Helloworld Nears 20% Cap, Prepares Formal Takeover Bid
$WJL.AX buyout thesis continues to escalate. Weiss (chair now) and BGH terminated the cooperation agreement. HelloWorld's director nominee was rejected for a conflict of interest. Helloworld tried to act, but has failed so far. But they did just buy more shares, now at 19.95%. Effectively capped under the Australian 20% rule. Next logical move is a formal takeover bid directly to shareholders. Old bids of $0.80-$0.90 no longer feasible, but still interesting at or below A$0.50.
Buy Select M&A-Exposed Apparel Winners Amid Brunt Deal
Brunt eyes >$1B sale/stake with JPMorgan; $300M sales, workwear gaining mainstream. Risks: valuation/execution. Trading insight: buy selective M&A-exposed apparel winners. — Viktor Kopylov, PhD, CFA. More insights: t.me/si14Kopylov
KKR Secures $2.55 Bn Exit via Parker Hannifin Deal
KKR books $2.55bn exit on CIRCOR Aerospace in sale to Parker Hannifin Read more here: https://t.co/PYKyBWDgsm https://t.co/5iNsWrA6Ac
Unlock $1‑10M Deals Through Overlooked Accountants
The best $1-10M EBITDA deals exist where others are not looking... Hint: accountants What can Joshua Friedman of Canyon Partners and Bowles Hollowell Conner & Co., the lower middle market investment banking firm, teach you about creative sourcing? Timestamps: 0:00 Great sourcing comes from...
GHO Capital and CBC Group Merge Into $21bn Healthcare Giant
GHO Capital and CBC Group merge to form $21bn healthcare investment giant Read the full report here: https://t.co/WWolB4Y7Ji https://t.co/AmN2cR8gvY
The Most Attractive Market Isn’t Always the Fastest‑growing.
Just finished a conversation with a buyer who started building a rollup in a very specific industry back in 2020. They completed 40+ acquisitions and eventually sold the platform to a well-known PE firm. What stood out was the growth rate of...
Deadline‑Driven Price Drop Often Alienates Sellers
Had a client recently propose the following structure: > If seller accepts my offer by this Friday, purchase price is $4.1 million > If seller accepts my offer after this Friday, purchase price is $3.9 million How do you think that would be...
Dominion‑NextEra Merger Would Top Utility Sales Rankings
Combining Dominion and NextEra would create a behemoth with the highest retail revenue and total volume of energy sales (MWh) from ratepayers among all utility conglomerates. It would trail Exelon in number of ratepayers. (Based only on electric utilities and...
Start Small, Build Platforms, Then Acquire Luxury Giants
Imagine going from building a small and "boring" roll-up of timber companies to buying Gucci, Balenciaga and Yves Saint Laurent. True story. And the lesson in today's 5 Minutes in the Lower Middle Market is that the first business and acquisition...
Publicis Acquires LiveRamp, Boosts AI/Data Play
Publicis to buy LiveRamp for $2.167B—accelerates AI/data co-creation; 29.8% premium and raised 2027–28 targets. Integration and regulatory risk. Trading insight: buy on pullback. — Viktor Kopylov, PhD, CFA. More insights: t.me/si14Kopylov
Blackstone, CD&R Eye Magnum Buyout as Shares Dip
Blackstone and CD&R weigh take-private bids for Magnum as listed ice cream giant trades below IPO price Read more here: https://t.co/nnAr80RE7d https://t.co/ostwoGoIR2
Blackstone, KKR Acquire Affordable Care After 70% Debt Reduction
Blackstone and KKR seize control of Affordable Care in 70% debt cut Read more here: https://t.co/9dEuoBbY6p https://t.co/3fDG50OILe
Marc Jacobs Sale Signals End of NYFW Era
LVMH selling Marc Jacobs to WHP, parent company of Vera Wang, Rag & Bone and G-Star. G-III, owner of Donna Karan, will also acquire part of the brand. Could it be the end of a NYFW era?
BlackRock, Temasek, Abu Dhabi Launch $30B Infrastructure Fund
BlackRock's GIP, Temasek, and Abu Dhabi heavyweights launch $30bn Gulf and Central Asia infrastructure platform Read the full report here: https://t.co/UGslOUSRCv https://t.co/diCiwCQ8Z6
Iridium Comm Acquires Majority Stake in Aireon for $366M
.@IridiumComm to purchase the 61% of air traffic surveillance service @AireonLLC it doesnt already own for $366.7 million from @navcanada @AirNav_Ireland #ENAV @NATS and @Naviair , paid 50% at closing , the rest at 1-year anniversary, plus...
Brookfield to Acquire World Freight for $1.2 Bn
Brookfield set to buy World Freight Company from EQT and PAI in $1.2bn deal Read more here: https://t.co/mXiRyITZcC https://t.co/RcagFOsJiv
Verdane Privatizes Augmentum Fintech in Rare Trust Buyout
Verdane takes Augmentum Fintech private in rare UK investment trust buyout Read the full story here: https://t.co/ikECuS3h0y https://t.co/njRBHi1a0n
Blackstone Abandons $4 B New
Blackstone has walked away from a proposed $4 billion tie-up with New World after the embattled property developer refused to hand over the reins https://t.co/Ln1vSdw95V
Evergreen's HoldCo Drives 100+ Tech Acquisitions
For those curious about Evergreen’s operating groups, this is from their presentation at the serial acquirers conference in Stockholm: HoldCo level - 45 people focused on M&A, talent and finance LYRA - Technology MSP for SMBs Launched 2017 100+ acquisitions $1B+ revenue PINE - Could ERP...
Apollo to Privatize Emerald in $1.5B B2B Deal
Apollo to take Emerald private in $1.5bn B2B events tie-up with Questex Read the full story here: https://t.co/wsXsMei8vC https://t.co/x38jthVU4u
Anthropic Eyes Acquisition of AI Developer Tools Startup
Anthropic in Talks to Buy Developer Tools Startup Used by OpenAI, Google — The Information https://t.co/gBxxZD7zA5
AI Roll‑up Turns CapEx Into Real Economic Growth
the AI roll-up is only getting started Long Lake CEO @alextaubman has bought 30+ real-economy, non-tech companies and just took the largest corporate travel platform private (Amex GBT, $6.3B) its a bet that AI can better transform legacy industries and that someone...
Long Lake Executes First AI‑Driven $6.3B Take‑Private
Long Lake did the world's first (to my knowledge) AI-driven take private of a public company -$6.3B acquisition -100 year old Amex Global Business travel -Plan to transform it with AI Spoke w CEO Alex Taubman on @NoPriorsPod about it in his first...
PRTH Q1 Beats; Stock Undervalued Below 5x FCF
$PRTH just delivered strong Q1 results. Bid is clearly way too low. Without a raise, this is a steal. Revenue up 9%, adj. EBITDA up 13% YoY. FCF matches Q4 levels, confirming the new baseline. Run-rate FCF at $1.34/diluted share vs a...
Independent Sponsors Turn PE Gaps Into Higher Multiples
Independent sponsors are arbitrageurs of professionalization. Buy before PE-ready. Make it PE-ready. Sell to PE. Find (and know) the things that PE hates. Do the work to fix said things, and get rewarded (with a higher multiple).
Pantheon Hires CVC's TMT Europe Co-Head for GP‑led Secondaries
Pantheon hires CVC's TMT Europe co-head Leif Lindbäck for GP-led secondaries push Read more here: https://t.co/tgSo9Xoho5 https://t.co/WNPoTKEKAY
EQT Bids JPY 3,000 per Share to Privatize Japan Firm
EQT launches tender offer to take Japan's https://t.co/Eit4nUFkvc private at JPY 3,000 per share Get the full scoop here: https://t.co/6oD8oxrahF https://t.co/8lDZUKv9ka
Solo Search Funds Closing Gap, Delivering 5x+ Returns
Starting a search fund solo is a good idea. Keep reading... Solo searchers have returned an IRR of 27.4% compared to partnership returns of 40.3% in 2022. Partner search ROI was 3.8x compared to 2.9x for solo searchers in this 2022 study, an...
KKR Sells Copenhagen Residential Portfolio to Pears Global
KKR exits Copenhagen residential portfolio in sale to Pears Global Real Estate Read more here: https://t.co/anwAfHodgx https://t.co/i8UCGqcpLE
Advent Pushes INNIO IPO to Capture Data‑center Power Demand
Advent files INNIO for Nasdaq IPO, targeting data centre power demand for exit Read more here: https://t.co/qxY0Ct6uIH https://t.co/C3Bs9K3djH
EQT Raises Intertek Bid to $12.5bn, Ending War
EQT lifts Intertek offer to $12.5bn in fourth bid, signals end of escalation Read more here: https://t.co/yUmdVcX3hJ https://t.co/Z1nv3XwZW4
Payward Raises Capital, Fuels $2.65B Acquisition Spree, Eyes IPO
Payward, the parent company of crypto exchange @krakenfx, is raising new capital at a $20 billion valuation. The fundraising is tied to an aggressive acquisition spree. Most recently, @Payward acquired stablecoin-focused payments firm @reapglobal for $600 million and digital asset derivatives platform...
Universal Acquisition Traits: Recurring Revenue, Motivated Sellers, Fragmented Markets
the acquisition target list: – recurring contracted revenue – motivated seller available – fragmented market position – bank fundable at standard terms these characteristics appear across multiple sectors
Rigorous Due Diligence Transforms Deal Outcomes
the due diligence process: – financials verified independently – customer concentration assessed – key person risks identified – real earnings established preparation here changes outcomes significantly
Know Deal Structures, Keep More Deals Alive
the deal structure options: – vendor finance: seller carries note – 60/40 blend: bank and seller share – rollover equity: seller stays invested – earn-out: performance tied payment understanding these means fewer deals fall over
Lowball PE Bid Rejected, Expect 20%+ Upside
Highly asymmetric. One month timeline. Two PE firms lob a lowball bid. Management rejects immediately. Deal was dead on arrival, hard to believe they weren't prepared for round two. 20%+ bump likely. Only 6-10% downside. Full pitch on SSI 👇 https://t.co/QmQFVu9WoU
MFIC Defaults Surge; Apollo Seeks Private Buyer
MFIC defaults jumped from 3.9% to 5.3% in one quarter. Stock at 0.85x NAV. Mostly stopped new lending. Using cash from repayments to buy back stock and pay down debt. Now Apollo is trying to sell it. This is what BDCs do...
Mundane Businesses Can Become Multi‑billion Roll‑up Successes
Did you know that Chicago accountant Larry Gies bought his first company by maxing out 10 credit cards and borrowing $50,000 from a high school friend? He eventually built Madison Industries into a platform generating more than $5B in revenue by...
Acquisition Breaks the Revenue Ceiling and Expands Growth
the single unit ceiling is real: – revenue plateaus at a point – growth requires more personal effort – margins face consistent pressure – exit options remain limited acquisition is one way to address the ceiling structurally
Build Early Rapport with Sector‑Savvy Lenders
the lender relationship: – understand criteria early – clarify sector appetite – establish rapport before needing – present with preparation lenders who know your sector are valuable partners
Diversify via Acquisition to Spread Business Risks
the consequence of staying at one business: – one income stream – one bad year from real trouble – one buyer at exit – modest multiple – their terms acquisition distributes every one of those risks
Constellation Software Embraces Large Partial Equity Investments
Constellation Software on taking partial equity stakes instead of outright acquistions: "So I think if we had the opportunity to invest a large amount of capital in a great business, over the long term, we are absolutely willing to do...
ASC Gains £85m Efficiency Boost, MKS Steps In
#ASC a major £85m positive from greater operating efficiency*…also interesting to see #MKS as the buyer *lower sales too perhaps? https://t.co/fmC3EM0ASc
Bowlero's Bowling‑alley Consolidation Tests New Antitrust Era
The monopoly round-up is out. I profiled a nasty private equity rolling up of bowling alleys called Bowlero, and the Lina Khan generation of antitrust lawyers trying to stop them in their tracks. As goes bowling, so goes America. https://t.co/PG7s8m1qwd
Start Slow, Find Fit, Then Accelerate Acquisitions
When you study the serial acquirers model and those who’ve invested in this model for decades, you see that companies that completed 1-2 acquisitions per year in the early years tended to outperform those that pursued a faster pace, such...
Private Equity Drives Majority of Indian Hospital Revenue
WHO CONTROLS HEALTHCARE IN INDIA 🇮🇳 Apollo Hospitals - 43% Average revenue per bed ~ 61000 (Vanguard, GQG, Govt of Singapore) Max Healthcare - 45% Average revenue per bed ~ 78000 (KKR, Partners Group) Healthcare Global - 60% Average revenue per bed ~ 46000 (CVC Capital) Fortis Healthcare -...
Niche Strategy: 95 Deals Targeting $2‑10M Companies
Hyperfocus on one industry. Only acquire companies with $2-10 million in revenue. Repeat the playbook with 95 acquisitions. https://t.co/PXAPSDRwed
Private Pre‑IPO Secondaries: Asymmetric Info Drives Reflexive Pricing
In the late 1990s, founders, employees and venture investors sold shares before IPOs through private transactions. It me! Buyers in sales were sourced informally. Private secondaries involve: asymmetric information illiquidity signaling optionality and reflexive pricing. https://t.co/SiLOMFYGJF
AI Roll-Ups Require Elite Engineering, Change Management, M&A
"Three years in AI is actually like three decades of pre-AI" AI roll-ups have hit Wall Street (Amex GBT, Janus). New playbook & exit for public companies that can't make the AI transition on their own. Long Lake CEO @alextaubman on what...
OnlyFans Valued at $3.15 B in Minority Stake Sale
OnlyFans Valued at $3.15 Billion in Deal to Sell Minority Stake to Architect Capital https://t.co/jAaogMQao2 via @variety