We often talk about the big tech giants or the flashy consumer brands, but the industrial companies are the real engine of our world. They're the gritty foundation our economies and our communities are built on. When one of them hits a rough patch, turning it around takes serious grit, deep-down insight, and a willingness to actually get your hands dirty.  

That's precisely the work our guest today has made his life's mission. He's figured out how to blend serious operational know-how with smart investment strategy to create value that truly sticks. 

Eric Wiklendt is the Managing Director at Speyside Equity. Speyside is a value-focused buyout firm specializing in transforming industrial businesses in the lower middle market. Since 2012, Eric has been the guy leading the charge on deal sourcing and overseeing the fixes and improvements across a fascinating mix of sectors: metals, performance materials, specialty chemicals, and manufacturing. 

Eric’s journey started in Detroit and took him through significant, hands-on roles at places like John Deere, Eaton, and Hilti before he ever stepped into the world of private equity. That time spent on the shop floor fundamentally shaped his leadership. It's a style deeply rooted in integrity, trust, and an honest, clear appreciation for what it actually takes to build things that are made to last. 

Today we dive into Speyside’s "operators for operators" philosophy and why that approach immediately clicks with the management teams they partner with. We'll unpack the incredible turnaround story of Opta Minerals, a company where they managed to double EBITDA in just 18 months and then triple it over the following years.

He'll walk us through how Speyside quickly pinpoints and pulls those decisive levers during a deal's critical first hundred days. He also shares human capital assessment, the underrated value of Midwest culture and talent, and why he's certain that the absolute toughest operational challenges are the ones that end up teaching you the most profound lessons about success. 

Episode Highlights: 

• [01:26] Eric outlines Speyside’s specialization in complex, lower middle market industrial deals. 
• [02:02] He shares his upbringing in Detroit and lessons from Catholic Central High School. 
• [04:23] A personal credo about making the most of yourself is recalled and tied to his life philosophy. 
• [06:21] Eric explains how Midwest values influence Speyside’s turnaround culture and deal sourcing. 
• [07:49] The conversation highlights Michigan’s deep manufacturing talent pool and its role in hiring. 
• [09:59] Tim recalls early experiences in heavy industry and respect for skilled trades. [11:19] Eric reflects on his passion for tangible manufacturing work and problem-solving in private equity. 
• [15:56] He shares his journey from consulting in Detroit to Wharton and then into leadership roles at John Deere. 
• [16:20] Eric contrasts corporate strategy work with his shop floor experience supervising 70 union workers. 
• [18:28] His time at Eaton Corporation is discussed, including lessons from CEO Sandy Cutler. 
• [19:18] Eric describes running a brownfield startup plant in Mexico during challenging early years. 
• [21:58] He emphasizes the importance of diverse, high-pressure experiences in shaping operational expertise. 
• [23:10] The Opta Minerals acquisition is introduced as Speyside’s first institutional fund deal. 
• [25:01] Eric explains how shutting down or selling underperforming plants doubled EBITDA in 18 months. 
• [26:01] He details how EBITDA later tripled through acquisition and integration of competitors. 
• [27:08] The transition to a continuation vehicle is discussed, with investors rolling or taking liquidity. 
• [27:17] Eric shares the origins of Speyside Equity, founded by Kevin Doherty in 2004. [28:29] The story behind the firm’s name is explained, linked to Scotch whisky heritage. [31:02] Improvements at Sweet Ovations are outlined, including supply chain and working capital efficiencies.
• [32:51] Discussion turns to how Speyside manages portfolio companies at the board level. 
• [34:03] Eric emphasizes Speyside’s “operators for operators” philosophy and direct approach with management. 
• [35:10] He explains how equity incentive plans align management with long-term outcomes. 
• [36:10] The role of operating partners and consultants in specialized situations is described. 
• [38:08] Evaluation of leadership potential and transformation capacity is explored. [39:01] Eric introduces his Human Capital Assessment Framework for assessing key executives. 
• [42:16] He explains Speyside’s two-phase system: operational improvements first, growth initiatives second. 
• [43:27] Pre-transaction diligence and the importance of a 90-day, one-year, and five year plan are outlined. 
• [44:30] Lessons learned from deals with limited levers are shared, including reliance on external contracts. 
• [45:59] Opta is revisited as an example of executing decisive operational levers successfully. 
• [48:00] Eric discusses the cultural and practical realities of shutting down plants and redeploying workers. 
• [51:00] The conversation covers navigating supply chain challenges and market volatility in portfolio companies. 
• [54:00] Eric reflects on balancing decisive early actions with building durable long-term growth. 
• [58:00] The importance of trust and transparency with lenders, management, and stakeholders is emphasized. 
• [01:02:00] Tim and Eric discuss future industrial investment opportunities and evolving market dynamics. 
• [01:06:00] Eric offers advice for operators transitioning into private equity leadership roles. 
• [01:10:00] Reflections on Speyside’s growth, lessons learned, and what’s ahead for the firm. 
• [01:12:00] Closing thoughts on integrity, talent, and the fundamentals of creating sustainable value. 

Resources & Links Related to this Episode 

• Eric Wiklendt - Speyside Equity 

• Eric Wiklendt - LinkedIn