M&A Surge: AVNS, GSAT Deals Lead $13B Activity
Today's M&A and SPAC notes $AVNS to be acquired by American Industrial Partners for $25.00 cash per share, 72.1% premium, $1.3 billion $GSAT to be acquired by $AMZN for $90.00 in cash + stock, 23.5% premium, $11.7 billion $SZZL announced a business combination with Trasteel $IVCAF announced a business combination with Blue Finance $MYXXU $100 million IPO https://t.co/voA7WNhn0G
Measuring How Long Competitive Advantages Last
We have a new report out today on the concept of "competitive advantage period." A company’s anticipated value creation is measured by how much its return on invested capital (ROIC) exceeds its cost of capital as well as how long...
TownCentreCapital Offers All‑Cash, 45‑Day Strip Center Acquisitions
Dear Retail Brokers: I'm reaching out because we're actively acquiring strip centers and wanted to be on your radar in case any of your retail landlord clients are considering a sale. We've purchased 40+ strip centers so far and are continuing to...
Due Diligence Saved Us: Globalstar Went Bankrupt
I did due diligence on a potential Globalstar acquisition in ~ 1999-2000. We passed for a number of reasons. Globalstar filed for Chapter 11 bankruptcy protection on February 15, 2002. Adding a mobile component to the Leonbroadband system improves scale. https://t.co/GVvgIb0cD4
Aging Firms Buy Startups to Stay Youthful
When a company starts to wrinkle and grey, they acquire a start up. That's their blood boy.
Amazon's $13.7B Whole Foods Tops $11.6B Globalstar Deal
Amazon's M&A history-- Globalstar would be its second-biggest deal ever I think: Whole Foods — $13.7B Globalstar — ~$11.6B announced / pending MGM — $8.45B One Medical — ~$3.9B Zoox — ~$1.3B Zappos — ~$1.2B Ring — ~$1.0–1.2B Twitch — ~$970M Kiva Systems — $775M PillPack — ~$753M
Serial Home‑Service Founder Turns Pool Industry Into Scalable Brand
Here is @jeremyyamaguchi explaining his thesis on why he decided to acquire pool services businesses. So far, he has acquired 10 companies in a short 18 months. Jeremy has previously built, scaled, and exited three home services businesses: 1. Golden Shine (housekeeping)...
Turn $8M Into $500M by Rolling Up Boring Industries
How to turn $8M into $500M in revenue in 6 years, according to Graham Weaver (he came on MFM recently): - Pick the most boring industry you can find (he picked plumbing + HVAC. $170B TAM) - Buy a small one with...
United CEO's Acquisition Pitch Sparks Fired Exec's Revenge Plan
United CEO Scott Kirby Pitched Buying American Airlines — The Man It Fired Wants The Ultimate Revenge Deal - View from the Wing https://t.co/8l2353pUAX
Private Equity Monopoly Inflates City Vehicle Costs, Taxes
If you love property taxes, thank a private equity exec. Private equity cornered ambulance and fire truck production and hiked prices. It turns out, I'm being told, they also did it to other specialty vehicles used by cities too. PE is...
Know the Right Time to Maximize SaaS Sale Value
Next up at MicroConf: @einarvollset on maximizing for the value you receive when selling your SaaS business. "When to sell your B2B SaaS"
Chernin Group Backs Real's Rapid Social Sports Growth
Glass Break: The Chernin Group recently led a minority investment round in Real, a fast-growing social box score/PBP app with a fascinating backstory Details at @FOS https://t.co/TjfrntcK9u
Villeneuve Joins Opposition to Paramount's Warner Bros. Takeover
new: Denis Villeneuve, the director of "Sicario," has signed the letter opposing Paramount's acquisition of Warner Bros. https://t.co/LENGXkC5Yy
From Philosophy to Finance: The Ultimate Corporate Raider
This philosopher quit dental school, became an options trader, then turned into one of the most ruthless corporate raiders of the 1980s before reinventing himself as an activist investor.
Two Major Acquisitions Announced, Two SPAC Deals Terminated
Today's M&A and SPAC notes $SES.to to be acquired by $GFL.to for $4.95 cash + 0.3356x shares, 16.8% premium, $6.4 billion $LEG to be acquired by $SGI for 0.1455x shares, 13.7% premium, $2.5 billion $ETHM / The Ether Machine deal terminated $SPAC.to / Cube...
US HoldCos Leverage Aggressive Data Capture for Faster Value
Building a HoldCo in the US versus Europe Here is one specific example that shows how different it can be: I spoke with a European investor, entrepreneur, and now HoldCo builder who has experience operating in both markets. He said something that...
Roundhouse Capital Settles £251m Loans, Pays Moshiri £67m
Everton new parent company Roundhouse Capital publishes accounts. It paid Farhad Moshiri £25m up front with a further £42m due at future dates, as well as paying off £251m of existing loans. https://t.co/pS7qY8I1Wl
Private Equity Is Already Taking over Your Industry
private equity is buying your industry. not next year. right now. • they're consolidating • they're raising prices • they're squeezing suppliers • they're coming for your customers you can join them at their game. or get rolled over by them.
Japan’s Pre‑deal Hype Misleads; Fundamentals
I'm always interested in these pre event M&A trades in Japan where some legit media outlet publishes about M&A... and then months pass with silence and the speculators are forced to unwind... in Japan sometimes the passage of time does...
Build Trust Networks For
Why networks are one of the most underrated advantages in the lower middle market, and how to build them. We explore how trust, introductions, persistence, and long-term generosity can create better deal flow, stronger relationships, and a real competitive edge for...
Negotiations End with Agreement, Not Endless Final Offers
21 hours of talks. No deal. And Vance just called it his “final and best offer.” That is not how successful negotiations end.
Bold Claim of No Weekend Deal Quickly Silenced
Muting those spiking the football on their "bold" call that there would be no deal this weekend.
Caring Cashes Out £1.4bn, Echoes Oliver’s Army
Richard Caring sells Ivy, Annabel’s and Scott’s for £1.4bn One is reminded of Oliver’s Army. https://t.co/0GLnGNUAMr
PE Fundraising Consolidates, Smaller Funds Face Drying Capital
PE fundraising is consolidating. As funds struggle with distributions, It’s getting harder for smaller funds as fundraising dries up.
Your Question Sets Your Growth Ceiling
single location owners ask: “how do i grow?” portfolio owners ask: “what do i buy next?” the question determines the ceiling.
Ignore Debt Seniority, Destroy Acquisition Value
Buffett's hierarchy before making any acquisition: 1️⃣ Can the business pay its own way? 2️⃣ If we borrow, who now sits above the shareholder? 3️⃣ Is the upside worth that demotion? Most acquirers never ask #2. That's why most acquisitions destroy value.
Restaurants Still Profitable: Caring Nets £1.4B Sale
Apparently, there is still money to be made from restaurants. If you’re Richard Caring. He’s sold the Ivy Collection, Annabelle’s and Scott’s etc to an Abu Dhabi investment fund for £1.4 billion. News via propel. https://t.co/EKrWHA7ken
Working Capital Errors Sabotage Sales, Not Profit
Why Working Capital Mistakes Kill Business Sales. It’s not profit that breaks deals—it’s what buyers discover after. https://t.co/1vSKngieRj #SmallBusiness #DealMaking #SMB https://t.co/5QAEud5N3L
Private Credit Woes Now Threaten Private Equity
Private equity operated and thrived for decades before most investors had ever heard the term "private credit." But the two now are inextricably linked, which means that private credit's problems are private equity's problems.
Secondaries Boom Masks Private Equity’s Looming Reckoning
FT: "The private equity industry has been smashing records lately. Private equity firms are sitting on an all-time high of nearly $4tn in unsold investments. They sold assets to themselves at an unprecedented rate last year...Last year, so-called secondaries funds...
Cross‑disciplinary Knowledge Creates Unbeatable Competitive Edge
Michael Bloomberg: "There might be better traders than me and there might be people who know more about computers. But there's nobody who knows more about both." Most people try to be the best at one thing. That's hard. Bloomberg’s overlap is...
Private Equity: The Kid Who Hides Trouble Until Inevitable
Remember when you were a kid and got in trouble at school but held off telling your mom for as long as possible, delaying the inevitable? That's private equity today.
No Succession Plans Flood Market; Buyers Lag Behind
We see this every week. Sellers with no succession plan, no heir, just ready to hand the keys to someone qualified. The supply is real. Most serious buyers still aren't moving fast enough to take advantage. Follow @smb.attorney for more on buying...
Aging Trade Businesses Offer Untapped Buying Opportunities
Dad spent 30 years building a business his son doesn’t want to run. Now he needs to sell. This is happening everywhere in the trades right now. And it’s one of the most overlooked buying opportunities out there.
OpenAI CGO and TBPN President Discuss Future Collaboration
🎙️Tomorrow on The Grill Room: A special OpenAI-TBPN deal omnibus featuring back-to-back conversations with: * OpenAI Chief Global Affairs Officer @chrislehane * TBPN President @DylanAbruscato Follow here: https://t.co/OUrgd2dr7a @PuckNews https://t.co/LNZpsHUAkd
China Secures Germany’s Premier Robotics Asset
How China Acquired Germany’s #Robotics Crown Jewel by @JacklouisP #AI #MachineLearning #ArtificialIntelligence #ML #Innovation https://t.co/DuFtEGfyDb
Ares Backs $1.7B Sunbelt Retail REIT Push
Latest bet that #CRE especially in the #Sunbelt is undervalued belongs to #Ares, w/is teeing up #Whitestone #REIT for $1.7B+taking 5MSF of open-air #retail in places like #Phoenix #Austin #DFW #Houston #SanAntonio. #realestate #PE #BofA #WallSt https://t.co/iaUBXCrFQe
Unilever to Acquire Gummies Maker Grüns for $1.2 B
Axios Pro scoop: Unilever deal for gummies maker Grüns is valued at around $1.2 billion https://t.co/75MXcTj32E
First Meeting Leads to Last‑Touch Attribution on Acquisition
I met Chad two days ago for the first time and Gruns got acquired. From a last touch perspective I have to be attributed as part of this sale.
Corient Expands UHNW Footprint with $5.6B Vivaldi Acquisition
Corient continues its buying spree in the ultra-high-net-worth space, announcing the acquisition of another RIA, Vivaldi Capital ($5.6 billion AUM) They've been on a roll the past year https://t.co/xy8jLFknDZ
Private Markets Face $330B Debt Maturity Crunch by 2028
"A wall of debt maturities is looming for the private markets industry, with more than $330 billion of high yield, leveraged loan and business development company-linked software and technology debt coming due for repayment through 2028." https://t.co/tbaFKL3oym
VANL Goes Private at 58% Premium After Prolonged Sale Attempts
#VANL taken private at a 58% premium but apparently they have been trying to sell themselves for ages…can’t recall the RNS where they informed shareholders of what they were doing https://t.co/5PsBj27lWP
KKR, Brookfield Near $250‑Share Deal for SBA Communications
on $SBAC+ KKR and Brookfield are in late stage talks to acquire SBA Communications (SBAC) for around $250 a share TMT FINANCE
Ex-Rio Tinto CEO's Deep-Sea Mining Firm Merges in $1B Deal
Ex-Rio Tinto CEO's deep-sea mining firm to merge with Odyssey in $1 billion deal https://t.co/Kuu3PtXS1B
Buyout Assets Mispriced, Returns Don’t Justify Risk
"In the buyout space, we don’t think assets are priced to get a reasonable return for the risk we're taking." - Bruce MacDonald (EP.495) With thanks to @AlphaSenseInc, Canoe, and Ridgeline.
Meta's Singapore Pivot Signals Full Workflow Automation by 2026
A student from a small tea-producing village just sold his startup to Meta for $2B and the reason will change how you run your business. For years, the tech industry obsessed over "brains" models that could generate code or essays. But...
Young Parrot‑Lover Wields $20B in Europe’s Distressed Debt
What if the boldest force in Europe's distressed debt isn't a legacy titan — but a 35-year-old with a love for raising parrots and $20B to deploy?
ByteDance Valuation Tops $600B After Equity Sale Push
ByteDance valuation exceeds US$600 billion after proposed equity sale: sources The seller originally had the valuation at US$550 billion, but raised the amount after multiple parties expressed interest. https://t.co/pL87pI2YJV via @scmpnews
PE Funding Forces Anthropic’s Enterprise Rollout, Not Market Demand
The headline says Anthropic is going enterprise. That is not the real story. They put in $200 million. Blackstone and two other PE giants put in up to a billion more. To sell Anthropic’s own product for them. Private equity has something...
Use EBIT/3 over Prime+5% to Spot Undervalued LBO Targets
Valuation trick that has served me well over the years: Start with net cash companies. EBIT / 3 / (Prime +5%) > EV You can LBO the whole business with debt at prime + 5% that is covered 3x. Good for identifying undervalued takeout...
