Buyers and Builders From Management Buyout to Fund of Funds | P. V. Ramanathan (Ram) Interview
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Apr 5, 2026 P. V. Ramanathan (Ram), a Dubai-based chartered accountant turned operator and fund manager, recounts leading a management buyout and growing Corrosion Technology Services across regions. He discusses conservative accounting and no-debt balance sheets, building Neeti Fund as a selective fund-of-funds, and his framework for identifying and backing high-quality managers.
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How Ram Led A Successful Leveraged MBO
- Ram and his team executed a leveraged management buyout of Corpro's Middle East arm in 2003 after turning it around as employees.
- They used retention bonuses as equity, took significant leverage, cleared the debt in about three years and never borrowed again.
Conservative Revenue Recognition Beats Sexy Top Line
- CTS enforces conservative revenue recognition and prioritizes cash preservation over headline growth to survive cyclicality.
- They delay revenue booking if commercial conditions require, and will postpone invoicing rather than recognize revenue prematurely.
Retain Trained Staff Through Downturns To Preserve Execution
- Prioritize keeping key employees through downturns even if underutilized to preserve execution capability.
- CTS often paid staff through slow periods to retain trained engineers whose exits would harm future delivery and client goodwill.