The Buyout Show with Fexingo: Private Equity, Roll-Ups, and Business Acquisitions

The Buyout Show with Fexingo: Private Equity, Roll-Ups, and Business Acquisitions

By FexingoBusiness
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The Buyout Show with Fexingo: Private Equity, Roll-Ups, and Business Acquisitions episodes

  • How PE Firms Broke the Auto Body Repair Business

    Episode 3 of The Buyout Show explores the private equity roll-up of America's auto body repair shops. Over the past decade, PE-backed consolidators like Caliber and Gerber have acquired thousands of collision centers, transforming a fragmented mom-and-pop industry. Lucas and Luna break down the strategy: why auto body is a perfect roll-up target, how consolidation pushed margins from 5% to 15%, and why repair costs are now up 30% year-over-year. They also examine the backlash from independent shop owners and insurers, and whether the model is sustainable as car technology makes repairs more expensive. A sharp look at how Wall Street reshaped something as everyday as fixing a dent.

    #PrivateEquity #AutoBodyRepair #RollUp #Caliber #Gerber #Consolidation #PEStrategy #CollisionRepair #Insurance #CarRepair #Business #Finance #MergersAndAcquisitions #FexingoBusiness #BusinessPodcast #TheBuyoutShow #LucasAndLuna #PEBacked

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    11 min
  • Rolling Up the Dentist: How PE Remade Dental Care

    Lucas and Luna examine the private equity roll-up strategy that has consolidated roughly 15 percent of US dental practices under corporate ownership. They trace the playbook from the first big platform acquisition of a single practice through the rapid-fire add-on deals that build regional monopolies. The hosts focus on Heartland Dental, now backed by KKR, which has aggregated over 1,700 locations by promising dentists equity upside and centralized back-office support. Luna challenges the assumption that corporate dentistry is purely predatory, pointing to data showing lower per-procedure costs in consolidated groups. Lucas counters with concerns about reduced clinical autonomy and the incentive tension between profit targets and treatment recommendations. They discuss the 2023 FTC scrutiny of roll-ups in healthcare services and the specific anti-trust risks when a single DSO controls a metro area. The episode anchors on a concrete number: the typical DSO acquires a practice at 5 to 7 times trailing EBITDA, funds the deal with 60 percent debt, and targets a 20 percent IRR on exit within five to seven years. Listeners learn how the same financial model works whether the target is a dental chain or a SaaS provider, and why the add-on acquisition math compounds faster than single-asset deals.

    #PrivateEquity #RollUp #DentalCare #HeartlandDental #KKR #DSO #HealthcareInvesting #AddOnAcquisitions #EBITDA #PEPlaybook #PlatformDeal #Business #Finance #Consolidation #FTC #Antitrust #FexingoBusiness #BusinessPodcast

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    7 min
  • Inside Thoma Bravo's $12 Billion SaaS Roll-Up Strategy

    In the premiere episode of The Buyout Show, Lucas and Luna break down the mechanics behind Thoma Bravo's $12 billion roll-up of enterprise software companies. They walk through the specific playbook—multiple compression, cross-sell synergies, and management carve-outs—using the firm's acquisitions of Anaplan and Coupa as a concrete case study. The conversation explains why private equity firms are racing to consolidate mid-market SaaS, how roll-ups create value beyond simple cost-cutting, and what the math looks like when you combine three companies with similar metrics. Lucas argues that the strategy works best in fragmented, slow-growth markets; Luna pushes back on the integration risk and cultural challenges. They also touch on the broader deal environment in May 2026, including how rising interest rates have changed the return calculations for these strategies. This episode sets the tone for the show's approach: specific numbers, real firms, and a skeptical but fair look at how private equity actually operates, without jargon or hype.

    #ThomaBravo #PrivateEquity #SaaS #RollUps #Anaplan #Coupa #EnterpriseSoftware #DealPlaybook #MultipleCompression #CrossSell #IntegrationRisk #PEStrategy #Business #Finance #FexingoBusiness #BusinessPodcast #BuyoutShow #May2026

    Keep every episode free: buymeacoffee.com/fexingo

    9 min

About The Buyout Show with Fexingo: Private Equity, Roll-Ups, and Business Acquisitions

From the publisher's feed

Lucas and Luna examine private equity through the lens of actual deals — roll-ups in HVAC, veterinary clinics, and funeral services; buy-and-build strategies; and the mechanics of leveraged buyouts. Each episode dissects a specific transaction, from sourcing to exit, using real numbers, term sheets, and public filings. The show serves founders weighing an offer, analysts building models, and investors tracking the industry. Expect critical discussions on valuation multiples, earnouts, debt covenants, and the cultural friction between PE operators and portfolio-company management. Lucas, a journalist with a decade covering dealmaking, guides the numbers; Luna, an engaged interlocutor, presses on execution risk and founder psychology. Together they ask: What separates a value-destroying roll-up from a platform that compounds for a decade? No hype, no jargon — just the tradecraft of buying and scaling businesses.