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Episodes from Buyers and Builders
9 Add-Ons in 24 Months | Dan Lifshits of Dwelly Interview
Dan Lifshits, co-founder of Dwelly, explains how he is building an AI-enabled roll-up in the UK lettings market by acquiring independent agencies and modernizing them with software.Dwelly has completed 9 acquisitions in just 24 months, combining a buy-and-build strategy with a technology-first operating model designed to improve service for landlords and tenants while making agency operations far more efficient.In this episode, we go deep on why lettings is such an attractive category for consolidation, why organic growth is limited in this market, and why Dan believes acquisitions are the fastest way to build a modern...
How We Built IDUN Industrier: 20 Acquisitions and 60x+ P/E Ratio
In this episode, we break down IDUN Industrier, a Swedish serial acquirer that has completed 20 acquisitions to date and now trades at roughly a 65x P/E multiple — an extraordinary valuation for an industrial holding company.What makes IDUN so interesting is that it is not simply buying businesses for scale. It is building a portfolio of niche leaders: small, often overlooked companies with high market share, strong customer dependence, and positions that are difficult to replicate.We explore how IDUN creates value through disciplined acquisitions, decentralized operations, co-ownership, and long-term capital allocation — and why inve...
What 100+ Investments Taught Me About Great Acquirers | Lacey Wismer Interview
Mike Markus ( https://x.com/PrivatEquityGuy ) talks with Lacey Wismer of Hunter Search Capital ( https://www.linkedin.com/in/laceywismer/ ) about her journey from a family business background into investing in more than 100 search funds, backing operators, and building a platform around long-term business ownership.Timestamps0:00 Introduction: Lacey Wismer on permanent capital and long-term holds0:30 Entrepreneurial upbringing: luck, simplicity, cash flow, and leverage2:54 What changes when you buy to own for 30 years5:26 Studying enduring businesses instead of trends6:49 The anatomy of a 100x deal8:40 Diamond Brands and the power of adjacent ac...
A Serial Acquirer Masterclass and The Story Of 47 Acquisitions Per Year
Why serial acquirers remain one of the most powerful business models in the world.The best of them have acquired as many as 275 companies and traded at valuations as high as 65x earnings, yet most people still misunderstand what makes them so successful.I explore why the best acquirers often start slow, how they solve the reinvestment problem, why balance sheet strength and specialization matter, and what investors look for when studying these businesses.I also share why Evergreen Services Group may be building one of the most interesting HoldCo stories in America...
38 Acquisitions Generating $2 Billion in Revenue | Eric Wiklendt Interview
Mike Markus ( https://x.com/PrivatEquityGuy ) talks with Eric Wiklendt of Speyside Equity ( https://www.linkedin.com/in/ericwiklendt/ ) about Eric's journey and how Speyside has built a highly operational lower-middle-market private equity firm with $937 million of assets under management, 38 total investments, 20 platform investments, operations across 19 countries, and portfolio companies generating approximately $2 billion in revenue.Timestamps:0:00 Why Eric loves messy manufacturing deals1:40 From Detroit operator to private equity investor4:58 Building Speyside: Fund I, the continuation vehicle, and Fund II7:35 How PE firms decide fund size and portfolio construction10:24 Why Elliott backed Speyside's co...
How I Left PE and Bought 16 Companies | Kaido Veske Interview
Mike Markus ( https://x.com/PrivatEquityGuy ) talks with Kaido Veske of Livonia Partners ( https://www.livoniapartners.com/ ) about Kaido’s journey from working at a mid-cap private equity firm in the US to returning to Europe, raising a fund that now manages nearly $200 million, and completing 16 acquisitions to date.0:00 Why start a fund2:56 Wharton and early US exposure3:39 US finance years and coming back to Europe6:03 Livonia today: focus and deal size7:06 Minority and majority deals7:23 Fundraising as a first-time GP8:25 Early deals: structuring and fund size limits10:08 Fund 1 vs Fund...
10 Acquisitions in 24 Months, No Fund | Travis Jamison Interview
Mike Markus ( https://x.com/PrivatEquityGuy ) talks to Travis Jamison of CapitalPad ( https://capitalpad.com/ ) about building a deal-by-deal investing platform that’s already powered 10 acquisitions, with some deals projected to have an IRR of 25% or more.Timestamps:0:00 Intro0:36 Why CapitalPad exists3:08 Platform walkthrough5:22 Lessons from the first 10 deals7:16 What a typical deal looks like9:10 Vetting sponsors/searchers12:44 Investor improvement and portfolio construction17:32 What top sponsors do differentlySponsor:https://capitalpad.com/ - A deal-by-deal private equity investing platformThis podcast is for informational purpos...
Why This Operator Won’t Raise a Fund (17 Companies, 9 Exits) | Vic Keller
Mike Markus ( https://x.com/PrivatEquityGuy ) talks to Vic Keller of Experience Ventures ( https://www.linkedin.com/in/vickeller/ ) about building 17 companies over two decades with 9 exits, having businesses acquired by Berkshire Hathaway, and his operator-first approach to building durable, people-driven companies - including a vertically integrated car wash platform spanning manufacturing, chemistry, and service/maintenance.0:00 Deal-by-Deal vs Fund Life3:48 Operator Mindset in the Lower Middle Market8:10 Buffett Lessons + Durability18:36 Car Wash Playbook23:46 HoldCo Structure27:50 Recruiting A-Players32:17 Co-Invest Partners36:22 Bigger Deals: What Changes39:28 Debt vs Equity42:06 Founders: Recap vs...
Off-Market Deal Flow for $2M-$200M Founder-Led Companies
Operators, independent sponsors, searchers, and lower middle market investors: this episode is about building repeatable deal flow in the $2-15M EBITDA range by making opportunities, talent, and capital come to you.You’ll learn “relationship compounding” through two lenses: Larry Gagosian - the billionaire art dealer who engineers environments where influential people want to be (all in service of one goal: selling more art) - and TheRealEstateG6 ( https://x.com/TheRealEstateG6 ) on X, whose “yacht” framework shows how to stop restarting from zero and build platforms, venues, and proof that create real gravity.Show notes:<br...
5 Acquisitions in 24 Months: How I Got 60-70% Seller Financing | Millen Rastogi Interview
Mike Markus ( https://x.com/PrivatEquityGuy ) talks to Millen Rastogi of UniversaCare ( https://www.linkedin.com/in/millenrastogi/ ) about leaving his analyst role at Deutsche Bank to build a healthcare roll-up and acquire five companies.Show notes:0:00 Millen Rastogi1:05 From Deutsche Bank to home care4:30 Walking into a mess13:26 Funding the early years19:54 Growth numbers + COVID hit23:02 Margins and revenue25:50 Building the platform to buy27:17 First acquisition30:56 Seller financing playbook36:35 The “silver tsunami” sellers41:50 Second acquisition51:48 70% seller-financed deal example1:09:09 Learning M&A with AI + X...
How I Left PE to Buy Three Businesses in 90 Days | Reza Jafer Interview
Mike Markus ( https://x.com/PrivatEquityGuy ) talks to Reza Jafer of Second Bite Capital ( https://x.com/rezajafer ) about how he left private equity to acquire three companies in three months.Show notes:0:00 Independent sponsor jump3:38 Origin story8:04 First acquisition10:15 The motor coach platform14:36 Deal #1 terms18:46 Early wins26:22 Fundraising lesson29:44 Deal #2 raise in chaos35:17 Platform strategy40:41 EndgameSponsors:https://capitalpad.com/ - A deal-by-deal private equity investing platformhttps://www.spacebarstudios.co/inquireThis podcast is for informational purposes only and sh...
The Story of Bowles, Hollowell, Conner & Co
The lower middle market runs on trust and relationship building.In this episode, we explore Bowles Hollowell Conner & Co., the quiet Charlotte-based advisory firm that shaped how lower middle market M&A gets done. Before private equity was institutionalized asset class, BHC figured out how to turn founder-led businesses into transactions lenders could underwrite and capital could trust.This is a story about credibility over capital, why bad packaging can kill deals, and how preparation - not promotion - closes deals in the lower middle market.Timestamps:0:00 Why great investing ecosystems can...