The Client
Our client is a global leader in the design and manufacture of automated test systems and test fixtures serving the electronics industry. Headquartered in Minnesota and founded more than 45 years ago, the organization employs approximately 200 people and delivers highly customized solutions worldwide. Its customers span complex end markets including semiconductor and computer networking, aerospace and defense, medical devices, automotive, and industrial manufacturing.
In 2023, the company was acquired by two private equity sponsors and entered a new phase of accelerated growth, both organic and via acquisition. Backed by a strong and engaged board, the business is widely recognized for operational excellence, a disciplined LEAN culture, and an unwavering focus on quality and customer outcomes.
The Challenge
Following the acquisition, the company reached a critical inflection point. Two strategic acquisitions were completed in 2025, with another planned for Q1 2026, and the organization projected it would double in size over the next three years. To support this trajectory, the client required a Chief Financial Officer to help take the business through rapid scale—an executive who could operate as a true business partner to the CEO and leadership team while bringing the financial discipline needed in a private equity environment.
Speed was essential and the mandate specific: a Minneapolis-based CFO with Midwestern values, buy and sell side M&A/integration experience, and demonstrated success in professionalizing an organization.
The Solution
Boyden was evaluated alongside a Minnesota-based specialist recruiter, with early questions around whether a firm without a local Partner could deliver the same market proximity and depth. Boyden secured the mandate by aligning closely with the private equity sponsors on what would define success: a Partner-led search model combining deep CFO recruitment expertise with strong sector knowledge in test automation and electronics manufacturing.
To build immediate context and cultural precision, our team committed to an onsite kickoff at the company’s Minnesota headquarters, conducting a thorough deep dive into leadership dynamics, operational priorities, and the pace of growth. From there, Boyden deployed a research-driven strategy designed to reach beyond local networks and uncover leaders with proven experience in PE-backed environments, project-based finance models, and multi-site manufacturing. Throughout the engagement, the team leveraged Boyden’s Digital Executive Brief and proprietary Client Portal to strengthen candidate engagement and ensure a highly transparent, well-managed process from long list through close.
The Results
Following agreement on scoring criteria and process milestones, Boyden launched outreach immediately. In total, 70 candidates were identified, 20 were interviewed, 8 progressed through the formal client process, and 2 advanced to final interviews. The client ultimately appointed a diverse finance leader with prior private equity-backed experience, a strong medical device manufacturing background, and 10 years of progressive CFO leadership. The board unanimously supported the decision, citing both the candidate’s technical capability and clear cultural fit with the executive team.
The client highlighted Boyden’s speed, thoroughness, and consultative approach as key differentiators, particularly the depth of market coverage and quality of assessment throughout the process. A finalist was identified within two weeks, and the mandate was successfully closed within two months, meeting the organization’s urgency while maintaining a high bar for leadership impact.
The Impact
The appointment has strengthened the organization’s leadership capacity at a pivotal moment of growth. With a CFO in place who can drive strategic financial planning, support acquisition integration, and elevate operational discipline, the company is better positioned to execute its expansion roadmap and sustain momentum across a complex global footprint.
The success of the engagement also reinforced the value of Boyden’s advisory partnership with both the board and the private equity sponsors. Following the CFO placement, the client engaged Boyden for additional critical hiring, reflecting confidence in Boyden’s Partner-led approach and commitment to long-term value creation.
