Stew Campbell, Partner at The Chernin Group

In this episode of M&A Science, host Kison Patel sits down with Stew Campbell to explore how growth equity supports founder-led companies beyond just capital. Stew shares lessons from his career helping businesses scale while preserving their culture and mission. They discuss how founders should think about their boards, when to consider a minority recap, what separates elite investors, and how to navigate noisy capital markets with clarity and confidence.

Whether you're a founder eyeing your next stage of growth or an operator thinking through the right partner, this episode unpacks how to scale with intention.

Things you will learn:

What a value-creating board actually looks like—and how to build one
How to differentiate growth equity, private equity, and venture capital
When to consider a minority recap—and how to structure it
Why investor relationships are a long game and how to run your own "unbanked process"

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Episode Timestamps

[00:01:00] – Stew’s background and approach to founder-led growth equity
[00:04:30] – The evolving role of boards in high-growth companies
[00:07:00] – How a board should operate: collaboration, not control
[00:10:30] – Case study: Epic Gardening and M&A-driven growth
[00:13:30] – Case study: SmartSign and defensive M&A strategy
[00:15:30] – Vetting investors: reputation, value creation, and timelines
[00:20:00] – How associates should add value in early-stage investor conversations
[00:22:30] – What makes a high-performing board: North Star alignment
[00:26:30] – Challenges with multi-investor boards and competing agendas
[00:28:00] – The differences between growth equity, venture capital, and private equity
[00:33:00] – Structuring a minority recap: how to think about terms, timing, and alignment
[00:40:00] – How to run your own competitive process without a banker

Questions, comments, concerns?
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Growth Equity vs. PE vs. VC: What Founders Need to Know Part 1

M&A Science