Buyers and Builders

Sponsored by Spacebar Studios (https://www.spacebarstudios.co/) – your outsourced growth engine for B2B brands
Peer Groups by ScalePath (https://www.joinscalepath.com/) – expert-led community for HoldCo builders

Guest: Alex from RollUp Europe: https://rollupeurope.beehiiv.com/

Join us for a deep dive into one of the most fascinating stories in British business. In this episode, we explore RDCP Group, a UK-based holding company that grew from a £2 million equity stake into a portfolio generating over £400 million in annual revenue—all without institutional capital.

We unpack:
00:00:00 - Intro
00:00:49 - What makes Sameer and Iryna special as operators, investors, or builders?
00:01:57 - What surprised Alex most during his research?
00:04:12 - What are the biggest philosophical differences between building a HoldCo like RDCP versus launching a fund?
00:05:03 - Sponsor: Spacebar Studios
00:07:17 - How does RDCP’s financing model differ from traditional PE-backed serial acquirers?
00:10:28 - What made the care home strategy bankable, and how did they leverage it to fund other ventures?
00:12:15 - Sponsor: Scalepath
00:13:49 - RDCP’s aspiration to become the “British Berkshire Hathaway” - realistic or PR?
00:14:30 - Does the current structure - heavily SPV-based and bank-leveraged - can evolve into a more permanent capital vehicle?
00:16:45 - What did Alex personally learn the most from this research?

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Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy⁠⁠⁠

This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Dev Shah is the founder of Pocket Fund, a HoldCo that has acquired 7 businesses. At just 23, Dev has built a growing portfolio of newsletters, SaaS products, and mobile apps without raising a dime of outside capital. One of his first acquisitions, Sourcely.ai, made 37.5x MOIC.

Thank you to our sponsors:
Scalepath: https://www.joinscalepath.com/
Spacebar Studios: https://www.spacebarstudios.co/

In this episode, we cover:
00:00:00 - Intro
00:01:56 - Discovering acquire.com and the first acquisition
00:03:04 - Overview of Pocket Fund's portfolio and team structure
00:07:08 - Sponsor: Scalepath
00:10:08 - Building and managing a team in India to run the portfolio
00:11:03 - How he finds operators and builds systems to scale to 20+ companies
00:17:14 - His buying criteria and approach to value creation
00:17:26 - Sponsor: Spacebar Studios
00:21:52 - Deal sourcing
00:36:55 - Deep dive into his 35x MOIC case study (Sourcely.ai)
00:43:47 - How does Dev manage a portfolio of six companies
00:47:56 - Why he is rejecting VC and fund money for now
01:00:37 - Long-term vision and building a new Constellation-like model in India
01:05:24 - Hiring global talent

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Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy⁠⁠⁠

Dev on Twitter: https://x.com/devlikesbizness

This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

I sit down with Jamal Muse, a former math teacher and former Blackrock analytics professional who reinvented himself as a serial founder. He’s built and sold two brands (one for 7 figures) and is now sellling his third.

If you're building with an exit in mind — or want to learn how top operators structure their businesses to sell — this episode is a must-listen.

📧 Interested in buying Jamal’s current business? Reach out at: mikk at privatequityguy dot com
🔔 Don’t forget to subscribe for more interviews with operators, acquirers, and builders.

We cover:
00:00:00 - Intro - Meet Jamal Muse, 3-time founder with one 7-figure exit
00:01:07 - Why 50% of your earnings come at the exit, not during operations
00:03:31 - How Jamal learned to treat his business as an asset, not a baby
00:06:50 - The mindset shift behind picking the right buyer (and rejecting offers)
00:09:00 - Should you sell your business? Jamal’s take on emotional attachment
00:11:01 - Reinventing yourself: From teacher to entrepreneur to what’s next
00:19:00 - Why going public with his story was scarier than skydiving
00:22:30 - Jamal’s 3-year roadmap to build, grow, and exit a brand
00:27:00 - Common mistakes that kill exits: bad books, weak niche, messy ops
00:30:00 - Revenue vs. profit - what actually matters when selling
00:33:00 - What real buyers look for in a business (and red flags to avoid)
00:36:40 - You can dictate price or terms - but not both

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Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy⁠⁠⁠

This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

True Potential has quietly compounded at 40% CAGR for over 15 years, becoming the UK's largest private equity-backed wealth management consolidator. In this deep-dive episode, we unpack the strategy behind this incredible growth story with Alex from RollUp Europe, who authored one of the most detailed research pieces on True Potential.

🔗 Sponsored by Spacebar Studios (spacebarstudios.co) – your outsourced growth engine for B2B brands
🔗 Peer Groups by ScalePath (joinscalepath.com) – expert-led community for HoldCo builders

Learn how True Potential:

00:00:00 - Compounding at 40% for 15 years
00:00:42 - What is an IFA and why true potential stands out
00:01:33 - $500k EBITDA per employee: the aha moment 
00:02:56 - How true potential earns 70–80% EBITDA margins
00:04:18 - Sponsor: Spacebar Studios
00:05:26 - Why 90% of AUM is in in-house funds, and why that matters
00:06:50 - True potential’s small ticket M&A machine
00:08:53 - How they avoided legal liability while acquiring clients
00:10:07 - Regulatory risks of vertical integration in the UK
00:11:07 - Sponsor: Scalepath
00:12:18 - The hidden cost of selling to consumers (vs B2B)
00:14:40 - Why Cinven paid 20x EBITDA, and still won
00:16:01 - 3 key lessons from true potential’s buy-and-build success

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Subscribe on Spotify:
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Subscribe on Apple Podcasts:
https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724

Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy⁠⁠⁠

Alex from RollUp Europe: https://rollupeurope.beehiiv.com/

This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Mike Botkin went from being a real estate private equity COO to buying a small landscaping business doing $780K in revenue - with no prior experience and no money down. Just 23 months later, he sold it for millions after scaling through 6 smart acquisitions and ruthless focus.

This is one of the most tactical and inspiring HoldCo journeys you’ll hear in a long time. If you’ve ever thought about leaving your job to buy a business, this is the episode that might make you do it.

Thank you to our newest sponsors:
Scalepath: https://www.joinscalepath.com/
Spacebar Studios: https://www.spacebarstudios.co/

In this episode, we cover:
00:00:00 - Why Mike left a PE COO role to buy a $780K landscaping business
00:00:31 - “I wasn’t qualified” - Mike explains why he took the leap anyway
00:03:13 - Sponsor: ScalePath - Peer groups for HoldCos and SMB operators
00:04:30 - Burn the boats: betting everything on himself with a newborn at home
00:06:23 - How he found his first business on BizBuySell and closed in 45 days
00:08:20 - The myth of perfect deals and how Mike created his own luck
00:13:00 - Sponsor: Spacebar Studios - Growth engine for B2B PE-backed companies
00:14:10 - Why Mike fired $3M in revenue and focused only on profitable customers
00:20:12 - A reporting hack that boosted margins by cutting wasted labor time
00:22:53 - He wasn’t buying businesses, he was acquiring great people
00:26:10 - Don’t buy from tired sellers, look for mid-career owners instead
00:28:20 - Why Mike avoided SBA loans and bought 6 businesses with no debt
00:34:19 - How he raised millions without putting in a dollar of his own
00:38:55 - The exit: selling the company and why early retirement didn’t stick
00:42:50 - Starting Canvas Outdoors: replicating the model with two platforms
00:44:15 - Why maniacal focus beats portfolio diversification for HoldCos
00:50:00 - Lessons from a CEO: “Keep the main thing the main thing"
00:52:42 - Mike’s favorite book and his brutally honest best investment advice

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Subscribe on Spotify:
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Subscribe on Apple Podcasts:
https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724

Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy⁠⁠⁠

Mike on Twitter: https://x.com/MikeBotkin_

This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

The $3 Billion Rollup: Inside Moonbug’s Epic Exit (with Alex Prokofjev from Rollup Europe)

What do Cocomelon, Blippi, and Little Baby Bum have in common? They were all part of one of the most impressive media rollups in history: Moonbug Entertainment — a business that scaled from 0 to $100M EBITDA in under four years and exited for $3 billion to Candle Media (backed by Blackstone).

Thank you to our newest sponsors:
Scalepath: https://www.joinscalepath.com/
Spacebar Studios: https://www.spacebarstudios.co/

In this episode, I sit down with Alex Prokofjev, co-founder of Rollup Europe, who did a deep dive into Moonbug’s strategy. We unpack the insane deal-making, content flywheel, multi-channel monetization, and the unique cap table structure that fueled this rocketship.

We explore:
00:00:00 - Intro: The Most Fascinating Exit in Modern Media?
00:00:42 - Why Moonbug Was a Contrarian Bet in 2018
00:02:15 - Meet the Dream Team: Disney + Wildbrain + M&A
00:03:35 - How They Scaled to $3B in Just 3.5 Years
00:05:00 - Moonbug’s Playbook: Monetizing Kids' IP Across Channels
00:06:15 - Cap Table Deep Dive: 6 Share Classes & Incentive Design
00:07:30 - How Moonbug Achieved 50% EBITDA Margins Across 30 Brands
00:09:00 - Little Baby Bum: The $90M Deal That Changed Everything
00:13:00 - Moonbug’s Exit to Candle Media: Was $3B Worth It?
00:16:00 - Why Moonbug Hasn’t Been Copied (Successfully)
00:17:20 - The Legal Battles & Risks Behind the Scenes
00:19:35 - Founders’ Payday: Who Made How Much in the Exit?
00:20:30 - Top 3 Lessons for Today’s Rollup Operators

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Subscribe on Apple Podcasts:
https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724

Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy⁠⁠⁠

Alex from RollUp Europe: https://rollupeurope.beehiiv.com/

This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

In this episode of HoldCo Builders, I sit down with Jude Goodrick, Head of Capital Markets at Mainshares—a fast-growing platform that's quietly reshaping small business acquisitions.

Mainshares helps acquisition entrepreneurs find the capital they need to buy real, cash-flowing businesses. Jude has seen hundreds of deals and works directly with operators and investors to get them across the finish line.

Thank you to our newest sponsors:
Scalepath: https://www.joinscalepath.com/
Spacebar Studios: https://www.spacebarstudios.co/

In This Episode We Discuss:
00:00:00 - Intro: Why Jude Goodrick is at the center of SMB acquisitions
00:00:42 - Jude's background and journey from Carta to Mainshares
00:01:36 - The origin story of Mainshares and what problem it solves
00:03:09 - Solving the chicken-and-egg problem of deals vs. capital
00:04:39 - Sponsor: Scalepath
00:06:47 - Feedback from having 800 conversations with operators
00:07:59 - First acquisition took about a year
00:08:48 - How Mainshares makes money and structures deals
00:13:35 - Sponsor: Spacebar Studios
00:17:31 - A common reason operators come to them
00:19:47 - Why Mainshares isn't building a traditional PE firm
00:23:32 - Could Mainshares build a permanent HoldCo?
00:24:58 - Investor experience on the Mainshares platform
00:32:12 - What happens when a deal is oversubscribed?
00:36:10 - Post-acquisition support: credit lines, equipment loans
00:38:21 - Who are the operators? First-timers vs. seasoned pros
00:40:35 - MBA vs. blue-collar operators: who performs better?
00:43:17 - What happens when things go wrong post-acquisition?
00:45:00 - Structuring preferred equity and step-ups
00:48:40 - Jude’s advice to aspiring acquisition entrepreneurs
00:51:35 - What separates great operators from average ones
00:57:29 - What Jude enjoys most - and least - about his role
00:59:20 - Would Jude ever buy a business himself?

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https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724

Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy⁠⁠⁠

Judd on Twitter: ⁠⁠⁠https://x.com/judd_goodrich

This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Is this the most underappreciated rollup in Europe?

In this episode, we dive deep into HomeServe — the unsexy plumbing and HVAC company that quietly evolved into a $2B revenue giant and was eventually acquired by Brookfield for $6B. But this isn't just a story about boilers and leaky taps.

Joining us is Alex Prokofjev, co-founder of RollUp Europe.

Whether you're an operator, investor, or aspiring acquisition entrepreneur, this episode is packed with strategic insights on rollups, recurring revenue, and scaling services with a subscription twist.

Thank you to our newest sponsor:
Spacebar Studios: https://www.spacebarstudios.co/

We explore:
00:00:00 - The most underappreciated Rollup in Europe?
00:00:51 - How HomeServe evolved into a vertically integrated insurance broker
00:01:45 - The business model failed not once but twice
00:03:31 - Two powerful lessons for pperators: Fintech revenue and iterating beyond your first idea
00:04:40 - Great timing
00:05:57 - Why HVAC became HomeServe’s rollup goldmine: high-trust, high-margin, mission-critical customer moments
00:07:37 - Sponsor: Spacebar Studios
00:08:40 - Buying small businesses with attractive multiples
00:07:15 - How HomeServe Justified Higher Acquisition Multiples
00:10:04 - Why public market investor give up on HomeServe
00:12:40 - The Brookfield playbook Post-Acquisition: Breaking up the business and doubling down on HVAC rollups in Europe
00:14:03 - Biggest takeaway: Be ready to pivot your entire business
00:15:15 - Running a mission critical requrring revenue business
00:16:26 - Similar strategies on different verticals

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Subscribe on Apple Podcasts:
https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724

Follow Mikk/PrivateEquityGuy on Twitter: https://x.com/PrivatEquityGuy⁠⁠⁠

Alex from RollUp Europe: https://rollupeurope.beehiiv.com/

This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Neil Twa is a veteran e-commerce operator and investor who’s built and exited multiple 8-figure physical product brands. He raised $100M to launch an Amazon aggregator — and then walked away before deploying a single dollar.

Now, Neil is a partner at Patriot Growth Capital, where he focuses on acquiring businesses in the $5M–$50M range and backing veteran entrepreneurs.

Thank you to our newest sponsors:
Scalepath: https://www.joinscalepath.com/
Spacebar Studios: https://www.spacebarstudios.co/

In This Episode We Discuss:

00:00:00 - Intro & Neil's background
00:00:28 - Biggest lesson: Patience and perseverance
00:01:25 - Why Neil got into physical products
00:02:28 - Build vs Buy in physical product businesses
00:04:34 - Building businesses with the end in mind (exit focused)
00:06:17 - Sponsor: Scalepath
00:07:18 - Neil's early business journey & first exits
00:08:34 - Meeting Kevin Harrington & shift to 'build to sell'
00:11:19 - Sponsor: Spacebar Studios
00:12:14 - Timeline: affiliate - FBA - aggregators
00:16:00 - Neil 1.0 vs Neil 2.0 - mindset transformation
00:21:00 - The '5 Fs' framework
00:22:03 - Pulling back from $100M aggregator plan
00:26:33 - Operational chaos in the Amazon rollup space
00:31:00 - Mass adoption of ecommerce & timing the market
00:34:34 - Creative deal structures & leaving owners with equity
00:40:21 - Ideal acquisition targets & buy box explained
00:43:31 - One deal with massive upside potential
00:46:30 - Building a new SaaS product: Cayman Data
00:50:00 - How Neil manages focus & projects
00:51:24 - Neil's current role: investor/operator
00:53:07 - One key lesson from being in the trenches
00:56:33 - Advice: don't sell $20 products on Amazon
00:57:34 - Current frustration: Amazon TOS enforcement
00:59:11 - Five-year vision for fund and SaaS (2030 goals)
01:00:25 - Favorite book: Good to Great by Jim Collins
01:01:48 - Best investment advice: Invest without expectation
01:02:00 - Closing remarks 

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Subscribe on Apple Podcasts:
https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724

Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy⁠⁠⁠

Neil on Twitter: ⁠⁠⁠https://x.com/voltagefba

This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Private equity firms made over 80x their money on Mister Car Wash. How?

In this episode, Mikk is joined by Pavel Prokofjev from Rollup Europe to dissect one of the most extreme boom-and-bust rollup stories in recent memory. At its peak, Mister Car Wash was a private equity dream: 40% EBITDA margins, 3-year paybacks, and a shift from transactional to recurring revenue — a perfect storm of unit economics and subscription-like predictability.
PE firm Leonard Green used aggressive sale-leasebacks and dividend recaps to fully recover its equity by 2019 while retaining control — ultimately achieving a 20x+ MOIC and IRRs north of 35%.

So why did the IPO flop? Why did the market re-rate from 20x to 10x EBITDA? And is the car wash rollup model broken — or just entering a new phase?

This is a deep dive into one of private equity’s most fascinating plays — packed with numbers, strategy, and hard-won lessons.

Thank you to our newest sponsor:
Spacebar Studios: https://www.spacebarstudios.co/

We explore:
00:00:00 - Did private equity kill the U.S. car wash opportunity?
00:01:00 - Why celebrities started investing in car wash rollups
00:02:40 - Why car washes were a PE dream: fragmentation, subscriptions, and margins
00:04:30 - Mister Car Wash: 80x return for PE, disaster for IPO buyers
00:06:00 - What killed investor returns: debt, high prices, and macro changes
00:08:15 - How express tunnels made $25/month memberships viable
00:10:00 - Churn, location strategy, and why car washes behave like SaaS
00:12:30 - How Mister Car Wash struck gold — twice
00:13:50 - 5 expensive lessons for future rollup operators
00:16:00 - Is a car wash holdco still viable in 2025?
00:19:30 - Will the U.S. playbook work in Europe? The tunnel tech gap
00:23:00 - Greenfield vs. buy-and-build: which wins in the long term?
00:25:00 - Final thoughts and advice from Pavel

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Subscribe on Spotify:
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Subscribe on Apple Podcasts:
https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724

Follow Mikk/PrivateEquityGuy on Twitter: https://x.com/PrivatEquityGuy⁠⁠⁠

Pavel from RollUp Europe: https://rollupeurope.beehiiv.com/

This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.