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

Private equity has consolidated veterinary general practices, specialty hospitals, and even pet cremation. Now it's moving upstream into the diagnostic labs that process blood work, urinalysis, and imaging for those clinics. Lucas and Luna examine the acquisition of a mid-sized veterinary diagnostics company by a buyout firm, the economics of lab roll-ups, and what it means for independent vets an...

Luke and Luna explore the rapid consolidation of the eyelash extension and beauty salon industry by private equity firms. They focus on the roll-up strategy behind Amazing Lash Studio, which has grown from a single location to over 250 studios nationwide since its acquisition by private equity in 2015. The hosts break down the economics: how PE firms standardize operations, negotiate bulk supply d...

Home health agencies are becoming a prime target for private equity. With the aging Baby Boomer generation and the shift toward value-based care, PE firms see a huge opportunity in consolidating a fragmented industry. In this episode, Lucas and Luna break down the economics: how firms like Bain Capital and The Vistria Group are rolling up agencies, the regulatory headwinds from Medicare reimbursem...

Lucas and Luna explore the rapid consolidation of independent pharmacies by private equity firms, focusing on the case of Clinical Partners, a mid-market PE firm that has acquired over 200 independent pharmacies across the Midwest since 2021. They break down the economics: independent pharmacies are stable cash-flow businesses with a median EBITDA margin of 15-18 percent, but they face unsustainab...

In this 50th episode of Private Equity Conversations with Fexingo, Lucas and Luna dive into one of the fastest-growing consolidation frontiers: dermatology. They break down how PE firms are aggregating single-provider skin clinics into multi-state platforms, the economics behind the roll-up strategy, and what it means for patients and referring physicians. With over $15 billion in dermatology deal...

Private equity has quietly become the dominant force in urgent care. In this episode, Lucas and Luna break down the economics: a single urgent care center can generate $2 million to $4 million in annual revenue with 20–25% EBITDA margins. They explore the classic roll-up playbook — with names like GoHealth, CityMD, and MedExpress — and discuss the tensions between clinical quality and financial en...

In this episode of Private Equity Conversations with Fexingo, Lucas and Luna examine the rapid roll-up of optometry and ophthalmology practices by private equity firms. The conversation centers on the economics of eyecare: why PE sees it as a durable, recession-resistant asset class with recurring revenue from frames, exams, and procedures like LASIK. Lucas breaks down the typical model—PE acquire...

Lucas and Luna dive into the wave of private equity consolidation in the car wash industry. With over $5 billion in deals over the past three years, operators are rolling up mom-and-pop washes into regional chains. But is this a recession-proof asset? Lucas explains the unit economics: a typical express wash costs $2-4 million to build, but PE firms are paying 10-12 times EBITDA for existing sites...

Private equity has been quietly acquiring golf courses across the US, from struggling municipal layouts to high-end private clubs. In this episode, Lucas and Luna examine the economics behind the roll-up: course closures peaked around 2010, but now PE firms see an opportunity to consolidate a fragmented market. They break down the playbook: buy distressed courses at a discount, invest in capital i...

Episode 45 of Private Equity Conversations with Fexingo dives into the quiet roll-up of general veterinary practices. Lucas and Luna break down why PE firms are targeting the $30 billion companion animal market, how a single consolidator — National Veterinary Associates — now owns over 1,500 clinics, and what that means for pet owners facing higher bills and less independent care. They also explor...

In this episode of Private Equity Conversations with Fexingo, Lucas and Luna dive into a quietly consolidating industry: funeral homes. With over 20,000 independent funeral homes in the US, PE firms like Service Corporation International and StoneMor Partners are rolling up the fragmented market, buying family-owned operators at 6-8x EBITDA and applying operational efficiencies like centralized cr...

Lucas and Luna break down the PE playbook for consolidating franchisee groups, using the example of Focus Brands—the owner of Auntie Anne's, Cinnabon, and Moe's—rolling up franchisees into larger multi-unit operators. They discuss the economics of single-unit vs. multi-unit ownership, why PE targets mature franchise systems, and what this means for franchisees and customers. Plus, a candid moment...

Private equity has long invested in franchise brands themselves, but a new wave is targeting the franchisees—the operators who own dozens or hundreds of locations. In this episode, Lucas and Luna examine how PE firms are buying up multi-unit franchisee groups in sectors like quick-service restaurants, hotels, and fitness centers. They dive into the economics: why a franchisee group can offer predi...

In this episode, Lucas and Luna explore how private equity firms are consolidating the fragmented auto repair industry. They focus on the roll-up strategy behind companies like Monro, Inc. and Driven Brands, and explain how PE firms are buying up independent garages to build regional chains. The hosts discuss the economics of auto repair, the challenge of finding skilled mechanics, and what this m...

Private equity has been quietly consolidating dentistry through Dental Support Organizations (DSOs). In this episode, Lucas and Luna examine how PE-backed DSOs now control nearly 20% of US dental practices—and why that number is climbing. They break down the economics: a single dental practice generates roughly $800,000 in annual revenue with 25% EBITDA margins, making it a prime roll-up target. L...

Lucas and Luna dive into the quiet roll-up of marina and boat storage assets by private equity firms. With over 11,000 marinas in the U.S. and only 1,000 owned by institutional investors, PE is targeting fragmented waterfront real estate for high-margin storage and service revenue. They break down the economics: a typical 250-slip marina can generate $2 million in annual revenue, 40% from dry stac...

Episode 38 of Private Equity Conversations looks at how PE firms are consolidating the accounting industry. Lucas and Luna discuss the case of EisnerAmper, one of the top 20 US accounting firms, which sold a majority stake to private equity in 2021. They break down the economics: the 'evergreen' nature of audit and tax work, the recurring revenue model that attracts PE, and the challenge of partne...

When pets pass away, more families are turning to private cremation — and private equity has noticed. In this episode, Lucas and Luna explore how PE firms are consolidating the pet aftercare industry, from standalone crematories to full-service funeral homes for pets. They break down the economics: the average cost of a private pet cremation ($150–$500), the fragmented landscape of mom-and-pop ope...

Episode 36 of Private Equity Conversations with Fexingo. Lucas and Luna examine the quiet roll-up of veterinary specialty and emergency hospitals by private equity firms. They focus on one specific platform: Pathway Vet Alliance, which has acquired over 100 specialty and ER practices since 2018. The hosts unpack the economics behind the consolidation: how referral networks, high-margin procedures...

Episode 35 of Private Equity Conversations digs into the roll-up play in HVAC and plumbing — a fragmented $200 billion industry where private equity has acquired over 600 companies in the last five years. Lucas and Luna examine the model: why aggregators like ServiceTitan's backers are buying mom-and-pop shops, how multiple compression works when you consolidate at 8x EBITDA and exit at 12x, and w...

Episode 34 of Private Equity Conversations dives into the quiet roll-up of America's waste and recycling industry. Lucas and Luna explore how PE firms are acquiring regional haulers, transfer stations, and landfill assets — a fragmented $80 billion market dominated by giants like Waste Management and Republic Services. The hosts break down a real case study: GFL Environmental's growth from a Canad...

Private equity has rolled up veterinary clinics, car washes, and funeral homes. Now it's coming for the ambulance. In this episode, Lucas walks through the economics of emergency medical services and why PE firms are buying up private ambulance operators across the country. He explains how Medicare reimbursement rates work, why rural ambulances are struggling, and how roll-ups like Global Medical...

Lucas and Luna explore the private equity land grab for music publishing rights. They break down why firms like Blackstone, KKR, and Apollo are paying billions for catalogs from artists like Bob Dylan, Bruce Springsteen, and Justin Bieber. Lucas explains the asset math: a stable, royalty-backed income stream with 5-8% annual yields, inflation pass-throughs, and 20-30 year duration profiles that ma...

Episode 31 of Private Equity Conversations with Fexingo. Lucas and Luna examine the rapid roll-up of the US pest control industry by private equity firms. They focus on the specific case of Rentokil Initial's 2021 acquisition of Terminix for $6.7 billion, and the smaller platform builds by firms like Harvest Partners and Gryphon Investors. The hosts break down the economic logic: recurring revenue...

Private equity is buying up roofing contractors at a record pace, rolling up mom-and-pop shops into regional and national platforms. In this episode, Lucas and Luna explore why roofing—fragmented, recession-resistant, and cash-flow heavy—has become a favorite PE target. They break down the economics of a typical 15-person roofing firm, the multiples PE firms are paying (around 7 to 9 times EBITDA)...