Buyers and Builders

In 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 passport
8:46 The accounting lessons that shaped his whole career
11:05 Learning the oilfield business from the rig floor
13:29 The turnaround opportunity that changed everything
16:07 Buying CTS through a leveraged management buyout
19:19 What Ram focused on after taking over the business
26:45 Why CTS refuses leverage and aggressive accounting
31:31 The case for a cash-heavy balance sheet
36:40 How Neeti Fund was born
43:16 Ram’s framework for picking elite fund managers
49:50 Red flags he’ll never ignore in an allocator
57:33 The story behind ValueX Middle East
1:08:52 Why money is an enabler, not the goal
1:11:05 Great allocators vs. average allocators

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

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 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-up

Dan 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 rollup
1:34 The real fundraising story
2:02 Why the founders chose lettings after Uber and operational marketplace experience
5:06 Why acquisitions beat organic growth in property management
7:00 Why Dwelly was hard for investors to categorize as VC or private equity
10:01 How the founders evaluate industries and opportunities
11:45 Buying customers vs winning customers organically
16:26 Where rollups fail and why AI rollups are even harder
18:40 What actually happens after an acquisition and how integration works
25:34 Dwelly’s ideal acquisition target: size, recurring lettings revenue, and succession
32:18 Dan’s advice for founders struggling to raise capital

Sponsor:
https://capitalpad.com/ - A deal-by-deal private equity investing platform

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

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 investors may be willing to pay such a premium for that model.

Timestamps:
0:00 Why IDUN Industrier deserves attention
1:19 The power of dominating tiny niche markets
3:13 Why the market gives IDUN a premium valuation
4:32 Buy relevance, not scale
5:54 Meet the niche leaders inside IDUN’s portfolio
7:44 How IDUN actually creates value
9:42 Why portfolio design matters
10:40 M&A discipline over deal volume
12:20 Why IDUN resembles the best serial acquirers
13:44 Lessons for investors, buyers, and operators
15:32 The biggest risks in the model
17:45 Final takeaway: a blueprint for durable compounding

Sponsor:
https://capitalpad.com/ - A deal-by-deal private equity investing platform

This 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

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.

Timestamps
0:00 Introduction: Lacey Wismer on permanent capital and long-term holds
0:30 Entrepreneurial upbringing: luck, simplicity, cash flow, and leverage
2:54 What changes when you buy to own for 30 years
5:26 Studying enduring businesses instead of trends
6:49 The anatomy of a 100x deal
8:40 Diamond Brands and the power of adjacent acquisitions
10:59 From family business buying to search fund investing
11:58 How ETA changed from 2010 to 2026
14:58 Why the entrepreneur matters more than the business
18:03 What Lacey looks for in founders
19:50 Unconsolidated niches and the “right to win”
23:21 Biggest mistakes: wrong partners, overpaying, overleverage
27:40 The upside and downside of permanent holds
30:37 Capital allocation without a planned exit
33:20 Raising permanent capital with patient investors
35:29 Finding operators for indefinite-hold businesses
39:12 What frugality looks like inside a company
42:01 U.S. vs Europe: fragmentation and entry multiples
45:13 How Hunter Search Capital wins without overpaying
51:33 Women in ETA and relationship-driven investing

Sponsor:
https://capitalpad.com/ - A deal-by-deal private equity investing platform

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

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 today.

Timestamps:
0:00 Why Stockholm is the mecca of serial acquirers
2:37 The big ideas from 36 serial acquirers
3:36 Why slower can actually win early in serial acquisition
7:52 How great serial acquirers solve the reinvestment problem
13:02 The 7,500x return story
16:59 What actually drives compounding
20:01 How to truly study operators and companies
22:35 Why strong balance sheets and niche specialization matter in tough markets
25:50 Evergreen Services Group

Sponsor:
https://capitalpad.com/ - A deal-by-deal private equity investing platform

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

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 deals
1:40 From Detroit operator to private equity investor
4:58 Building Speyside: Fund I, the continuation vehicle, and Fund II
7:35 How PE firms decide fund size and portfolio construction
10:24 Why Elliott backed Speyside's continuation vehicle
12:43 What LPs want now, and why PE is going through a reckoning
15:46 Operational value creation vs. financial engineering
20:03 Why sellers choose Speyside for complex situations
24:09 The red lines: positive EBITDA, size limits, and avoiding bad S-curves
33:34 The “fix and build” playbook
59:29 Independent sponsors, fund models, and the future of dealmaking

Sponsor:
https://capitalpad.com/ - A deal-by-deal private equity investing platform

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

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 fund
2:56 Wharton and early US exposure
3:39 US finance years and coming back to Europe
6:03 Livonia today: focus and deal size
7:06 Minority and majority deals
7:23 Fundraising as a first-time GP
8:25 Early deals: structuring and fund size limits
10:08 Fund 1 vs Fund 2 evolution
13:38 Sourcing engine and “kill list”
16:00 Small market, big opportunity
20:32 Post-acquisition playbook and cadence
25:55 Thermory case: build, buy, exit
35:43 Mistakes: leverage and market calls
38:28 Fund size ceiling in the Baltics
46:54 Team lessons and alignment

Sponsors:
https://capitalpad.com/ - A deal-by-deal private equity investing platform
https://www.spacebarstudios.co/inquire

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

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 Intro
0:36 Why CapitalPad exists
3:08 Platform walkthrough
5:22 Lessons from the first 10 deals
7:16 What a typical deal looks like
9:10 Vetting sponsors/searchers
12:44 Investor improvement and portfolio construction
17:32 What top sponsors do differently

Sponsor:
https://capitalpad.com/ - A deal-by-deal private equity investing platform

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

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 Life
3:48 Operator Mindset in the Lower Middle Market
8:10 Buffett Lessons + Durability
18:36 Car Wash Playbook
23:46 HoldCo Structure
27:50 Recruiting A-Players
32:17 Co-Invest Partners
36:22 Bigger Deals: What Changes
39:28 Debt vs Equity
42:06 Founders: Recap vs Sell to PE
48:04 ETA/Search Funds: Post-Close Risk
55:10 People and Investing in Yourself

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

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:
0:00 Build “inbound” deal flow in the $2-15M EBITDA range
2:58 Why most relationships don’t compound (and how to fix it)
6:44 The first upgrade: become a “regular” and let familiarity stack
10:22 Gagosian’s flywheel: one gatekeeper unlocks the next layer
13:05 Build your “market map” (CRM mindset) before it pays you
16:09 “Create your own yacht”
19:28 Deal flow as a two-sided platform: owners + capital allocators
25:07 Modern yachts: Shark Tank, media, and flipping who chases who
31:59 The 5-question test for a real yacht
38:11 The whole thesis: manufacture situations where people come to you

Sponsor:
https://capitalpad.com/ - A deal-by-deal private equity investing platform

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