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

Private equity has been quietly consolidating physical therapy practices across the US, rolling up independent clinics into massive chains like ATI, Select Medical, and Upstream Rehabilitation. In this episode, Lucas and Luna dive into the economics behind the roll-up: why PE firms love the predictable recurring revenue from insurance-backed visits, the EBITDA math that makes a 10-clinic chain wor...

Episode 78 of Private Equity Conversations explores how private equity firms are consolidating independent insurance agencies across the US. Lucas and Luna break down the specific numbers: over the past five years, PE-backed aggregators have acquired more than 1,200 independent agencies, with total deal value exceeding $25 billion. They focus on the largest platform, Acrisure, which has done over...

Private equity firms have long targeted fragmented service industries, but a less visible roll-up is underway in industrial automation. Lucas and Luna examine how PE is acquiring warehouse robotics startups—small companies building autonomous forklifts, picking arms, and sortation software—and consolidating them into larger logistics-tech platforms. They use the case of 6 River Systems, a warehous...

Private equity has spent over $30 billion buying independent insurance agencies in the last five years. In this episode, Lucas and Luna break down why PE firms are so attracted to insurance distribution: predictable cash flows, high retention, fragmented markets, and the ability to roll up small shops into regional powerhouses. They focus on the case of Acrisure, a PE-backed insurance brokerage th...

In this episode, Lucas and Luna explore the rapid consolidation of veterinary practices by private equity firms, focusing on the case of National Veterinary Associates (NVA) and its roll-up strategy. They discuss the economic drivers behind PE interest in companion animal medicine, the impact on independent vets and pet owners, and the regulatory scrutiny emerging in 2026. Specific numbers include...

In this episode, Lucas and Luna examine private equity's growing appetite for residential solar lease portfolios. With over $15 billion in PE-backed solar acquisitions since 2020, firms like Apollo Global Management and KKR are betting that rooftop solar contracts produce the same kind of predictable, long-duration cash flows as cell tower leases or pipeline tolls. Lucas breaks down the math: a ty...

Episode 73 of Private Equity Conversations with Fexingo. Lucas and Luna examine the rapid consolidation of home care agencies by private equity firms. With 44% of large home care providers now PE-backed, the hosts drill into the economics: acquisition multiples of 8-12x EBITDA, the shift from episodic to managed-care revenue, and the regulatory overhang from a 2024 CMS rule requiring 80% of paymen...

Lucas and Luna dive into the quiet consolidation of the home warranty industry—a $4.2 billion market where firms like American Home Shield and Choice Home Warranty are being snapped up by private equity. They unpack the business model: high-margin service contracts, low claim-payment ratios, and the tension between profit and customer satisfaction. With specific data on a 2023 acquisition by a maj...

Private equity has quietly consolidated thousands of independent auto repair shops into national chains. In this episode, Lucas and Luna examine the roll-up strategy behind shops like Midas, Meineke, and Pep Boys, and what happens when PE-backed chains compete with your local mechanic. They look at the economics of a typical shop acquisition, the role of real estate in the deal structure, and how...

In this episode of Private Equity Conversations with Fexingo, Lucas and Luna explore how private equity firms are quietly consolidating the data brokerage industry. They focus on the acquisition of Neustar by Golden Gate Capital and analyze the economics behind buying firms that aggregate consumer data. The hosts break down the roll-up strategy, the valuation multiples, and the regulatory risks. T...

Private equity has rolled up everything from funeral homes to parking lots. Now it's targeting the supply chain behind your dentist's crown, bridge, and veneer. Lucas and Luna examine the quiet consolidation of dental labs — the family-owned workshops that fabricate custom prosthetics. They walk through one case: National Dentex, the country's largest dental lab network, which has gone from region...

In this episode, Lucas and Luna explore the wave of private equity investment in golf courses. They focus on the case of ClubCorp, acquired by Apollo Global Management in 2017 for $1.1 billion, and how PE firms are rolling up municipal and private courses into large-scale platforms. The hosts discuss the economics: membership models, real estate value, and the shift toward experience-driven leisur...

In this episode of Private Equity Conversations with Fexingo, Lucas and Luna explore the quiet roll-up of funeral homes by private equity firms. With over 2,000 independent funeral homes acquired in the last decade, PE players like Service Corporation International and smaller funds are buying up family-owned operations at an accelerating pace. Lucas breaks down the economics: a typical funeral ho...

In this episode of Private Equity Conversations with Fexingo, Lucas and Luna examine the rapid consolidation of hospice care by private equity firms. They focus on the specific case of Vitas Healthcare, one of the largest hospice providers in the US, which was acquired by a private equity-backed platform in 2022. The hosts break down the financial logic behind hospice roll-ups—recurring Medicare r...

Private equity has been quietly consolidating mortgage lending in the U.S., buying up independent mortgage banks and digital lending platforms at a rapid pace. In this episode, Lucas and Luna dive into the specific case of New Residential Investment Corp., a real estate investment trust that acquired shell company NewRez and later merged it with another PE-backed lender to create one of America's...

In this episode of Private Equity Conversations with Fexingo, Lucas and Luna explore the surprising economics of private equity's consolidation of parking lots—a $10 billion annual market in the US alone. They dive into how firms like LAZ Parking and SP Plus have rolled up thousands of urban and airport parking assets, using technology and dynamic pricing to boost margins. Lucas explains the roll-...

Episode 63 of Private Equity Conversations with Fexingo. Lucas and Luna dive into the rapid consolidation of HVAC, plumbing, and electrical service companies by private equity firms. Since 2020, PE-backed platforms have acquired hundreds of local home-service contractors, rolling them up into regional giants like 'Service Champions' and 'One Hour Heating & Air Conditioning'. Lucas explains the eco...

Lucas and Luna explore private equity's growing appetite for revenue cycle management (RCM) firms — the companies that handle medical billing and claims for hospitals and clinics. With healthcare margins squeezed, RCM has become a $100 billion market, and PE firms see it as a sticky, tech-enabled service ripe for consolidation. This episode drills into one specific deal: the 2023 acquisition of R1...

Dental Support Organizations, or DSOs, have become one of private equity's most active consolidation targets. In this episode, Lucas and Luna break down the business model: PE firms acquire individual dental practices, bundle them under a centralized management platform, and aim for scale efficiencies without changing the clinical care. They focus on the case of Heartland Dental, one of the larges...

In episode 60 of Private Equity Conversations, Lucas and Luna explore a rapidly consolidating niche: pet cremation and aftercare. With U.S. pet ownership at an all-time high and the humanization of pets driving spending, private equity firms have begun rolling up independent pet crematories into regional platforms. The hosts break down the key players—including the Sedgwick-backed Gateway Pet Memo...

In episode 59 of Private Equity Conversations with Fexingo, Lucas and Luna dive into the surprising wave of PE investment in parking lots and garages. They break down the economics behind the $3.1 billion acquisition of Spain's Empark by a consortium led by Macquarie, and explain how operators like LAZ Parking and Propark America are using data-driven pricing and long-hold strategies to turn aspha...

In this episode of Private Equity Conversations with Fexingo, Lucas and Luna explore the rapid consolidation of urgent care centers by private equity firms. With over 10,000 centers in the U.S. and a compound annual growth rate of 8%, PE firms see urgent care as a stable, scalable investment. Lucas breaks down the roll-up strategy using the example of 'MedExpress' — a chain that grew from 10 to 15...

Episode 57 of Private Equity Conversations examines the rapid consolidation of physical therapy clinics across the United States. Lucas and Luna break down the economics behind PE roll-ups in outpatient rehab, using the specific case of Athletico Physical Therapy—acquired by AEA Investors in 2021 and then merged with U.S. Physical Therapy. They discuss why PT clinics are attractive targets (recurr...

Self-storage has quietly become one of the most consolidated real estate sectors in America. In this episode, Lucas and Luna break down why private equity firms like Blackstone and Public Storage have spent over $20 billion on self-storage acquisitions since 2020. They examine the economics of the roll-up strategy, including how operators are using dynamic pricing algorithms to raise rents on exis...

Episode 55 of Private Equity Conversations with Fexingo. Lucas and Luna dive into the quiet roll-up of independent insurance agencies by private equity firms. They focus on the specific case of Acrisure, which grew from a small Michigan agency in 2005 to a $20 billion-plus brokerage through hundreds of acquisitions. The hosts break down the economics: why insurance agencies are sticky, cash-flow m...