Paine & Partners has brought in a veteran of KKR’s in-house operational unit in a newly-created position focused on improving performance of its portfolio companies.
The food and agribusiness-focused firm announced Monday that it has hired Adam Fless as managing director of portfolio performance.
Fless will target efforts to improve efficiency, manufacturing and service delivery, procurement and supply chain management. He will also help lead operational due diligence to help determine improvement potential on new investments, according to a company statement.
“Adam has a track record of strengthening companies and achieving measurable financial results across regions and geographies,” said Paine & Partners president and partner Kevin Schwartz.
Fless previously spent six years as a director at KKR Capstone, a consulting unit designed to support and improve KKR portfolio companies. Formed in 2000 when KKR hired Boston Consulting Group’s Dean Nelson, KKR Capstone is associated with the concept of a “100 day plan” designed to organize growth initiatives at newly-acquired companies.
Before joining KKR Capstone, Fless was a director at AlixPartners and an associate at A.T. Kearney, according to his LinkedIn profile.
The addition of Fless continues a series of high-level personnel additions at the firm. In September, former Potash chief operating officer David Delaney joined as a strategic advisor, and in November Monsanto veteran Dr. Stephen Padgette joined as an operating director.