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

Episode 29 of Private Equity Conversations with Fexingo examines the quiet consolidation of industrial distribution — the wholesalers that supply bearings, valves, fittings, and safety equipment to factories and contractors. Lucas and Luna break down the economics using the case of Kaman Distribution Group, a company acquired by private equity in 2014 and later sold for a three-times multiple. The...

This episode of Private Equity Conversations with Fexingo explores the quiet but massive roll-up of U.S. timberland and farmland by private equity firms. Lucas and Luna break down why pension funds and endowments are increasingly allocating to these real asset strategies, using the recent $2.5 billion acquisition of a Southeast timber portfolio by a consortium led by Brookfield Asset Management as...

Private equity is betting big on self-storage, an asset class that has quietly outperformed retail and office real estate for a decade. In this episode, Lucas breaks down the math behind the consolidation play: storage REITs like Public Storage and Extra Space now control about 40% of the $44 billion market, with PE firms like Blackstone and KKR piling into the remaining fragmented mom-and-pop ope...

Episode 26 of Private Equity Conversations with Fexingo explores the quiet consolidation of homeowners' association (HOA) management companies by private equity firms. Lucas and Luna unpack why PE is targeting this fragmented market: predictable fee-based revenue, low churn, and recession resilience. They focus on the case of FirstService Residential, the largest operator in North America, managin...

Episode 25 of Private Equity Conversations with Fexingo looks at the wave of private equity acquisitions of auto dealerships. Lucas and Luna focus on the 2021 acquisition of Van Tuyl Group by Berkshire Hathaway as a case study, examining why PE firms are drawn to dealership cash flows, the role of manufacturer franchise agreements, and whether consolidation changes the car-buying experience. The h...

Episode 24 of Private Equity Conversations dives into the rapid consolidation of the insurance brokerage industry by private equity firms. Lucas and Luna break down the economic logic behind PE's appetite for agencies like the recent $13 billion take-private of Hub International. They explore why insurance brokers generate predictable, recession-resistant cash flows, how firms like GTCR and KKR ar...

Private equity has been quietly consolidating the car wash industry, and the numbers are staggering. In this episode, Lucas and Luna break down how Mister Car Wash went from a regional chain to a publicly traded company with over 400 locations, and why PE firms like Leonard Green & Partners and Warren Buffett's Berkshire Hathaway have been piling into the sector. They explore the economics of the...

In this episode of Private Equity Conversations with Fexingo, Lucas and Luna explore the quiet consolidation of the death-care industry. As baby boomers age, private equity firms are buying up funeral homes, cemeteries, and crematoriums at an accelerating pace. Lucas breaks down the numbers: the $20 billion funeral services market, with 80 percent still owned by independent operators, and how firm...

Episode 21 of Private Equity Conversations with Fexingo dives into the consolidation of home services—plumbing, HVAC, electrical, and roofing. Lucas and Luna examine why private equity firms have poured over $20 billion into this fragmented sector since 2020, using the roll-up playbook to turn local contractors into regional platforms. The episode focuses on one representative deal: The Riverside...

Private equity has long been active in franchising, but the pace of consolidation has accelerated dramatically. In this episode, Lucas and Luna examine the strategy behind PE firms acquiring multi-unit franchise operators, using Focus Brands as a central example. Focus Brands — the parent company of Auntie Anne's, Cinnabon, Moe's Southwest Grill, and Schlotzsky's — was acquired by Roark Capital in...

Episode 19 of Private Equity Conversations with Fexingo dives into the rapid consolidation of dental practices via Dental Support Organizations (DSOs). Lucas and Luna explore how firms like Heartland Dental — backed by KKR and others — have rolled up thousands of independent dentist offices, creating scale in procurement, billing, and hiring. They unpack the business model: the DSO handles adminis...

Episode 18 of Private Equity Conversations explores private equity's growing appetite for pet care businesses. From veterinary consolidation to pet insurance and specialty food brands, Lucas and Luna examine why PE firms see pets as a recession-resistant asset class. They break down the economics, including how Mars Inc. transformed from candy to the largest pet care company, and why independent v...

Episode 17 of Private Equity Conversations with Fexingo dives into the growing trend of private equity firms acquiring residential solar installation companies. Lucas and Luna explore why firms like KKR and BlackRock are betting big on solar, the business model challenges—from customer acquisition costs to regulatory uncertainty—and what it means for homeowners and the energy transition. With spec...

Private equity firms have poured more than $50 billion into physician practice acquisitions since 2020, but the primary care model is different from the dental and vet roll-ups that came before. This episode looks at how firms like Welsh Carson and New Mountain Capital are buying independent primary care groups, what the per-physician economics look like, and why Medicare Advantage reimbursement i...

Episode 15 of Private Equity Conversations with Fexingo looks at the rapid consolidation of veterinary medicine. Lucas and Luna examine how larger PE-backed platforms like VCA and NVA have rolled up thousands of independent clinics, standardizing care while pushing up prices. They break down the economics: a single practice can cost $1-3 million, and chains can grow EBITDA margins by centralizing...

Lucas and Luna explore a niche but growing strategy in private equity: monetizing intellectual property. Using the 2025 acquisition of a portfolio of wireless patents by a consortium including Fortress Investment Group as a case study, they explain how PE firms buy, license, and litigate IP assets to generate returns. The episode covers the mechanics of patent buyouts, the role of IP-specialized f...

Private equity firms have become major players in the distressed debt market, buying up loans and bonds of struggling companies at steep discounts. In this episode, Lucas explains how the strategy works — from debt-for-control swaps to loan-to-own — and why the current interest rate environment is creating a wave of opportunities. He walks through the classic example of how Cerberus Capital Manage...

In this episode, Lucas and Luna explore the rise of continuation funds—a controversial yet increasingly common mechanism in private equity that allows firms to hold onto their best portfolio companies well beyond the traditional 5-7 year fund life. Using the example of Leonard Green & Partners' $1.7 billion continuation vehicle for Aspen Dental in 2020, they unpack how these single-asset GP-led de...

Episode 11 of Private Equity Conversations with Fexingo dives into a distinct corner of private equity: the multi-generational family business buyout. Lucas and Luna examine how PE firms like Berkshire Partners and TA Associates identify family-owned companies with strong cultures and limited professional management, then deploy capital and operational expertise to turn them into global platforms...

Lucas and Luna dive into the mechanics of growth equity investing, using General Atlantic's $3.5 billion bet on workplace software company SThree as a case study. They explain how growth equity differs from classic leveraged buyouts: minority stakes, no debt loading, longer holds targeting 25-30% internal rates of return. Lucas walks through the specific deal structure — a $200 million primary inv...

In this episode of Private Equity Conversations with Fexingo, Lucas and Luna explore the fast-growing market for GP stakes — where outside investors buy minority equity stakes in private-equity firms themselves. They break down the model using two concrete deals: Dyal Capital Partners' 2019 investment in HG Capital's management company, and Blackstone's 2021 acquisition of a minority interest in A...

In this episode, Lucas and Luna explore the rapid consolidation of nurse practitioner-led primary care by private equity firms. They focus on the surprising economics — how a single practice can double revenue within 18 months by adding basic chronic-care management and how PE firms are using a 'roll-up' strategy to reach scale in a fragmented market. The hosts walk through the typical deal struct...

In this episode of Private Equity Conversations with Fexingo, Lucas and Luna unpack the 2013 leveraged buyout of Dell — the largest take-private deal since the financial crisis. They walk through the mechanics of the $24.4 billion transaction, the role of Silver Lake Partners, the financing structure involving debt and Michael Dell's own equity rollover, and the messy proxy fight with Carl Icahn....

In this episode of Private Equity Conversations with Fexingo, Lucas and Luna break down a surprising trend: while headline-grabbing mega-buyouts by Blackstone and Apollo dominate the news, mid-market firm KKR has quietly become one of the top-performing PE houses by focusing on companies worth $500 million to $2 billion. Lucas explains KKR's 'middle-market muscle' strategy, using their 2021 acquis...

Private equity firms love buying software companies, but the playbook differs wildly depending on whether you target horizontal platforms like Salesforce or vertical niche players serving a single industry. In this episode, Lucas and Luna drill into Thoma Bravo's specific approach to vertical software buyouts—why the firm targets mission-critical systems for industries like healthcare, legal, and...