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

----------------------------------------------

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

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

----------------------------------------------

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

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

----------------------------------------------

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

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?

----------------------------------------------

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

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

----------------------------------------------

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

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 

----------------------------------------------

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

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

----------------------------------------------

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

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.

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

----------------------------------------------

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

----------------------------------------------

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.
----------------------------------------------

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)

----------------------------------------------

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.