Stephen Walls
Partner

Stephen has worked in the private equity investment and corporate finance industry since 1996, at Compass Partners and then Next Wave.  He brings over 30 years industry experience managing global businesses undergoing major structural change in the branded consumer products, chemicals, electronics, paper and the food processing industry.  During this time Stephen was based in the US for 7 years, and also lived and worked in South Africa and Continental Europe.

Stephen is an acknowledged expert on governance, management, operations and finance. He has been partners with Jonathan Brod since 2004, working closely together on building the firm and investing the Funds. Stephen is the Chairman of two of Next Wave’s portfolio companies, Petainer and ITI, and is also an active Investor Director on Crendo, Secured Mail and Chapco. Stephen is a member of Next Wave’s Investment Committee.

Prior to Next Wave, Stephen was a Partner at Compass Partners, a £1 billion private equity fund, where he gained extensive private equity fund management and investment experience. In 2003, Stephen led the management buy-in of Vacant Property Services Limited, which was then making c.£1 million EBITDA. As Chairman, Stephen guided that company’s growth to become the world’s largest vacant property security services company with over 45 depots across Europe and the USA, generating over £20 million EBITDA and led its successful exit to TDR in 2010.

From 1992 to 1997 Stephen was Chairman and Chief Executive of Albert Fisher Group, a FTSE 250 $2 billion food-processing group operating throughout Europe and North & South America.  Stephen oversaw the major repositioning of the Group, disposal of 50% of the operations followed by reinvestment in higher value added areas.

From 1989 to 1992, Stephen was Chairman and Chief Executive of Arjo Wiggins Appleton, the FTSE 100 international paper group. He successfully de-merged the company from British American Tobacco before merging it with Arjomari in France, to form the then largest EU paper manufacturer and merchant. Stephen completed the resultant integration of the newly created global Group achieving major cost reduction goals.

From 1986-1989, Stephen was Finance Director and then Managing Director of Plessey, at the time the second largest UK Electronics Group operating in defence and civil electronics systems, telecommunications and semiconductors. He directed the strategic repositioning of the Group into higher value added and service segments. His work included the formation of the major joint venture with GPT, several large acquisitions in the areas of semiconductors, defence and computer services, and finally the unsuccessful bid defence against GEC/Siemens.

From 1975 to 1986, Stephen had an extensive career at Cheseborough Ponds, a leading global, branded consumer products company which covered time in Africa, UK, Continental Europe and Corporate Head Office in Connecticut. Latterly this was as VP Finance with responsibility for all financial, tax, systems, treasury and acquisition activity. During this period he gained extensive acquisition and disposal experience including the acquisition and major reorganisation and subsequent disposal of the then fifth largest Chemical Group, Stauffer Chemical Inc. Stephen was heavily involved in bringing in Unilever as white knight in the face of a hostile bid for Chesebrough.

Early in his career he had senior financial positions with Lindustries (an industrial conglomerate) and the Vernons Organisation (a privately owned conglomerate) after qualifying as a Chartered Accountant with Deloittes.

Stephen has served as a Non Executive on the Boards of Lonrho PLC, Securum PLC, Aviation Leasing Ltd (Chairman), and Hoskyns PLC (deputy Chairman), Servisair (Chairman) and Lonrho Africa PLC (playing a leading role in its demerger from Lonrho) and on the UK advisory Board of Rabobank. As well as heavy involvement with the private equity sector over many years Stephen has also been responsible for a number of demergers and IPOs as well being a veteran of many acquisitions, disposals and take-over battles in both in the public and private sectors.

Stephen was a founding member of the Financial Reporting Council in the UK and as well as his Chartered Accountancy qualification is an honorary Fellow of the City of Guilds (in recognition of services to training) and is qualified under the Financial Services Act. He has also served as an investment adviser to Henderson Private Capital.