akoya Capital here: https://akoyacapital.com
The Opportunity:
This position is a critical part of the Star Plastics leadership team. The CFO will work collaboratively with the leadership team and will partner with the CEO in the financial, operational, and strategic planning of the business. The CFO will have full responsibility for all financial controls and governance activities including accounting, cash flow forecasting, planning and analysis, budgeting, treasury, costing, managing lender relationships, and actively engaging with the Board of Directors. The CFO will be tasked with creating and implementing critical work processes, systems, and controls to drive improvements across the organization. The CFO will be a hands-on leader and a self-starter, learning every facet of the business.
This individual will have a track record of success in a PE-backed manufacturing organization marked by complex projects. They will not need the extensive financial and operational support typical in big corporations to get results and meet business objectives.
Primary Responsibilities:
- Improve management reporting capabilities and internal analysis to facilitate understanding the drivers of profitability for various channels, services, and customers through the development of KPIs to support strategic decisions.
- Work with the Company’s operating KPIs and pull on the numbers to provide insights to drive strategic decisions and clear responses to questions from the board.
- Support the business team on working capital management, including monitoring cash balances, cash forecasting, and optimizing policies to reduce working capital.
- Maintain accountability for the accounting, controls, and finance processes to ensure timely and informative reporting. Provide professional packages with the level of quality and insight required by the management team and PE investors.
- Manage monthly, quarterly, and annual budgeting for all business segments, and help the CEO and board members set and achieve long-term financial goals that align with the business’s strategy.
- Serve as capital markets liaison, playing an active role in debt and equity offerings, including any M&A processes.
- Leverage and implement data analytics and business intelligence tools to drive real-time decision making, and partner with fellow executives to continuously improve financial and enterprise systems that support a strong operational finance capability.
- Assume treasury, tax compliance, risk management, and insurance responsibilities.
- Actively monitor and report on credit agreement and financial covenant compliance.
- Provide financial advice and guidance to allow for informed decision making across the organization.
- Serve as a strategic advisor to the leadership team and the Board of Directors on growth strategies, corporate transactions, operating performance, and cash flow trends.
- Work with the CEO to address organizational performance against the annual budget and the Company’s long-term strategy.
- Work with the leadership team to maximize profitability, improve productivity and asset utilization, and strive for world class performance against industry standards.
- Actively manage the incumbent finance and accounting team, which includes a controller, accountants, and systems administrators, and identify opportunities for improvement.
- Play a role in performing financial due diligence on acquisition targets and integrate functions such as the financial reporting system and other operational components.
Desired Skills and Qualifications:
- 15-20 years of experience in finance and accounting culminating in the role of CFO with a $100m+ manufacturing operation. Private equity experience strongly preferred.
- Functional expertise to include finance and accounting controls, FP&A, budgeting and forecasting, tax and treasury, KPI development, risk management, working capital management and banking relations. The ability to identify trends from financial statements and provide analysis that improves decision making. Proficiency in lean, six sigma or similar disciplines is strongly preferred.
- Leadership and behavioral competencies include an entrepreneurial orientation and the proven ability to work in a lean, fast-paced environment. A commercial mindset and the ability to advance business partnerships and support sales activities. A focus on key financial measurements and drivers of equity value creation in a leveraged PE ownership environment. High emotional intelligence (EQ) is required.
- Building out and implementing ERP systems within an organization.
- Experience managing, developing, and growing finance and accounting teams.
- An undergraduate degree is required, with a preference for a BS/BA in Accounting, Finance, or related field. A CPA is preferred. Experience with an audit and accounting firm is a plus. An MBA and/or CFA is a plus.
Compensation:
- An attractive compensation package comprised of base salary, annual performance bonus, benefits and equity will be constructed to attract outstanding candidates.
Inquiries:
- Please contact Liz Dominick, Partner at Akoya Capital, at ldominick@akoyacapital.com regarding this opportunity.
