The M&A Zing

In this illuminating episode of The M&AZing Podcast, host Alfie Lambert talks with Cal Shelton, entrepreneur and owner of Precision MSK Health. Cal shares his transition from working in insolvency and consulting roles into the acquisition entrepreneurship space, focusing specifically on the health sector. Unlike many acquisition entrepreneurs chasing large initial deals, Cal strategically chose a smaller, manageable first acquisition to gain critical insights and experience.

Throughout the discussion, Cal openly recounts the challenges, pitfalls, and lessons he encountered, including crucial insights about seller dynamics, effective communication, and cash flow management. He also outlines his unique approach to growth by employing a "consulting-for-equity" model, helping businesses become sale-ready while building strategic equity positions.

Whether you're a first-time acquisition entrepreneur or a seasoned business operator, this episode offers actionable insights, honest reflections, and a practical roadmap to navigate your first business purchase successfully and strategically scale your venture.


⏰ Timestamped Episode Breakdown:
[00:00] – Introduction and background to Cal Shelton
[02:17] – Cal’s journey from insolvency practice to acquisition entrepreneurship
[05:06] – From property construction to healthcare acquisitions
[07:05] – Challenges faced in initial acquisition attempts
[14:12] – Pivoting sectors: Why Cal chose physiotherapy
[16:25] – Innovative healthcare model combining private practice with NHS partnerships
[19:17] – Benefits of starting with a smaller initial acquisition
[23:29] – Navigating initial acquisition challenges and key lessons learned
[27:55] – Search tactics: Brokers, LinkedIn, and direct outreach
[30:08] – Future strategy: Consulting-for-equity and scaling acquisitions
[32:52] – Personal growth goals and helping stressed business owners
[35:09] – Final thoughts and advice for new acquisition entrepreneurs

Join the conversation on acquisitions! Share your thoughts on this episode, and let us know your experience and challenges with SMB acquisitions. Don’t forget to subscribe and rate the podcast. it helps us reach more acquisition entrepreneurs!

Useful Links & Resources:

Connect with Cal Shelton on LinkedIn
https://www.linkedin.com/in/calshelton

Check out Precision MSK Health
https://precisionmsk.health/

Join the BizCrunch Acquisition Community
https://www.bizcrunch.co/community

In this episode, Gareth Hawkins speaks with Bramley Johnson, renowned search fund investor, former Director of the International Search Fund Center, and now founder of Victoriam Equity. Bramley shares candid insights on the evolution of the search fund model, from its humble beginnings in the 1980s to today’s thriving international ecosystem.

Together they discuss why the traditional search fund model remains powerful, how mentorship and aligned incentives create standout results, and the critical importance of picking both the right searcher and the right company. Bramley also addresses emerging debates on CEO replacements, the impact of new capital flooding the space, and how searchers can avoid common pitfalls.

Key highlights include:

- The essential qualities investors look for in searchers
- Why the traditional search fund model still works (and when not to mess with it)
- The "quick-kill" checklist: how to rapidly evaluate and discard bad deals
- Victoriam Equity’s mission to bring mentorship back to the core of search funds
- Real talk on the realities and challenges of running a successful search and acquisition
- An essential listen for searchers, investors, and anyone involved in SMB acquisitions.

Timestamps:
[00:00] Introduction and welcoming Bramley Johnson
[02:21] Bramley’s deep family roots in the search fund ecosystem
[05:13] Why the traditional search fund model works from an investor’s perspective
[07:05] Addressing myths and realities around firing search fund CEOs
[11:18] Opportunities and risks from the rapid expansion of search funds
[16:17] Why the search fund model is inherently difficult to scale
[21:01] Bramley’s advice on selecting great searchers and avoiding common deal pitfalls
[26:26] Introducing Victoriam Equity: a return to mentorship-driven investing
[29:20] What Bramley wished he'd had as a searcher and how Victoriam Equity fills the gap
[36:07] Victoriam Equity’s open investment thesis and commitment to community-building
[39:02] Bramley’s pioneering work to expand search fund accessibility
[41:25] Bramley’s top advice for new searchers: "Know your seller and kill deals early"
[49:10] How to contact Bramley and Victoriam Equity
[51:09] Closing remarks from Gareth Hawkins

Join the conversation on serial acquisitions! Share your thoughts on this episode, and let us know your experience and challenges with SMB acquisitions. Don’t forget to subscribe and rate the podcast - it helps us reach more acquisition entrepreneurs!

Useful Links & Resources:

Connect with Bramley
https://www.linkedin.com/in/bramley-johnson-66b9287/

Victoriam Equity Company Website
https://www.victoriamequity.com/

Join the BizCrunch Acquisition Community
https://www.bizcrunch.co/community

In this insightful episode, Gareth Hawkins speaks with Amit Rai, CEO and co-founder of Astra Holdings, alongside Michele Corradi (CEO) and Andrea Allegrini (Business Development Director) of Lindbergh S.p.a., a public company listed on the Milan Stock Exchange. They discuss the critical differences in growth strategies between public and private serial acquirers, revealing how Lindbergh successfully executed 11 acquisitions in just 18 months, and how Astra Holdings has rapidly scaled through a decentralised, Nordic-inspired approach. 

The guests share valuable insights into structuring acquisition deals, including seller incentives, financing strategies, and effective post-deal integration. or intentional non-integration, to accelerate growth. The panel also covers essential topics such as ESG considerations in acquisitions, how to cultivate internal talent for future leadership roles, and the importance of clear investor communication for both private and publicly traded entities. A must-listen for entrepreneurs and investors interested in mastering SMB M&A growth.

Timestamps
[00:00] Introduction: Meet Amit, Michele, and Andrea
[01:05] Overview: Astra Holdings’ decentralised growth model
[01:55] Lindbergh's rapid acquisition strategy and public listing
[03:18] Secrets behind executing multiple acquisitions quickly
[05:11] Advantages of direct seller relationships over brokers
[06:03] Building an efficient, repeatable acquisition process
[07:58] Integration vs decentralisation in acquired companies
[13:20] Deal structures: earnouts, deferred consideration, incentives
[17:36] Raising capital: public listing vs private investment
[22:48] Pros and cons of listing publicly as a serial acquirer
[24:10] Managing ESG obligations as a public and private acquirer
[27:44] Essential investor relations insights and communication tips
[30:57] Audience Q&A: Leveraging Nordic acquisition strategies
[36:06] Attracting and retaining top talent post-acquisition
[39:12] Avoiding value destruction through careful integration strategies


Join the conversation on serial acquisitions! Share your thoughts on this episode, and let us know your experience and challenges with SMB acquisitions. Don’t forget to subscribe and rate the podcast, it helps us reach more acquisition entrepreneurs!


Connect with Amit Rai on LinkedIn
https://www.linkedin.com/in/amitrai/

Connect with Michele Corradi on LinkedIn
https://www.linkedin.com/in/michele-corradi-b03172a4/

Connect with Andrea Allegrini on LinkedIn
https://www.linkedin.com/in/andreaallegrini/


#SearchFunds #ETA #SMB #MergersAndAcquisitions #SerialAcquirers #BizCrunchPodcast #Entrepreneurship #AcquisitionStrategy

Join Gareth Hawkins for a special live episode from the Serial Acquirer Symposium, featuring Ibrahim Abdel Rahim, Managing Partner at Moonbase Capital. 

Ibrahim shares his journey from leading major business initiatives in the Middle East and consulting at McKinsey, to establishing Moonbase as a prominent backer of search fund entrepreneurs across Europe.

Discover key insights into Moonbase Capital’s investment strategies, critical qualities that distinguish successful search fund entrepreneurs, and Ibrahim's perspectives on emerging trends in the European search fund landscape. Ibrahim also explores how Moonbase is adapting to new deal structures, market dynamics, and shares his bullish outlook on the future of ETA in Europe.

If you're an aspiring acquisition entrepreneur or investor interested in SMB succession, this conversation provides valuable perspectives on navigating the evolving ETA market.

Timestamps:

[00:00] Episode Introduction: Live from the Serial Acquirer Symposium

[00:24] Introducing Ibrahim Abdel Rahim, Moonbase Capital

[01:07] Ibrahim's journey: From McKinsey and Stanford to Search Funds

[02:25] What makes a successful searcher? Key traits and qualities

[04:36] Balancing entrepreneur quality vs. company quality in investments

[05:42] Investing across traditional, equity-gap, and self-funded search deals

[07:12] Using AI in screening search entrepreneurs: Benefits & limitations

[08:23] Moonbase Capital’s fund structure & investment model

[10:35] Exit strategies: Patience vs. IRR-driven approaches

[11:41] Moonbase’s investment decision-making process

[14:46] The Future of ETA in Europe: Growth, opportunities, and challenges

[16:34] Why Moonbase Capital actively supports the ETA community

[18:16] Will growth in ETA affect investment returns?

[20:04] Collaboration between investors: Maintaining high standards

[22:00] Emerging trends in European ETA: Demographics, deal sizes, diversity

[23:49] Key European markets: Germany, France, Spain, UK

[27:13] Why Spain succeeded as a leading ETA market

[29:05] Ibrahim’s vision for Moonbase Capital's next three years

[30:11] Challenges in scaling search fund boards and investor involvement

[31:37] Key advice for aspiring acquisition entrepreneurs

[32:53] Closing remarks & how to connect with Ibrahim and Moonbase Capital

[33:58] Wrap-up and Call-to-Action

Get Involved:

👉 Have thoughts on today's episode? We'd love your input!

👉 Connect with Ibrahim Abdel Rahim on LinkedIn: https://www.linkedin.com/in/ibrahim-abdel-rahim/

👉 Learn more about Moonbase Capital: https://moonbasecapital.com/

👉 Join BizCrunch’s SMB Acquisition Community: https://www.bizcrunch.co/community

If you found this episode helpful, please subscribe, rate, and review to help us reach more acquisition entrepreneurs like you.

Keep on crunching!

In this special episode recorded live from the Serial Acquirer Symposium in London, we’re joined by Robin Goldhagen, Assistant Vice President of Investor Relations at Novastone Capital Advisors (NCA). Robin shares fascinating insights into the unique "Operator-Led Search" model pioneered by NCA, how they identify and support mid-career professionals transitioning into entrepreneurship through acquisition, and the evolving investor landscape in Europe's SMB M&A market.

You'll hear Robin’s perspective on educating European investors about the search fund asset class, the nuances of attracting local investors to individual transactions, and how NCA’s distinctive support structure enables searchers to thrive. Whether you're an aspiring searcher, a seasoned investor, or simply intrigued by the future of European entrepreneurship through acquisition, this episode provides valuable insights and forward-looking perspectives on the SMB acquisition ecosystem.

Timestamps:
[00:00] Intro from the Serial Acquirer Symposium & Guest Intro (Robin Goldhagen)
[00:40] Robin’s professional journey into investor relations & search funds
[02:14] Educating European investors about search funds & market maturity comparison (US vs EU)
[04:04] Geographic variations in investor awareness across Europe
[05:22] Novastone’s unique "Operator-Led Search" model overview
[08:08] Differences between Novastone’s model and traditional search funds
[11:01] How Novastone supports their acquisition entrepreneurs in deal sourcing
[12:00] The role brokers play in managing seller expectations in SMB M&A
[15:08] What Novastone looks for in successful acquisition entrepreneurs (searchers)
[17:01] Valuation differences and other market distinctions: US vs EU
[18:23] Future predictions for European SMB M&A and ETA market growth
[20:17] Closing remarks & how to connect with Novastone

We want your insights!

Do you see the European search fund market maturing rapidly? What are your thoughts on Novastone’s "Operator-Led Search" model?

Explore Novastone Capital Advisors:
https://novastone-ca.com/

Connect with BizCrunch on LinkedIn: 
https://www.linkedin.com/company/bizcrunch/

Join our SMB M&A community:
https://www.bizcrunch.co/community

If you enjoyed this episode, please subscribe, rate, and review the podcast- it helps others find our content and join the growing SMB acquisition ecosystem.

Join Gareth Hawkins for a special live episode from the Serial Acquirer Symposium, featuring Ibrahim Abdel Rahim, Managing Partner at Moonbase Capital. 

Ibrahim shares his journey from leading major business initiatives in the Middle East and consulting at McKinsey, to establishing Moonbase as a prominent backer of search fund entrepreneurs across Europe.

Discover key insights into Moonbase Capital’s investment strategies, critical qualities that distinguish successful search fund entrepreneurs, and Ibrahim's perspectives on emerging trends in the European search fund landscape. Ibrahim also explores how Moonbase is adapting to new deal structures, market dynamics, and shares his bullish outlook on the future of ETA in Europe.

If you're an aspiring acquisition entrepreneur or investor interested in SMB succession, this conversation provides valuable perspectives on navigating the evolving ETA market.

Timestamps:

[00:00] Episode Introduction: Live from the Serial Acquirer Symposium

[00:24] Introducing Ibrahim Abdel Rahim, Moonbase Capital

[01:07] Ibrahim's journey: From McKinsey and Stanford to Search Funds

[02:25] What makes a successful searcher? Key traits and qualities

[04:36] Balancing entrepreneur quality vs. company quality in investments

[05:42] Investing across traditional, equity-gap, and self-funded search deals

[07:12] Using AI in screening search entrepreneurs: Benefits & limitations

[08:23] Moonbase Capital’s fund structure & investment model

[10:35] Exit strategies: Patience vs. IRR-driven approaches

[11:41] Moonbase’s investment decision-making process

[14:46] The Future of ETA in Europe: Growth, opportunities, and challenges

[16:34] Why Moonbase Capital actively supports the ETA community

[18:16] Will growth in ETA affect investment returns?

[20:04] Collaboration between investors: Maintaining high standards

[22:00] Emerging trends in European ETA: Demographics, deal sizes, diversity

[23:49] Key European markets: Germany, France, Spain, UK

[27:13] Why Spain succeeded as a leading ETA market

[29:05] Ibrahim’s vision for Moonbase Capital's next three years

[30:11] Challenges in scaling search fund boards and investor involvement

[31:37] Key advice for aspiring acquisition entrepreneurs

[32:53] Closing remarks & how to connect with Ibrahim and Moonbase Capital

[33:58] Wrap-up and Call-to-Action

Get Involved:

👉 Have thoughts on today's episode? We'd love your input!

👉 Connect with Ibrahim Abdel Rahim on LinkedIn: https://www.linkedin.com/in/ibrahim-abdel-rahim/

👉 Learn more about Moonbase Capital: https://moonbasecapital.com/

👉 Join BizCrunch’s SMB Acquisition Community: https://www.bizcrunch.co/community

If you found this episode helpful, please subscribe, rate, and review to help us reach more acquisition entrepreneurs like you.

Keep on crunching!

Join Gareth Hawkins and Alfie Lambert for another insightful Buy-side Breakdown as they analyse the potential acquisition of a creative and digital agency based in Warwickshire. Currently listed at an ambitious valuation, Gareth and Alfie explore the agency's strengths, potential growth opportunities, and risks - including AI's transformative impact, client concentration, and platform dependencies. They discuss realistic valuations, deal structures, and who might be the ideal buyer for this agency.

If you're actively looking to acquire a business or exploring the SMB acquisition market, this episode offers practical insights on assessing agency opportunities and navigating broker expectations.

Timestamps:

[00:00] Introduction and Symposium Recap
[03:18] Overview of the Agency for Sale
[05:42] AI: Threat or Opportunity for Creative Agencies?
[09:06] Revenue & Recurring Income Analysis
[09:54] Valuation Realities and Broker Challenges
[13:15] Financial Performance and Credit Management
[16:06] Price vs. Risk Assessment
[19:09] Owner Dependency & Client Concentration Risks
[22:54] Technology & Platform Dependency (Umbraco CMS)
[23:32] Strengths: Quality Clients and Impressive Portfolio
[25:03] Who Should Consider Buying this Agency?
[27:13] Could an Employee Ownership Trust Work?
[28:31] Final Verdict: Thumbs Up or Thumbs Down?
[30:33] Advice for Sellers on Realistic Valuations
[34:06] The Importance of Exit Readiness
[35:01] BizCrunch Updates & Future Plans
[36:29] Closing Remarks and Call-to-Action

Get Involved:

We want to hear your thoughts! Do you agree with Gareth and Alfie's analysis? Join the conversation in the BizCrunch community.

Connect with us on LinkedIn:
www.linkedin.com/company/bizcrunch/

Join our SMB M&A community discussions:
https://www.bizcrunch.co/community

Explore the latest acquisition opportunities and tools:
www.bizcrunch.co/buy

If you found value in this episode, don't forget to subscribe, rate, and review the podcast, it helps us reach more acquisition entrepreneurs and share insights across the SMB acquisition community.

Keep on crunching!

From “credit-card startup money” to five exits + a global coaching empire, Paul Evans unpacks the exact playbook for scaling to £10 m… then deciding whether to buy, build or cash-out.

Paul Avins, founder of Scale Up Coaching and community-builder at Team Dynamics Global, has helped owners add a combined £140 m+ in enterprise value. In this rapid-fire conversation we cover:

The “mountain” framework that shows you exactly when to switch strategy (sales engine → acquisitions → exit)

Why changing one word in your LinkedIn title forces the CEO mindset

How AI agents are collapsing 2-week quoting cycles into 3-hour sprints

The #1 lie trapping most founders under £5 m—and how to break it

Paul Avins is a serial entrepreneur (5 exits, 2 spectacular flops), award-winning former ActionCOACH franchisee and host of The Grown-Up Business Podcast. Through Scale Up Coaching and Team Dynamics Global he guides founders past seven figures and onto life-changing capital events.

⏱️ TIMESTAMPS

0:00 Intro & welcome

0:45 Meet Paul Avins - 5 exits, 2 “face-plants”

1:32 New UK & EU searchers shout-out (Marques Paolo, Sebastian de Bock)

2:16 What Scale Up Coaching & Team Dynamics actually do

3:00 Paul’s early exits + ActionCOACH award run

4:57 Mentors & the bookshelf that shaped his philosophy

7:14 The “mountain” stages of revenue (£1 m → £25 m)

9:22 Crossing the £5 m chasm—build, buy or sell?

12:18 CEO vs Managing Director: one word that changes everything

15:05 Borrowing vs. equity dilution (and the hidden mindset block)

17:11 AI in the real world—7-figure quote automation case study

22:02 Global language hacks & website heat-mapping with LLMs

26:03 Human connection as the next competitive moat

33:13 Jeff Bezos’ unchanging truths test—for any industry

34:45 Paul’s horizon: Dubai “3-Day MBA”, £50 m exits & bio-hacking roll-up

38:40 Where to connect with Paul & free resources

39:59 Gareth’s wrap-up & next week’s preview

📎 RESOURCES MENTIONED

Scale Up Coaching →https://www.paulavins.com/coaching

Paul’s site → https://www.paulavins.com/

The Grown-Up Business Podcast → https://www.paulavins.com/podcast

AI tools referenced: ElevenLabs voice-clone, Fireflies quoting agent, ChatGPT-4o heat-map plug-ins

Host Gareth Hawkins: CEO & Co-Founder, BizCrunch (exited founder & M&A investor). Each week we dive into real-world SMB M&A across the UK & Europe.

Join the BizCrunch Community

Early-access episodes, live Q&A and networking for acquisition entrepreneurs & investors. Sign up → https://www.bizcrunch.co/community

Featured News

Microsoft chooses a boutique London venue for Satya Nadella’s EU product launch

BGF doubles down on UK tech after its nine-figure exit from Rock Technologies

UK Startup Loans: £25 k per founder at 6 %—why Sam Simpson still says “no PG debt”

Thanks for watching! Please like, subscribe and drop questions below—or better yet, join our community for the private AMA.

Modern polymath Nadim Kapadia (Managing Partner & Founder of Aligned Partners HoldCo) has worn every hat: diplomat-turned-consultant, FTSE-100 advisor, VC mentor, Singapore expat, and now self-funded searcher on a mission to buy and build UK SMEs in healthcare & early-years education.

In this episode he breaks down:

Why a purpose-driven diplomat left Big-4 consulting for entrepreneurship-through-acquisition

Swapping VC & PE for a self-funded, multi-decade HoldCo (and keeping maximum equity)

How he screens care-home & nursery deals: CQC/Ofsted reports, culture audits and council contracts

Broker vs proprietary sourcing, “no-win-no-fee” buyside mandates, and the email + letter combo that’s landing off-market calls

Mind-set lessons from marathon running: consistency, persistence & discipline in a long-game search

[0:00]  Intro & welcome  
[1:12]  Nadim’s global career and first brush with ETA  
[3:20]  Autonomy, impact & leaving corporate life  
[5:05]  LBS MBA, VC/PE electives & early search-fund FOMO  
[6:42]  Why go self-funded (vs traditional partnered search)  
[9:18]  Launching Aligned Partners – HoldCo vision & values  
[11:32] Sector focus – UK healthcare & early-years education  
[14:06] Deal sweet-spot, revenue / EBITDA ranges & leverage  
[15:55] Building the deal team (advisors, lenders, buyside “no-win-no-fee”)  
[18:22] Multi-channel sourcing – brokers, letters, BizCrunch email campaigns  
[22:34] Seller psychology, legacy & the “alignment” litmus test  
[26:08] Culture & CQC / Ofsted due-diligence in care businesses  
[29:17] When offers fall apart – lessons from broken deals  
[32:46] The marathon mind-set: consistency, persistence, discipline  
[35:04] First-100-days plan once an acquisition closes  
[36:48] Who Nadim wants to meet next (owners, financiers, operating partners)  
[38:12] Key take-aways & wrap-up  

🔗 RESOURCES MENTIONED

Aligned Partners HoldCo → https://alignedpartners.co.uk
Nadim Kapadia on LinkedIn → https://linkedin.com/in/nadim-kapadia
Care Quality Commission (CQC) reports → https://cqc.org.uk
Ofsted inspection reports → https://reports.ofsted.gov.uk
BizCrunch searcher tools & community → https://www.bizcrunch.co

About M&A Zing
Host: Gareth Hawkins – CEO & Co-Founder, BizCrunch (exited founder & M&A investor).
Each week we dive into real-world SMB M&A across the UK & Europe.

Join the BizCrunch Community
Early-access episodes, live Q&A and networking for acquisition entrepreneurs & investors.
Sign up → https://www.bizcrunch.co/community

Featured News
Microsoft chooses a boutique London venue for Satya Nadella’s EU product launch – the inside story of an events business rebuilt after COVID

BGF doubles down on UK tech after its nine-figure exit from Rock Technologies

UK Start-Up Loans: £25 k per founder at 6 % – why Sam Simpson still says “no PG debt”

Thanks for watching! Please like, subscribe and drop questions below—better yet, join our community for the private AMA.

Today’s guests are Andrew Napier and Evani Mannur, founding partners of the brand-new UK search fund 22 Capital Partners. Andrew brings a deep finance and transformation background, while Evani is a serial entrepreneur who has already bought and scaled companies with her own capital. We talk about why they chose “entrepreneurship through acquisition,” what they learned on Cambridge Judge’s MBA, how they are raising their search capital, the digital-transformation playbook they plan to use post-acquisition and the realities of partnering versus going solo.

Timestamps
[00:00] Intro and welcome
[00:20] Who are Andrew and Evani?
[01:10] Why ETA beats a ground-up start-up for them
[04:30] How a Cambridge Judge MBA elective sparked the fund
[10:05] Their investment thesis: manufacturing, infrastructure services and FMCG
[15:00] Digital transformation as a value-creation lever
[22:00] Inside the fundraising tour and the UK investor climate
[30:15] First hundred days: divide-and-conquer operating plan
[36:30] Biggest challenges and how they stay resilient
[41:10]Advice for would-be searchers: start, keep going, know it’s all-consuming
[42:30 ] Links, resources and closing

Guests
• Andrew Napier – LinkedIn: https://www.linkedin.com/in/andrew-p-napier/
• Evani Mannur – LinkedIn: https://www.linkedin.com/in/evanimannur/
• 22 Capital Partners – https://twentytwocapitalpartners.co.uk/

Free resources mentioned
• Stanford Search Fund Primer (PDF)
• Cambridge Judge MBA information – https://www.jbs.cam.ac.uk
• BizCrunch community – https://www.bizcrunch.co/community

If you enjoyed the episode, hit subscribe, drop a question below and share it with someone who is dreaming of buying a business.

#SearchFunds #EntrepreneurshipThroughAcquisition #SMBM&A #BizCrunch