Podcast
Buyers and Builders
Hosted by PrivateEquityGuy · EN
The Buyers and Builders podcast with PrivateEquityGuy is a place where you can find meaningful conversations about holding companies, buying and building businesses, entrepreneurship, investing, and more. Be sure to follow the podcast, so you never miss an episode!
24episodes
Episodes
Newest firstAll episodes
How We Bought 160 Businesses and Built a $1.5B HoldCo at 33 and 35 | Ramsey Sahyoun of Evergreen
1w ago00:58:11Tap to summarizeRamsey Sahyoun shares how Evergreen grew from a Berkshire-inspired idea into a $1.5B revenue, $250M EBITDA HoldCo with 160 acquisitions.We discuss proprietary sourcing, decentralization, talent, value creation, MSPs, and the lessons behind building one of America’s most interesting acquisition machines.Timestamps:0:00 Evergreen’s scale and long-term hold model2:06 Discovering private equity and buying private companies4:14 Meeting Jeff Totten at Alpine Investors5:53 Evergreen’s first acquisition and current portfolio8:14 How Berkshire Hathaway inspired Evergreen10:23 Leaving Alpine and starting young12:18 The first 6-18 months after closing13:15 What went wrong with an early MSP roll-up15:25 Why centralization hurt customer intimacy18:44 Building Evergreen’s sourcing engine22:27 Why Ramsey still talks to business owners himself23:07 The value of having a large acquisition database26:09 How to build trust with business owners29:18 Why finding great deals is still the most important part of M&A32:09 Higher valuations, higher rates, and value creation34:02 Evergreen’s M&A, talent, and playbook flywheel37:43 Why talent drives investing outcomes39:17 Motivating founders vs. hired CEOs41:54 Lessons from 160 acquisition post-mortems44:22 Setting big goals and planning backward47:16 Evergreen’s one-page plan and quarterly renewals48:53 What Evergreen learned from Alpine and Graham Weaver51:27 How Ramsey and Jeff’s roles changed as Evergreen scaled54:21 What people misunderstand about Evergreen55:07 How Ramsey’s view on managing people changed56:48 Closing thoughts from RamseyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Transcribe →
35+ Acquisitions, $1.3B Exit and Backing 80+ Searchers | Mark Sinatra of ETA Equity
2w ago01:06:03Tap to summarizeMark Sinatra has lived the full search fund journey: discovering ETA at Wharton, acquiring Staff One HR, surviving the 2008 crisis, scaling the business, selling to Oasis Outsourcing, and later helping build ETA Equity.In this episode, Mark shares what he learned from nearly a decade as a search CEO, why talent unlocked the business, how he survived the hardest years, and what he now looks for after backing 80+ searchers and 35+ acquisitions.Timestamps:0:00 Mark Sinatra’s journey from searcher to ETA investor1:21 Discovering search funds at Wharton7:53 Raising a search fund and finding Staff One HR13:17 How underwriting search deals has changed18:34 Buying a business right before the financial crisis21:14 When Mark finally felt like a real CEO24:19 Hiring the right people and upgrading the team31:38 Surviving the emotionally hardest years as CEO37:30 Rebuilding Staff One and selling to Oasis42:14 Starting ETA Equity45:20 What Mark looks for in searchers today51:20 Lessons from deals that did not go well58:30 Jockey, horse, and barn: what really matters in ETA1:01:50 How the search fund market has changedThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Transcribe →
What 137 Acquisitions Taught Me About Operational Excellence | Robert Irving Interview
3w ago00:51:11Tap to summarizeIn this episode, Robert Irving of Buffalo Growth Partners shares what he learned from building a fire protection business from zero to $20M in revenue, selling it to private equity, rolling equity, and then helping execute a 137-company rollup.Timestamps:0:00 Why PE value creation is harder than it sounds1:52 From fire protection operator to $20M in revenue4:09 The three sales roles that drive B2B growth6:25 Building hospitals, data centers, and complex fire systems8:07 Selling the company and rolling equity into the platform9:33 Going from one business to 12 offices and 800 people11:21 The hidden pattern behind great acquisitions13:53 Why integrations usually fail because of people15:49 What 100+ acquisitions teach you that one or two never could18:13 How to diligence small businesses without overcomplicating it19:30 The danger of fast rollups and pure multiple arbitrage23:39 Retaining owners and creating alignment after the deal25:15 The real craft of off-market sourcing31:00 Buffalo Growth Partners and the “guys in trucks” thesis37:39 Reimagining private equity through operations40:12 Small consistent improvements that compound into big results42:06 Constraint-based growth and finding the real bottleneck45:05 Meeting operators where they are with technology48:51 Where to find Robert Irving and Buffalo Growth PartnersThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Transcribe →
Buying Three Founder-Led SMEs: Lessons from the Trenches | Simon Plummer Interview
Apr 1800:59:09Tap to summarizeSimon Plummer is the co-founder of Arbor Permanent Owners, a holding company built for long-term ownership.In this episode, Simon drawing on his experience acquiring and operating three founder-led SMEs, he shares a practical playbook for the first year of ownership:- how to settle a team,- build trust,- create momentum,- improve sales,- think about pricing,- and know when to invest for growth.We also discuss why investor alignment matters so much in small business, what makes founder-led companies different, and why simple strategy plus relentless execution usually beats sophistication.Timestamps:0:00 Simon on buying and building founder-led SMEs1:19 Why Arbor chose 44 small-business-owner investors3:32 Simon’s background: IPO journey, acquisitions, and operating experience7:21 Small businesses are “loosely functioning disasters”9:42 What Simon looks for before making an acquisition13:21 What founder-led manufacturing businesses usually look like15:25 Why the wrong investors can hurt a small business19:11 The first 90 days: listen, communicate, and settle the business22:42 Q2: deep dive into operations and build the sales platform27:58 Q3: sell, review, improve - creating momentum with customers31:48 What not to do: why “just implement AI” is bad post-acquisition advice33:28 Q4: invest and scale once conviction is earned35:27 Sales in small business: the hardest lever in value creation47:29 Managing the board, reading recommendations, and final lessons on resilienceThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Transcribe →
The Buffett-Munger Introduction That Changed Everything
Apr 1200:25:04Tap to summarizeWhy 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 buyers, builders, and investors.This episode is heavily inspired by the wisdom of Alix Pasquet, a Managing Partner at Prime Macaya Capital Management.Timestamps:0:00 Why Networks Matter More in a Crowded Lower Middle Market1:09 Your Network as a Moat and an Alarm System3:19 The Hidden Edge Behind Great Investors6:00 The Private Whisper Network and Why Access Compounds7:29 How Trust Scales Through Introductions8:45 Building a Great Network Takes Years, Not Weeks9:25 The Power of the Triad10:25 The Buffett-Munger Introduction That Changed Everything13:47 How to Build a Network Even If You Feel Unimportant16:10 Shared Missions, Small Acts of Leverage, and Earning Attention18:48 Persistence, Preparation, and Closing Thoughts on Playing the Long GameThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Transcribe →
From Management Buyout to Fund of Funds | P. V. Ramanathan (Ram) Interview
Apr 501:13:36Tap to summarizeIn this episode, I sit down with P.V. Ramanathan, or Ram, to unpack the story of how he helped lead a management buyout of a struggling cathodic protection business in 2003 and turned it into Corrosion Technology Services ( https://ctscp.com/ ). Himself local to Dubai, Ram's company, CTS, includes 10 companies operating across 8 countries and 3 regions.The free cash flow generation gave Ram the ability to build Neeti Fund, a fund-of-funds built around a simple but highly selective strategy: backing a small group of high-quality long-only and long-short equity managers with aligned incentives, understandable philosophies, and meaningful personal capital invested alongside clients.Timestamps:0:00 Why Ram calls his life “dull, boring, and unsexy”5:09 Leaving India for Dubai with no passport8:46 The accounting lessons that shaped his whole career11:05 Learning the oilfield business from the rig floor13:29 The turnaround opportunity that changed everything16:07 Buying CTS through a leveraged management buyout19:19 What Ram focused on after taking over the business26:45 Why CTS refuses leverage and aggressive accounting31:31 The case for a cash-heavy balance sheet36:40 How Neeti Fund was born43:16 Ram’s framework for picking elite fund managers49:50 Red flags he’ll never ignore in an allocator57:33 The story behind ValueX Middle East1:08:52 Why money is an enabler, not the goal1:11:05 Great allocators vs. average allocatorsThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Transcribe →
9 Add-Ons in 24 Months | Dan Lifshits of Dwelly Interview
Mar 2800:34:28Tap to summarizeDan 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 property management platform.We cover:• Why lettings agencies are such attractive recurring-revenue businesses• Why organic growth is structurally difficult in property management• How Dwelly uses acquisitions to scale faster than traditional operators• Why the business was hard for investors to categorize as either VC or private equity• What actually changes after Dwelly acquires an agency• How software and AI can improve visibility, communication, and efficiency• What makes an ideal acquisition target in the lettings market• Lessons from raising capital for a new kind of roll-upDan also shares the real story of Dwelly’s fundraising journey, including why so many investors passed at first and what it takes to keep going when the vision is unconventional.If you are interested in roll-ups, vertical software, AI, private equity, or building a modern services business through acquisition, this episode is full of insight.Timestamps:0:00 Intro: Dan Lifshits and Dwelly’s AI-enabled lettings rollup1:34 The real fundraising story2:02 Why the founders chose lettings after Uber and operational marketplace experience5:06 Why acquisitions beat organic growth in property management7:00 Why Dwelly was hard for investors to categorize as VC or private equity10:01 How the founders evaluate industries and opportunities11:45 Buying customers vs winning customers organically16:26 Where rollups fail and why AI rollups are even harder18:40 What actually happens after an acquisition and how integration works25:34 Dwelly’s ideal acquisition target: size, recurring lettings revenue, and succession32:18 Dan’s advice for founders struggling to raise capitalSponsor:https://capitalpad.com/ - A deal-by-deal private equity investing platformThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Transcribe →
How We Built IDUN Industrier: 20 Acquisitions and 60x+ P/E Ratio
Mar 2400:20:01Tap to summarizeIn 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 investors may be willing to pay such a premium for that model.Timestamps:0:00 Why IDUN Industrier deserves attention1:19 The power of dominating tiny niche markets3:13 Why the market gives IDUN a premium valuation4:32 Buy relevance, not scale5:54 Meet the niche leaders inside IDUN’s portfolio7:44 How IDUN actually creates value9:42 Why portfolio design matters10:40 M&A discipline over deal volume12:20 Why IDUN resembles the best serial acquirers13:44 Lessons for investors, buyers, and operators15:32 The biggest risks in the model17:45 Final takeaway: a blueprint for durable compoundingSponsor:https://capitalpad.com/ - A deal-by-deal private equity investing platformThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.#IDUNIndustrier #SerialAcquirer #HoldCo #PrivateEquity #CapitalAllocation #EntrepreneurshipThroughAcquisition #LongTermInvesting #BusinessAcquisition #MandA #Compounders
Transcribe →
What 100+ Investments Taught Me About Great Acquirers | Lacey Wismer Interview
Mar 2100:58:04Tap to summarizeMike 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 acquisitions10:59 From family business buying to search fund investing11:58 How ETA changed from 2010 to 202614:58 Why the entrepreneur matters more than the business18:03 What Lacey looks for in founders19:50 Unconsolidated niches and the “right to win”23:21 Biggest mistakes: wrong partners, overpaying, overleverage27:40 The upside and downside of permanent holds30:37 Capital allocation without a planned exit33:20 Raising permanent capital with patient investors35:29 Finding operators for indefinite-hold businesses39:12 What frugality looks like inside a company42:01 U.S. vs Europe: fragmentation and entry multiples45:13 How Hunter Search Capital wins without overpaying51:33 Women in ETA and relationship-driven investingSponsor:https://capitalpad.com/ - A deal-by-deal private equity investing platformThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Transcribe →
A Serial Acquirer Masterclass and The Story Of 47 Acquisitions Per Year
Mar 1700:36:34Tap to summarizeWhy 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 today.Timestamps:0:00 Why Stockholm is the mecca of serial acquirers2:37 The big ideas from 36 serial acquirers3:36 Why slower can actually win early in serial acquisition7:52 How great serial acquirers solve the reinvestment problem13:02 The 7,500x return story16:59 What actually drives compounding20:01 How to truly study operators and companies22:35 Why strong balance sheets and niche specialization matter in tough markets25:50 Evergreen Services GroupSponsor:https://capitalpad.com/ - A deal-by-deal private equity investing platformThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Transcribe →