Strategic Advisor, Fuller H B
Search every verified Theodore Clark interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Theodore Clark, a strategic advisor at Fuller H B and partner at Iron Path Capital, has discussed his career trajectory from a high school–educated shipping clerk to a chief executive officer and private equity investor. In a December 2024 podcast, Clark described starting in 1973 as a shipping clerk at a sealants and adhesives factory, working his way up to CEO, and later leading a company from a $30 million enterprise value to a sale to H.B. Fuller for nearly $1.6 billion. He has stated that private equity "has helped democratize the ability for somebody who is really good at something but doesn't have a lot of their own money to partner with somebody to build something really great." Clark has emphasized the importance of specialization in middle‑market private equity investing and the value of operator experience in deal origination. He has said that developing relationships with investment bankers is critical to avoid missing deals, and that his firm focuses on sectors such as healthcare, life sciences, and chemicals and materials. Clark has also commented on public policy, stating that "so much emphasis on college" overlooks the "massive pool of potential leaders" without four‑year degrees, and has noted that H.B. Fuller's acquisition of Royal Adhesives provided access to emerging markets and a broader set of technologies.
“One of the things we see as a trend in middle‑market private equity investing is more specialization — focusing on sectors where you have specific knowledge and experience. The benefit is creating differentiation in firm capabilities and helping to risk‑mitigate investments.”
“Being successful at deal origination comes from intent — we're very intentional about where we want to invest, and from there we craft strategies and tactics to do deal origination.”
“We specialize around healthcare, life sciences and especially chemicals and materials — there’s a nexus between these areas and you sometimes see opportunities that span both life sciences and chemical markets.”
“Before we go hard and wide trying to find opportunities we develop a thesis and focus on segments — we look for 'active ingredients' that create value for customers and tend to invest in B2B companies that work with the biggest manufacturers.”
“We leverage our networks and recruit executives to support a thesis — people who might be board members or investors can use their networks to help identify and originate deals. It's a cascading approach: start big-picture, then dive deep into the market to find the right people and opportunities.”
“We try to generate proprietary deals but we also share our thesis with investment bankers; fit is more important than the channel. We cast a wide net — both proprietary sourcing and bank processes matter depending on the opportunity.”
“Having been an operator and now an investor gives you empathy for management: you understand the practical challenges of running a middle‑market manufacturing business. We like to align with management as partners — providing capital and advice rather than coming in to run the business.”
“My advice is to strike a balance between operator experience and investment professionals: understand your team's strengths, weaknesses and biases. You need to know why a business is creating value and the management's appetite and capability for growth.”
“You don’t want to load a portfolio company with too much debt; the goal is to create capacity for growth. The operator perspective helps explain to sellers how recapitalization works and why some leverage is used to fund growth.”
“Developing and maintaining relationships with investment bankers is critical so you at least get told about processes — you don't want to miss deals. Regularly updating bankers on what you're doing and what you're interested in keeps you in play.”
“This little company that we started 14 years earlier and paid $30 million for — we sold HB Fuller for just under $1.6 billion.”
“Private equity has helped democratize the ability for somebody who is really good at something but doesn't have a lot of their own money to partner with somebody to build something really great, and I made more money in private equity than I did in the public company world.”
“Private equity is an opportunity to put equity to work in good businesses. The majority of private equity companies are looking for well-run companies to invest in that have a story and a thesis they can build on, not just asset strippers doing quick flips.”
“All your next door neighbors are one way or another invested in private equity through their pension funds or their 401ks. It is one of the asset classes that has higher returns and is an important part of how we create value in the United States.”
“We took the view early on that raw material price increases were not temporary; this is going to be something we're going to deal with for a number of years. While it's getting better, we're still dealing with inflationary pressures in 2022.”
An Operator-turned-PE Investor's Take on How to Originate More Deals Welcome to The Private Equity Channel- Your Source ...
📊 How to grow from $30M to $1.4Bn enterprise value - From shipping clerk to PE-backed CEO with Ted Clark 📈 Welcome to the Private Equity channel - Your Source for Private Equity Success! 🚀 In this video, I'll share some of the key strategies and insights that have fuelled our growth, and I'll also offer tips on how you can replicate our success in the world of private equity. At the beginning of 2023, my major goals for this channel were to provide valuable insights into private equity and foster a thriving community of private equity professionals. Fast forward to 2024, and I'm excited to…
Ted Clark is the author of Shipping Clerk to CEO - The Power of Curiosity, Will and Self-Directed Learning which chronicles his ...
CCD Partners Managing Partner Matt Dixon is joined by Ted Clark, author of "Shipping Clerk to CEO". Ted shares lessons ...
Ted Clark, Author of From Shipping Clerk to CEO joins Jay and Tom on the Podcast. Here is a link to Ted's book: https://www.amazon.com/Shipping-Clerk... Also check out Jason's company: http://JSVCapital.com
Ted Clark, president of Royal Adhesives & Sealants, offers his thoughts on H.B. Fuller's acquisition of Royal.
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