Private Equity Conversations with Fexingo: PE Funds, Buyouts, and Long-Hold Investing

Episode 104 of Private Equity Conversations with Fexingo examines the consolidation of the residential and commercial roofing industry. Lucas and Luna break down how PE firms like Alpine Investors and Harvest Partners are rolling up local roofing contractors, the fragmented market dynamics that make it attractive, and the implications for homeowners and crews. With $50 billion in annual revenue an...

This week, Lucas and Luna dive into the quiet revolution in home services, focusing on how private equity firms are consolidating HVAC companies across the U.S. With the industry fragmented into thousands of mom-and-pop shops, PE-backed platforms like ServiceTitan and CoolSys are rolling up local contractors, standardizing operations, and betting on recurring maintenance revenue. Lucas breaks down...

Private equity has quietly consolidated one of America's most fragmented industries: auto body repair. In this episode, Lucas and Luna examine why PE firms are rolling up collision centers, the economics of a $40 billion market dominated by mom-and-pop shops, and what it means for your insurance claim. They focus on the 2024-2026 deal wave, including the rise of platforms like Crash Champions and...

Episode 101: Lucas and Luna break down the quiet roll-up of tax preparation and accounting firms by private equity. They examine the economics behind consolidating a fragmented industry of mom-and-pop CPAs, using the example of a mid-sized regional firm that sold to a PE-backed platform in early 2026. They discuss the 'buy and build' strategy, the role of tax software as a margin driver, and what...

In this episode of Private Equity Conversations with Fexingo, Lucas and Luna explore the trend of private equity firms acquiring veterinary specialty centers. They discuss the economics behind the consolidation, the impact on pet owners and veterinarians, and the specific example of a large platform deal by JAB Holding Company. Lucas explains the roll-up strategy and the shift towards higher-margi...

Episode 99 of Private Equity Conversations with Fexingo looks at a niche corner of infrastructure investing: how private equity is consolidating landfill assets and waste-hauling operations. Lucas and Luna walk through the economics of a typical transfer station deal, the role of long-duration capital from pension funds, and why tipping fees are more resilient than most people assume. They touch o...

Lucas and Luna dig into private equity's growing interest in golf course ownership, with a specific focus on the $2.1 billion acquisition of ClubCorp by Apollo Global Management in 2017 and the subsequent roll-up strategy that has reshaped the industry. They discuss the economics of private golf clubs, the shift from distressed course buying to premium asset consolidation, and what the PE playbook...

Private equity is on a roll, rolling up everything from HVAC to crematoriums. This episode, we look at a new frontier: pet waste management. Lucas breaks down why PE firms are snapping up poop scooping services, the economics of a $300 million deal for DoodyCalls, and how a fragmented industry with recurring revenue became a target. Luna questions the margins and whether this roll-up has legs. Plu...

Private equity has been rolling up general practice vet clinics for years. But in the last eighteen months, a new wave of dealmaking is targeting veterinary specialty and emergency hospitals—the high-margin, high-complexity side of pet healthcare. Lucas and Luna break down the numbers: specialty visits cost four to ten times a general exam, and PE firms like VSS Capital and Shore Capital Partners...

Episode 95 of Private Equity Conversations with Fexingo: Lucas and Luna break down the surge in private equity investment in data center real estate. They focus on the specific case of KKR and Global Infrastructure Partners acquiring a $2.5 billion portfolio of hyperscale data centers from CyrusOne in 2025. The conversation covers the structural drivers—cloud migration, AI compute demand, and powe...

Episode 94 of Private Equity Conversations with Fexingo. Lucas and Luna dive into the quiet roll-up of the funeral home industry by private equity firms. They focus on the specific case of Service Corporation International's dominance and how PE-backed platforms like Foundation Partners and Carriage Services are consolidating independent funeral homes at a rapid pace. The hosts discuss the economi...

In episode 93 of Private Equity Conversations, Lucas and Luna revisit the crematorium roll-up trend they first covered in episode 83. They drill into the new wave of consolidation driven by the largest death-care consolidator, Service Corporation International, which now owns over 2,000 funeral homes and 600 cemeteries. The hosts discuss how private equity firms like Stone Point Capital and Ares M...

Episode 92 of Private Equity Conversations digs into a fast-consolidating niche you probably haven't noticed: pet food. Lucas and Luna walk through the numbers behind General Mills' $1.2 billion acquisition of Blue Buffalo back in 2018, and why that deal sent every PE firm scrambling for premium pet-food brands. They trace how firms like JAB Holding Company — the same conglomerate behind Peet's Co...

In this episode of Private Equity Conversations with Fexingo, Lucas and Luna dive into the roll-up of urgent care centers—a sector where PE firms have invested over $15 billion in the past five years. They focus on the case of GoHealth Urgent Care, which merged with CityMD in 2019 to create a 250-plus location chain backed by multiple PE firms. The hosts break down the economics: how urgent care c...

In this episode of Private Equity Conversations with Fexingo, Lucas and Luna dive into the fast-growing world of Dental Support Organizations (DSOs) and how private equity firms are consolidating the fragmented $150 billion dental industry. They examine the business model that separates clinical care from practice management, the economics of rolling up independent dentists, and the controversy ar...

Episode 89 of Private Equity Conversations with Fexingo: Lucas and Luna look at a quiet but fast-consolidating corner of death care — crematorium chains. They break down why private equity is buying up funeral homes and crematoria: margins north of 20 percent, a structural shift in cremation rates (now over 60 percent in the U.S.), and the death-care regulatory moat that makes these assets sticky....

Emergency rooms across the US are increasingly staffed not by hospital employees but by physician staffing firms owned by private equity. In this episode, Lucas and Luna drill into the biggest player in this space — Envision Healthcare, which before its 2018 buyout by KKR was the largest ER staffing company in the country. They trace how PE consolidation in emergency medicine has played out, what...

Episode 87 of Private Equity Conversations with Fexingo: Lucas and Luna drill into the private equity roll-up of HVAC service companies. They walk through a specific mid-market deal — the 2025 acquisition of CoolRite Services by Summit Equity Partners for $240 million — and explain why HVAC is such a compelling PE target: recurring service revenue from maintenance contracts, low technology disrupt...

This episode of Private Equity Conversations with Fexingo dives into the rapid consolidation of the pet grooming industry by private equity firms. We examine the case of Camp Bow Wow and its parent company, Mars Inc., alongside newer entrants like the PE-backed Scenthound chain. Lucas breaks down the economics: a single grooming bay can generate $150,000 in annual revenue with 70% gross margins, m...

On today's episode of Private Equity Conversations with Fexingo, Lucas and Luna explore the quiet wave of private equity firms acquiring small-scale hobby farms and agri-recreational properties. With an estimated $12 billion in PE capital targeting rural lifestyle assets since 2022, firms like FarmTogether and AcreTrader are pooling investor money to buy vineyards, orchards, and ranches that doubl...

Episode 84 of Private Equity Conversations with Fexingo examines a consolidation wave that listeners may not have considered: the pet aftercare industry. Lucas and Luna unpack why PE firms are acquiring pet crematoriums and memorial services, following a familiar playbook from human funeral homes but with key differences. They look at the economics: a pet cremation typically costs between $150 and...

Lucas and Luna dive into the quiet consolidation of the pool service industry, where private equity firms are rolling up small family-owned maintenance and repair businesses across the Sun Belt. They examine why pool service is a perfect PE target: recurring revenue, recession-resistant demand, and fragmented mom-and-pop ownership. Lucas breaks down the roll-up playbook using the example of RIV Ca...

Pet insurance is a $15 billion market growing at 25% annually, and private equity is piling in. Lucas and Luna break down the roll-up strategy behind Trupanion’s recent acquisition by a PE-backed platform, the economics of insuring a golden retriever versus a French bulldog, and why the consolidation wave matters for pet owners. They also explore the data advantage: how PE funds are using claims d...

Lucas and Luna explore the quiet consolidation of crematoriums across the US. Private equity firms have acquired over 300 cremation facilities in the last five years, driven by shifting consumer preferences and a fragmented market. They dive into the case of Foundation Partners Group, which now operates more than 50 funeral homes and crematories, and the economics behind the roll-up: margins of 20...

In this episode, Lucas and Luna dive into private equity's growing appetite for self-storage. They focus on the roll-up strategy of StorageMart and the $2.2 billion acquisition of Life Storage by Public Storage in 2023. The hosts explore how PE firms are using the fragmentation of the self-storage industry to consolidate mom-and-pop facilities, leveraging operational efficiencies and pricing power...