Peter Daniel

Peter joined Water Street Partners in 2010, and is one of our partners. Peter is responsible for building and managing relationships with joint venture executives, Board members, and dealmakers. He has supported more than 100 clients across all phases of the partnership lifecycle, including deal negotiation and structuring, implementation, and ongoing management and governance.
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Recent Posts

JV CEO Roundtable Insights: This Year, it’s Virtual

By Peter Daniel | Thursday, February 11, 2021

THE PAST YEAR was different in more ways than one. While we would normally host ~15 joint venture CEOs in Washington, D.C. to network and discuss top-of-mind issues with peers, in 2020 we gathered virtually for our 11th annual session, with 40 JV CEOs joining from around the world. These CEOs represented companies across industries, including 13 healthcare JVs, 9 natural resources JVs, 4 manufacturing JVs, and 3 financial services JVs. Their joint ventures offer health insurance, provide lab testing, transport oil, produce energy, manufacture heavy machinery, sell HVAC equipment, clear credit card transactions, and stream popular foreign television shows to American viewers. It was a diverse group, united in dealing with the normal challenges involved in running a joint venture – that is, a business owned by multiple owners who do not always agree – as well as a pandemic that showed no signs of abating.

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Innovation in Joint Ventures: Do or Die?

By Peter Daniel | Tuesday, April 21, 2020

IN INDUSTRIES LIKE HIGH-TECH, telecommunications, and healthcare, innovation is critical to sustained competitiveness and performance. Joint ventures operating in these fast-moving markets often must compete with innovation machines like IBM, and with PE-backed startups. In our experience, the ownership structure and contractual agreements of JVs may disadvantage them in this competition.

Specifically, pursuing innovation often requires a JV to make investments, potentially including acquisitions and minority investments, in domains that are not explicitly defined within the company’s authorized scope, and to secure funding from owners, which may have other capital needs, low risk tolerance, or insufficient understanding of the market to make such investments. What are JVs to do? We talked to 16 JV CEOs to find out whether, like Ms. Rometty, they see innovation as fundamental to survival – and, if so, how they define their innovation ambition, allocate budgets toward different innovation initiatives, and establish the tools and capabilities – talent, review processes, funding mechanisms, scouting/business development – necessary for sustained success.1

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Report from the JV CEO Roundtable: The Questions CEOs Ask Their Peers

By Peter Daniel | Tuesday, August 14, 2018

WATER STREET PARTNERS recently hosted our 8th annual JV CEO Roundtable at our offices in Washington, DC. We are privileged to regularly convene the world’s only network of JV leaders and felt especially so this year because we are celebrating our ten-year anniversary. We count a few of the participating CEOs among our earliest clients and are humbled by both their ongoing support and willingness to share their deep experience with others in the network.

Fifteen executives from 14 JV companies attended the Roundtable. Collectively, these JV companies employ over 10,000 people and generate billions of dollars in annual revenues. Their shareholders, including Boeing, Humana, IQVIA, Chevron, Royal Bank of Canada, Bank of America, Shell Oil Company, Walgreens, Pitney Bowes, Continental AG, are some of the largest and best-known companies in the world. An important part of the job for the 15 executives in the room is figuring out how to leverage the strengths of their companies’ shareholders while managing the “tax” imposed when shareholders are not perfectly aligned on their vision for the JV.

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Reality Distortion Field Ahead: A Warning From Two Experienced JV CEOs

By Peter Daniel | Tuesday, May 23, 2017

CHRIS FURMAN, CEO of Ventura Foods, and Sean Slovenski, former CEO of Care Innovations (Box 1), joined us for a recent webinar to share some of what they have learned in their combined 14 years running joint ventures. Chris has been in his role for seven years - more than double the median tenure for JV CEOs. Sean, with three JV CEO stints under his belt, and experience with an additional three JVs, has been in and around joint ventures for most of his professional life. Sean said that the opportunity for one plus one to equal three is the reason he keeps coming back to joint ventures. We are fortunate to work with Chris and Sean as part of our Joint Venture Advisory Group, and we thank them for their willingness to share their unique and valuable perspectives with other members of the Group.

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What Works in JVs: Lessons From Our Recent JV CEO Roundtable

By Peter Daniel | Tuesday, October 11, 2016

THIS SUMMER, Water Street Partners hosted a meeting of 11 JV CEOs in Washington, D.C.. We host meetings of JV CEOs twice per year, and have done so for the last six years. I still remember the first one we did in 2011. It was at Galderma’s headquarters on the shores of Lake Geneva, and the principle topic of discussion was how to manage JV evolution. Galderma, then a 50:50 global dermatology JV formed in 1981 by Nestle and L’Oreal, ended up managing through significant evolution, and is now a wholly-owned business unit of Nestle.

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