Target $25M EV to Capture Multiple Expansion Gains
This should be taught in every search / ETA program 80% of value created in most successful exits is from multiple expansion (not EBITDA growth), and most of that can be explained by sourcing a proprietary deal and then selling in a competitive auction The final point is critical - the path to PE / strategic exit is extremely narrow below ~$25MM of enterprise value. Those buyers are where the multiple expansion comes from - you have to get there. Which means that if you want to make money as a search fund, you *really* need to buy a business that can get to $25M of exit value - which means $2-$4M of EBITDA at a minimum (6-8X multiple). The more you know - the data don't lie.
CoStar Poised to Acquire Homebuilding Data Firm Zonda
The rumor over the past year+ was that homebuilding data giant Zonda was looking for a buyer Given the ambitions of CoStar—a CRE data giant—them being the buyer isn’t too surprising On the listings side (https://t.co/Xn1gdEwei8), CoStar has been pushing further into...
Fertitta to Acquire Caesars in $17.6B Cash Deal
Deja-vu.. "... all-cash transaction valued at approximately $17.6 billion, including the assumption of approximately $11.9 billion of Caesars’ outstanding debt." Caesars Entertainment Enters Into Agreement to Be Acquired by Fertitta Entertainment https://t.co/3MREIGHzfq
Private Credit Concentration Amplifies Private Equity Risk
The peril of AUM concentration in private markets: Private equity’s reliance on private credit as a funding source has increased dramatically over the past decade. Just between 2021 and 2023, the percentage of buyout transactions that involved private credit funding...
Enterprise Integration Stack Solidifies; Watch the Winning Race
Three deals this week: NTT DATA buys a Microsoft integration shop. GSA partners with Snowflake for OneGov. NVIDIA backs Decart at $300M. The model wars are over. The enterprise integration stack is being locked in right now. Are you watching the...
ProLogium Solid‑state Battery Deal Valued at $3.8B
ProLogium / Translational Development Acquisition deal overview Manufacturer of next-generation solid-state batteries $3.8 billion valuation Symbol $PRLG Closing H2 2026 PR: https://t.co/pdqgAGB3sv IR deck: https://t.co/fsLdbLN3bz Disclosure: Long $TDAC in $ARB.to https://t.co/3POfP6JeTj
CVC Sells Naturgy Stake for €4bn, Ends Eight-Year Hold
CVC exits Naturgy with €4bn sale of 13.8% stake, ending eight-year hold Read more here: https://t.co/unAxd3RMfv https://t.co/XGFOKvUOvZ
Most Large Apartment Buildings Funded by Private Equity
Laughed out loud when I read this. It's probably closer to 90% than 13%, especially if narrowing to larger apartment buildings. These buildings cost 8 to 9 figures. Who is buying that if not "private equity"? And how are REITs and...
How Serial Acquirers Build Moats and Drive 10x Growth
This and more in the episode below: - 10x growth in last 5 years - The goal is to raise prices as much as possible - Buying a MOAT and companies with a brand - What makes these serial acquirers so unique? - Post-acquisition...
Permira's $2.4B Sale Yields Modest 39% ROI
Permira just sold I-MED #Radiology Network for $2.4B after acquiring it for approx. $1B in 2018. The article states a “39% return on investment” Doesn’t look like an exciting number after an 8-year holding period… Am I missing something..? 🤔 https://t.co/84noJx25RP
Serial Entrepreneur Scales Compliance Firm to $80M, Launches New Fund
You may find this interesting. I talked to a serial entrepreneur and business buyer whose recent investments included a property compliance company. He was able to grow the company from $6 million in revenue to $80 million in revenue, sell it...
From $100k to $10B: Holdco Mastery Blueprint
Definitely not just a real/estate mogul... He didn't speak English until the age of 14... ended up buying 500+ companies and turning $100k into $10B. They still make over 50 add-ons a year. I did long research on him; below you'll find a...
Layered Moats Turn Boring Niches Into Billion‑Dollar Exits
Novaria Group and its $2.2B exit playbook: Make 27 acquisitions and build a roll-up platform around high-mix, low-volume, low-relevant-cost products... Add a “layer cake of protections” around process IP, explicit IP, daily discipline, and unit economics. A true moat in an aerospace and...
Change‑of‑control Clause Stalls Estée‑Lauder‑Puig Merger
Per Axios Pro's @Ryanbarwick on Estee Lauder/Puig deal breakdown: "A big hurdle was a contract issue with Charlotte Tilbury ...She had a change of control clause in her contract with Puig that allowed her to renegotiate terms of her deal. Estée...
HVAC Roll-Up Thrives by Prioritizing Technicians Over Finance
Andrea Allegrini is one of the operators behind Lindbergh, an HVAC roll-up that has completed 14 acquisitions. What started as a niche logistics and waste-management business has evolved into a fast-growing acquisition platform doing $32 million in revenue, with 35-36% yearly...