Buyers and Builders

In this episode of HoldCo Builders, I’m joined by Chris Sparling, Co-Founder and Vice Chairman of Tiny. Chris has helped acquire and scale more than 30 internet businesses and has deep insights into capital allocation, due diligence, deal structuring, and the psychology of long-term investing.

We talk about how Tiny was built, the story behind acquiring AeroPress, thought experiments that shaped their early decisions, and what Chris learned from personal interactions with Charlie Munger and Bill Ackman. Whether you’re a business buyer, holdco operator, or investor, this episode is packed with timeless wisdom and practical frameworks.

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

In Today’s Episode We Discuss:

00:00:00 - Chris's backstory and early investing lessons from his dad
00:00:58 - The pivotal moment meeting Andrew and starting their journey together
00:02:55 - The “law firm” thought experiment and why it shaped their capital allocation mindset
00:04:28 - Realization: Buying proven businesses is better than starting from scratch
00:06:00 - How Chris became a shareholder in Tiny (not a typical path)
00:08:53 - Avoiding bad businesses: wholesale transfer price risk and capital intensity
00:09:25 - Sponsor: Spacebar Studios
00:10:34 - Canadian location arbitrage and headspace advantage
00:12:29 - Sponsor: Space Bar Studios — helping B2B companies scale growth without hiring a full team
00:13:15 - The unfair advantage of Andrew’s online persona
00:17:23 - Why founders choose to sell to Tiny: Speed, authenticity, and respect
00:19:00 - 2-year dry spell in dealmaking and how discipline shaped their approach
00:20:48 - Favorite structuring method: “Bird in hand” vs. “two in the bush”
00:22:51 - How they acquired AeroPress from its legendary inventor
00:25:04 - Fastest deal Tiny ever did—and why it worked
00:27:22 - Buying “venture orphans” at deep discounts
00:29:00 - Organic growth vs. price-driven acquisitions
00:30:44 - How Tiny evaluates moats and pricing power
00:31:58 - Siloing debt and managing risk through asymmetric bets
00:33:36 - Would unlimited capital improve their investing strategy?
00:34:55 - Lessons from Charlie Munger and playing the ultra-long game
00:36:31 - Equity, ego, and how to prevent resentment in partnerships
00:39:40 - The legendary $57,000 charity lunch with Bill Ackman
00:43:13 - Meeting Charlie Munger: nerves, learnings, and shouting questions
00:46:04 - Why advice from mentors can be dangerous
00:49:11 - Chris’s decision-making framework: hell yes or no, relativity, gut instinct
00:52:01 - A masterclass on incentives (with kid allowance examples!)
00:57:29 - Are high-level meetings worth it—or should you just focus on the work?
00:59:45 - What makes Bill Ackman special
01:01:14 - Why nobody has it all figured out—even the shiny people online

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Subscribe on Spotify:
https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh

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

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

Chris on Twitter: ⁠⁠⁠https://x.com/_Sparling_

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

My guest today is Mark Rossano, Co-Founder & CEO of C6 Capital Holdings, a firm focused on building real-world solutions in energy and agriculture infrastructure.

In this episode, we explore Mark’s journey from Morgan Stanley and global oil trading to building a holding company that owns hydroelectric power plants and sustainable fertilizer companies.

In Today’s Episode We Discuss:

00:00:00 - Intro: meet Mark Rossano
00:01:06 - From Wall Street to Oil Trading & Global Energy
00:03:18 - Launching a Fund & Personal Tragedy
00:05:45 - Why Energy & Agriculture Infrastructure
00:08:00 - How Mark Met His Partner Fernando
00:10:15 - The Early Pain: Fundraising & Doubters
00:13:09 - Power Prices, Fertilizer & Macro Contrarian Views
00:15:02 - First Close: Winning Investors Over with Track Record
00:16:50 - Structure & Scale of the Portfolio
00:20:56 - Why Sulfur Is the Hidden Commodity Crisis
00:22:25 - Deal Sourcing: How They Find Hydroelectric Assets
00:24:50 - Why Mark Buys Minority Stakes & Not Full Control
00:26:09 - Their “Anti-Private Equity” Approach
00:29:04 - Why Engineers Partner with Mark’s Firm
00:32:07 - Lessons from Running Real Businesses vs. Modeling
00:36:17 - Macro Insights That Drive Capital Allocation
00:40:56 - How Mark Avoids Bad Investments
00:44:16 - Big Mistakes Founders Make (Sales, Leverage, Assumptions)
00:50:17 - Fund Structure & Deployment Strategy
00:54:00 - The Psychological Side of Building During Chaos
00:58:03 - Making Tough Calls & Turning Off Emotions
01:02:15 - Best Investment Advice & Favorite Books

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

Mark on X: https://x.com/markfny

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

What if the real edge in investing isn’t another framework or deal structure—but how you learn?

In this solo episode of HoldCo Builders, I break down a mental model that quietly powers the world's top capital allocators, HoldCo founders, and hedge fund managers. Inspired by the teachings of Alix Pasquet (Prime Makaya Capital), we explore why the highest IRRs often come from behavioral change—not spreadsheets.
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In This Episode, You Will Learn:

00:57 - Why “learning” is useless unless it changes your behavior
03:27 - The overlooked relationship between physical tension and decision-making
06:47 - How elite investors maintain sharpness across decades
08:10 - How to build your personal ‘learning laboratory’ for real feedback
09:31 - Why you only need 7 right people to change your life
09:46 - The power of teaching as leverage and how it compounds
10:46 - How Buffett, Howard Marks, and others sharpen their edge by thinking out loud
16:10 - The “Futsal Principle” of rapid feedback loops for capital allocators
19:14 - How elite investors stay sharp across decades (continued)

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

Alix on Twitter: https://x.com/alixpasquet

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

Johannes Hock, a former private equity associate left his high-paying job to build wealth through acquisition. In 2022, Johannes and his partner acquired DFW Turf, a fast-growing artificial turf installation business.

After leaving a prestigious private equity firm, he went on to review over 200 deals in just a few months, submitted 10 LOIs, signed 3, and ultimately closed on one.

In just two years, they scaled the business from $5M to over $21M in revenue—leveraging both organic growth and strategic acquisitions.

In Today’s Episode We Discuss:

00:00:00 - Intro
00:00:31 - Where it all started
00:02:09 - Being an associate at a PE firm and quitting — best decision ever
00:05:18 - Why the 10-10-10 model in private equity wasn’t attractive enough
00:07:31 - Underestimating the actual risk of acquiring a company
00:09:25 - Johannes’s financial position before quitting his private equity job
00:10:32 - First acquisition details (looked at 200–300 deals in 2–3 months)
00:12:26 - Chasing the perfect deal vs. getting something done
00:15:18 - The conversation with the lender that closed the acquisition
00:18:15 - Why recurring revenue is overrated (and how to create equity value)
00:21:51 - Why cash controls are the #1 focus post-acquisition
00:25:29 - Only one person wasn’t a good fit post-acquisition
00:27:31 - One regret: not adding more cash to the balance sheet
00:29:00 - Cap table structure and the importance of raising smart money
00:33:42 - Organic growth and hiring 30 people
00:37:56 - Risks of buying a company growing 40–50% per year
00:40:54 - Reinvesting in growth while staying profitable
00:41:57 - The story of the first add-on acquisition in 2024
00:44:19 - The thought process behind add-ons (51% to 100%, with flexibility)
00:47:29 - How they finance future acquisitions
00:51:18 - Trucks break down, people don’t show up, customers get angry — Johannes has seen it all
00:54:37 - The plan: open 3 new locations and do 1–2 acquisitions per year
00:59:31 - Industry is growing 50% annually (with 20% growth, it would’ve been a different story)
01:00:40 - The happiness of pursuit

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

Johannes on X: https://x.com/HockJohannes

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

Neil Mehta built Greenoaks Capital into one of the most successful — and secretive — investment firms in the world. While most VCs chase hype, Neil built a reputation for radical focus, long-term thinking, and doing his own diligence.

In this solo research episode, I break down what holdco builders, private equity investors, and traditional business owners can learn from Mehta’s strategy — from his obsession with simplicity to how he scaled Greenoaks to $15b AUM without raising hype-driven rounds.

Key topics in this episode:

- Why Greenoaks avoids traditional venture traps
- The importance of doing your own due diligence (never outsource it!)
- How conviction and focus beat diversification
- Neil Mehta’s underrated operating edge
- What SMB and HoldCo builders can apply from a top-tier investor

If you're building a group of companies, allocating capital, or operating a company, this episode will give you valuable frameworks.

I hope you enjoy it.

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Timestamps:
00:00:00 - Intro
00:01:56 - Greenoaks Capital and its investment philosophy
00:04:31 - Finding hidden gems: the power of a contrarian acquisition strategy
00:11:02 - The decisive power of backing the right leader (special people)
00:17:15 - Riding the wave of transformative shifts
00:20:36 - The power of deep understanding and bold conviction
00:26:43 - The imperative of ruthless prioritization
00:35:11 - The cost of outsourcing fundamental analysis
00:37:52 - The art of seeing beauty in business and viewing founders as artists painting their masterpiece

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

Neil on LinkedIn (No one at Greenoaks Capital Partners uses Twitter): https://www.linkedin.com/in/neil-mehta-47623079/

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

My guest today is Nick Huber — entrepreneur, investor, and creator behind a $30M+ holding company spanning real estate, service businesses, and media.

In this episode, we dive deep into how Nick allocates capital across multiple businesses, builds operationally lean teams, and balances short-term cash flow with long-term wealth creation.

We explore how social media transformed his entrepreneurial journey, raising millions and unlocking career-changing relationships. Nick also shares the realities of building in public, handling criticism, and why focusing on "unsexy" businesses gives him an edge.

If you're an investor, business buyer, or private equity professional looking to learn how to think, operate, and allocate like a world-class entrepreneur, this conversation is for you.

Topics include:

• Capital allocation frameworks
• Scaling without losing control
• Building trust and raising millions online
• The real mindset behind entrepreneurship
• Handling criticism and pressure at scale
• Life lessons from building boring businesses

Listen now to get an unfiltered view into the mind of one of today’s most transparent and tactical business builders.

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Timestamps:

00:00:00 - Intro  
00:00:23 - Why everyone wants to follow people who live an interesting life  
00:04:25 - The huge upside and downside of being transparent on social media  
00:05:36 - “Nick is going broke, he’s a fraud, and going bankrupt?!”  
00:10:36 - The debt structure behind Nick’s most expensive acquisition ($52M valuation deal)  
00:19:15 - How to stay focused when running a diversified portfolio  
00:22:40 - 325 employees across Nick’s portfolio (only 20 are Americans)  
00:25:38 - Whatever you do: add as much value to others as you can—and do it for free  
00:28:02 - The story of meeting a wealth manager that changed Nick’s views on life and business  
00:32:18 - Helping investors evaluate deals led Nick to 5 closed deals  
00:35:06 - How one Twitter thread converted into 40,000 followers and a new business life  
00:36:28 - Business and life are an adult marshmallow test  
00:40:02 - Three things every operator should learn  
00:43:22 - Working 60 hours a week  
00:45:45 - The most painful part of the journey  
00:47:29 - Is Nick an iceman, or does he really care what people think of him?

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

 As Nick builds his holding company, here are the links to all of his businesses, as well as his new book, which will be released on April 29, 2025.

Nick on X: https://x.com/sweatystartup

www.sweatystartup.com

www.nickhuber.com

www.somewhere.com

www.boltstorage.com

www.recostseg.com

www.boldseo.com

www.webrun.com

www.titanrisk.com

www.linkedin.com/in/sweatystartup

Link to buy the book on Amazon: https://amzn.to/4bLazjW

Link to buy the book in the UK: https://bit.ly/422njPW

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

My guest today is Nick Keegan, co-founder and CEO of Mail Metrics, a company helping highly regulated industries—like banks, insurers, and pension providers—communicate more effectively with their customers.

Nick started Mail Metrics in 2013 at just 24 years old, after serving 11 years in the Irish Defence Forces. It took 7 years to reach €1M in revenue, but what followed is nothing short of remarkable: in 2023, the company hit €40M—and is on track to do €210M in 2025.

In this episode, we go deep into the gritty early years, how he closed his first clients after 3 years of trying, and how Mail Metrics scaled through a combination of organic growth and strategic acquisitions.

Nick breaks down what he looks for in an acquisition target, how deals are structured and financed, and what it really takes to integrate teams post-deal.

We also cover:

• The challenges of selling into regulated industries with long sales cycles
• How Nick brought on a private equity partner while keeping control
• The key lessons from growing a 600-person company
• His approach to capital allocation, leadership, and leverage
• And the mindset shifts that helped him grow from a bootstrapped founder to leading a 9-figure business

Whether you're an operator, investor, or aspiring acquirer, this episode is packed with insight.

I hope you enjoy this conversation with Nick Keegan.

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Timestamps:

00:00:00 - Intro

00:00:11 - The early days of Nick and MailMetrics

00:07:01 - The story of the first two massive clients (took an extremely long time to close)

00:08:06 - Growth through acquisitions

00:11:07 - The story of the first two acquisitions (financing and structure)

00:16:16 - Post-acquisition strategy

00:19:05 - Timeline of all the acquisitions

00:20:09 - Improving the bottom line through synergies across the portfolio

00:22:59 - The third acquisition almost doubled the business 00:26:00 - 2–3 factors that need to be true for Nick to acquire a competitor

00:28:27 - When acquisitions don’t go as planned… 00:32:45 - The decision to partner with a private equity firm 00:37:15 - Nick and his roles over the years

00:41:48 - Nick’s view on leverage when doing acquisitions 00:43:40 - What Nick would do if he were to start all over again

00:46:35 - MailMetrics today

00:48:35 - Your goals can come true—sometimes 10x bigger than you ever dreamed

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

Nick on X: https://x.com/Nick_Keegan

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

In this special episode, I share transformative insights on the power of networks, heavily inspired by the wisdom of Alix Pasquet, a Managing Partner at Prime Macaya Capital Management.

I dive into his framework for understanding how your network acts as both a critical competitive moat and a vital margin of safety in investing and business.

Key topics covered, largely learned from Alix Pasquet:

- Why your network is your strongest competitive advantage

- The "Triad" strategy for building powerful connections, a concept deeply influential in Alix Pasquet's thinking

- How to become "important" to the right people

- The importance of generosity, persistence, and long-term thinking in networking

This episode is filled with actionable advice and mindset shifts, largely shaped by the principles I've learned from Alix Pasquet.

Whether you're an investor, entrepreneur, or simply looking to expand your circle, you'll gain valuable insights on building a network that compounds over time.

I hope you enjoy it.

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Timestamps:

00:00:00 - It doesn’t matter where you live

00:01:26 - Why networks are a competitive edge

00:05:08 - You don’t need too many people to become an excellent investor

00:06:09 - The network behind great investors (not just brilliant thinkers)

00:08:13 - The Private Whisper Network

00:09:56 - The culture of "talk to him, talk to her"

00:11:42 - The power of the Triad

00:15:49 - How to start building your network (even if you feel unimportant)

00:19:44 - Find shared missions

00:21:19 - You don’t need to be famous; you just need to be consistent

00:23:10 - Small acts of leverage

00:25:49 - Truly busy, high-agency people, the ones you admire, didn’t get there by giving up after two tries

00:27:09 - Do your homework by knowing their thinking, their portfolio, their recent exits, and struggles

00:30:35 - Mentorship is often where most accomplished people find the most joy

00:31:57 - Don't burn your early mentors

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

Alix on Twitter: https://x.com/alixpasquet

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

My guest today is Yuen Yung, Founding Partner at HalBar Partners, a firm focused on operator-led acquisitions. In just two years, HalBar and NCA ETA have closed 15 acquisitions totaling $270M in enterprise value, hitting their goal of 10 deals per year.

We discuss:

• Yuen’s journey from immigrant roots to building HalBar

• The firm’s investment thesis, fund structure, and capital strategy

• How they source operators and deals, and drive post-acquisition value

• Lessons from wins and misses in ETA

• HalBar’s playbook for growing EBITDA and scaling portfolio companies

Whether you're an investor, operator, or just curious about ETA and private equity, this episode is packed with insights.

I hope you enjoy this conversation with Yuen Yung.

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Timestamps:

00:00:00 - Intro

00:00:14 - Immigrating from China to the USA

00:05:07 - The Shark Tank TV show story

00:12:39 - Why you should never fall in love with your business

00:14:00 - ETA, search funds, and the thesis behind HalBar Partners

00:20:41 - How Yuen met Nate, his co-founder

00:25:22 - Deal structures and partnership dynamics with Nate; early investors

00:27:21 - How someone with capital can replicate HalBar’s model

00:29:42 - Why they chose this specific investment model

00:34:12 - 50% of deals are in Europe, 50% in North America

00:37:03 - Typical deal structure explained (percentages shared)

00:45:12 - Key differences between the U.S. and European markets

00:50:35 - How they find the best operators

00:53:25 - Selling a company in December 2024 with a 45% IRR

01:00:16 - Getting serious about understanding human psychology

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

Yuen on Linkedin: https://www.linkedin.com/in/yuenyung/⁠⁠

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

My guest today is Jesper Søgaard, co-founder and CEO of Better Collective — a global leader in digital sports media and sports betting information, with over 400 million monthly visits, 1,200+ employees, and 20 international offices.

Founded in 2004, Better Collective has grown into a powerhouse through a disciplined mix of organic growth and over 35 acquisitions, including major deals like Playmaker Capital and AceOdds in 2024. The company now owns 11+ media brands, including Action Network, SoccerNews, and HLTV.

In this episode, Jesper shares:

• The founding story of Better Collective

• How to scale a media company globally

• His M&A playbook and how to integrate acquisitions

• How to think about capital allocation with €111M in EBITDA

• Building a 20-year co-founder partnership

• Operating in highly regulated markets across the globe

• And why staying in one industry can unlock massive long-term success

If you're an operator, investor, or builder who’s thinking about scale, strategy, and sustained leadership—this conversation is a masterclass in all three.

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Timestamps:

00:00:00 - Intro

00:00:22 - The early days and how everything got started

00:02:35 - Realizing this could actually become a real business

00:05:13 - Was it difficult, or were you just having fun?

00:06:33 - Partnering with co-founder Christian: strengths and weaknesses

00:11:55 - The decision to start acquiring other companies

00:17:14 - Revenue streams and how the business makes money

00:20:05 - Growing through acquisition — why they wish they'd started earlier

00:22:40 - Deal structures: how some acquisitions were put together

00:24:57 - Lessons from 35 acquisitions — deals that didn’t go as planned

00:27:26 - The strategic thinking behind specific acquisitions

00:30:36 - Growing the company has felt like starting a new job every 2–3 years

00:33:23 - How Jesper thinks about acquiring a business

00:35:49 - Jesper’s approach to capital allocation

00:39:32 - Deciding when to reinvest profits vs. paying dividends

00:41:07 - A great example of someone who stayed in one industry for decades

00:43:43 - What keeps Jesper up at night

00:45:07 - Staying humble, but always driven to do more  

00:47:30 - Think long-term and always act with decency

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

Jesper on Twitter: ⁠https://x.com/jespersoegaard⁠

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