Biden Blocks JetBlue Deal, Opens Cheap Asset Grab
Great work by Biden admin blocking JetBlue acquisition. Now acquire the assets on the cheap so a win for $JBLU ?
FinTech Fund Helps CarryHQ Secure AngelList Sale
Big congrats to @ankurnagpal and the team at @carryhq_ on the sale to @AngelList. Glad that we could support you from @thefintechfund 🙌 https://t.co/ToMKqLpS99
US M&A Deal Volume Drops 15% in March
"U.S. M&A deal activity decreased in March, going down 15.4% with 946 announcements compared to 1,118 in February. Aggregate M&A spending decreased as well. In March, 51.3% less was spent on deals compared to February." -FactSet
Doubling Business With Zero Capital Through Vendor‑Financed Acquisition
the acquisition that doubled my business: not through: – more marketing spend – more staff – more locations – more effort through one deal: – motivated seller – vendor financed – zero personal capital
Essential Service Sectors See Quiet Consolidation Surge
10 industries serious operators quietly consolidate: – radiology networks – waste management – trucking fleets – medical labs – pest control – senior care – cold storage – commercial cleaning – security firms – HVAC groups
Saudi Funding Withdrawal Threatens LIV Golf, Paramount Deal
Well, this is good news. And really, the best chance to kill the Paramount purchase of WBD would be for the Saudis to pull their investment. So hope on another front. LIV Golf Facing Imminent Closure as Saudi Backers Weigh...
Execution Drives Acquisition Value Over Price Premium
Acquisition value often comes from cost, capital, and revenue synergies realized through integration. Strong execution becomes decisive because strategic buyers must offset the higher prices financial investors can pay Source @McKinsey Link https://t.co/Bem75xvreG via @antgrasso https://t.co/bmG4SXpc12
Emerging Funds Deliver 15%+ CAGR in Last Five Years
Dropping a list of up-and-coming funds with impeccable track records and great returns since inception. Most launched in the last 5 years, still early, but impressive work thus far. 1) Jackson Peak Capital — 40% CAGR (2023) 2) Kathmandu Capital — 29%...
Carry Acquired, Expanding Mission to Empower Business Finances
Carry has been acquired by Angellist and Lettuce We started this company 3.5 years ago to help business owners make better financial decisions These two transactions allow us to continue to do this important work in a bigger way Thank you to everyone...
Jane Street Invests $1B in CRWV, Secures Nvidia Chip Access
Jane Street is taking a $1 billion equity stake in $CRWV and as part of the deal, the trading firm will get early access to some of Nvidia's most advanced chips. https://t.co/Q5wpPfkbdq https://t.co/Sy75Mmuen0
Vero Fiber Acquires TEC, Expands Across Mississippi, Alabama, Tennessee
"Vero Fiber ...today announced the completion of its acquisition of Telephone Electronics Corporation ("TEC"), expanding its presence across Mississippi, Alabama, and Tennessee." #fiberRollup https://t.co/ACap8is2Eg
PE Firm's Purchase Makes Sneakers-to-AI Make Sense
Sneakers-to-AI does sound crazy. Until you remember they were purchased by a shit PE firm about a month ago. And then it makes sense.
Gritty Maverick Built DLJ Into Wall Street Powerhouse
“I have to be busy, and I just love building things that make a difference.” In a 1986 Wall Street Journal article, Tony James was described as an up-and-coming M&A whiz kid. He transformed DLJ from a mid-sized brokerage into one of...
Corporate America Knows Exactly Who to Lobby
The real takeaway from the United-American Airlines megamerger story is that Corporate America knows who it needs to lobby https://t.co/zsurhy8v9w
Choose Deal‑by‑deal for Low‑cost, Flexible REPE Startup
You want to start your own real estate private equity firm but you don’t know how much it’ll cost Here’s how to think about start-up costs: There are basically 2 ways to set up a real estate private equity firm 1. First way...
Tiny Podcast Nets $200M Thanks to Clip Economy
A podcast with just 7k viewers per episode just sold for $200M. My latest newsletter, “The Clip Economy”, dives into the details: bit.ly/ClipEconomy
CinemaUnited CEO Vows to Block WB‑Paramount Merger
If the #GameOfThrones saying “never attack a guest under your roof” was a real world thing, #CinemaCon 2026 would be our #RedWedding. Even though WB tonight & Paramount on THU are set for panels at the exhibition convention, its organiser, ...
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...
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...