Ryan Sullivan is a risk-conscious entrepreneur who stepped into business ownership in his late 40s, proving that it’s never too late to take the leap.

As the co-founder of North Park Group, Ryan has been acquiring small legacy manufacturing businesses across the U.S., starting with a 100-year-old electrical component manufacturer in Wichita, Kansas, producing $700K in adjusted EBITDA. What began as a single acquisition with one partner has now grown into a team of five, with six acquisitions to date. Today, North Park Group’s portfolio generates $80–85 million in revenue and $8 million in EBITDA.

Ryan’s approach doesn’t fit neatly into the usual categories—it’s not a holdco, not private equity, and not a roll-up. Instead, he and his partners have built a model from first principles, aligning incentives while maintaining a conservative stance on debt and risk. In this episode, we dive into the strategy behind North Park Group’s acquisitions, how Ryan transitioned into this space, and the lessons he’s learned along the way.

Please enjoy this conversation with Ryan Sullivan—entrepreneur, operator, and Managing Director of North Park Group.

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Timestamps:

00:00:00 - Intro

00:00:25 - "You were 48 when you started - what took you so long?"

00:04:33 - When this "crazy" co-founder Greg convinces you to start acquiring companies

00:09:03 - Core team strengths and weaknesses

00:13:43 - How they were able to continue other pursuits while managing a portfolio of 5 companies

00:16:29 - The amount Ryan invested in the business

00:19:41 - Taking private money vs taking public money and saying no to many investors

00:24:42 - Despite his great success, Ryan struggles with impostor syndrome

00:27:50 - How to recover from a failed deal that you worked for so long

00:30:37 - Hard work after first acquisition (it's a lot harder than people say it is)

00:34:38 ​​​​- The reaction and support of the family when going through all the craziness

00:38:18 – What type of companies they are looking for

00:42:50 - Timeline of acquisitions

00:45:49 - Buying a company with real estate to manage a risk

00:49:33 - The ultimate goal is to acquire 8-10 companies

00:51:25 - The structure of the first acquisition

00:59:58 - Acquisition number two

01:03:35 - "nothing is more important than buying well”

01:07:22 - Temptation to buy just "something"

01:10:45 - Portfolio of 6 businesses and $80m revenue / $8m ebitda

01:14:26 - Keeping the debt level as low as possible

01:16:36 - Starting a deal-by-deal instead of raising a fund

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

Ryan on LinkedIn: https://www.linkedin.com/in/ryan-sullivan-b2253a1/

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