The Buyout Show with Fexingo: Private Equity, Roll-Ups, and Business Acquisitions

Swimming pools are everywhere in the US — over 10 million residential pools — and private equity has noticed that pool service is a perfect roll-up target: recurring revenue, high margins, fragmented local mom-and-pops. Lucas explains why firms like Leonard Green & Partners are buying pool route operators, how the math works on a $150,000 route purchase, and why the pool industry's 2.5 percent ann...

Episode 106 of The Buyout Show explores the surprising wave of private equity consolidation in the tree care industry. Lucas and Luna break down the economics behind a single mid-size tree service acquisition in the Pacific Northwest, where a family-owned company with $8 million in revenue sold to a roll-up platform backed by a $200 million fund. They discuss why tree services offer predictable re...

In this episode, Lucas and Luna examine the private equity wave sweeping self-storage. They focus on two numbers: the 58,000 facilities in the U.S. today and the $42 billion that operators spent on acquisitions in 2025. They trace how a fragmented mom-and-pop industry has become a target for roll-ups, breaking down the unit economics of a typical facility — occupancy rates around 90 percent, month...

In this episode of The Buyout Show, Lucas and Luna dive into the private equity roll-up of auto body repair shops — a fragmented $70 billion industry where collision repair centers are being consolidated at record speed. Lucas walks through the economics: why a single shop with two dozen bays can generate $4 million in revenue but struggles with insurance reimbursement rates, labor shortages, and...

Episode 103 of The Buyout Show explores the surprising wave of private equity money flowing into the freeze-dried candy sector. Lucas and Luna break down the economics behind this niche treat — which blew up on TikTok during the pandemic and now attracts serious institutional capital. They walk through the unit economics of a single freeze-dried Skittle, the acquisition of Warheads-maker Impact Co...

Private equity has quietly consolidated a huge chunk of the pharmacy benefit management industry. In this episode, Lucas and Luna unpack the economics of PBMs, the vertical integration wave, and a specific case: how firms like Madison Dearborn and Hellman & Friedman have rolled up multiple PBMs into a single giant. They walk through the 80-20 rule in drug pricing, the spread between what PBMs char...

Episode 101 of The Buyout Show explores the quiet but massive private equity land grab in the data center market. Lucas and Luna break down how firms like Blackstone and KKR are pouring hundreds of billions into hyperscale facilities, the math behind a 20% compound annual growth rate, and why cloud giants like Amazon and Microsoft are both customers and competitors. They examine the rise of a new...

Episode 100 of The Buyout Show explores the wave of private equity acquisitions sweeping the home care industry. Lucas and Luna break down why PE firms are targeting agencies that provide in-home health aides, personal care, and dementia support. Using the example of a mid-sized regional agency acquired by a search fund backed by a family office, they discuss the operational playbook: centralizing...

Episode 99 of The Buyout Show. Lucas and Luna drill into one of private equity's quietest roll-up plays: the consolidation of commercial fire protection and security monitoring companies. They walk through the numbers behind a single acquisition platform — Ficarino Holdings, which has aggregated over 50 regional fire alarm and sprinkler contractors since 2017 — and unpack the economics that make t...

Episode 98 of The Buyout Show explores a consolidating corner of the death care industry: cremation services. Lucas and Luna break down how private equity firms have been rolling up funeral homes and crematoriums, with a focus on the largest player in the space, Service Corporation International (SCI), which owns over 1,500 funeral homes and 450 cemeteries. They discuss the economics of pre-need c...

Private equity is quietly consolidating the junk removal industry, buying up local haulers like 1-800-GOT-JUNK and Junk King to build regional platforms. In this episode, Lucas and Luna break down the economics: how a business that charges by the truckload can generate predictable cash flow, why software is making route optimization a competitive advantage, and what the roll-up strategy means for...

Episode 96 of The Buyout Show dives into the quiet consolidation of medical billing companies by private equity. Lucas and Luna explore why firms like R1 RCM and Athenahealth have become acquisition targets, and how PE is betting on the backend of healthcare. They discuss the business model: billing companies take a percentage of reimbursements, and by rolling up smaller players, PE can gain prici...

Episode 95 of The Buyout Show examines the quiet consolidation of traffic ticket law firms. Lucas explains how private equity firms are rolling up high-volume, cash-flow-positive practices that handle minor moving violations. He breaks down the unit economics: a single ticket case costs about $50 to process and generates $250–$400 in revenue, with almost zero marketing spend once the firm ranks on...

Lucas and Luna dive into a surprising roll-up target: hearing aid dispensaries. With the OTC hearing aid rule from 2022 finally reshaping the market, private equity sees a fragmented $8 billion industry ripe for consolidation. They break down how firms like Audibel and HearingLife are being acquired by larger platforms, the demographics driving demand, and why the average cost of a pair of hearing...

In this episode of The Buyout Show, Lucas and Luna dive into the wave of private equity acquisitions rolling through the veterinary industry. With an estimated 20 to 25 percent of US veterinary practices now owned by non-clinician investors, the hosts examine the economics driving the consolidation and what it means for pet owners, veterinarians, and the quality of care. Lucas explains the roll-up...

In Episode 92, Lucas and Luna examine private equity's growing interest in manufactured housing communities — the 22,000 mobile home parks across the US where 22 million people live. They break down the business model: land ownership as a real estate play with a built-in rent escalation mechanism, low maintenance costs compared to traditional apartments, and a tenant base with limited mobility bec...

Episode 91 of The Buyout Show explores a surprising new frontier in private equity roll-ups: independent bookstores. Lucas and Luna examine the numbers behind the trend, including how PE-backed platforms like Bookshop Capital have acquired over 40 local bookshops since 2024. They discuss the economics of indie bookstores, the cultural tension between local character and operational efficiency, and...

Private equity has rolled up thousands of dental practices into Dental Support Organizations, or DSOs. In this episode, Lucas and Luna break down the specific financial model: how a DSO takes the back-office costs off a dentist's hands in exchange for a cut of revenue, why PE firms love the recurring patient base, and why roughly 15 percent of US dentists now work under some DSO agreement. They ex...

Private equity has quietly consolidated dog daycare and boarding. In this episode, we look at the rise of Camp Bow Wow franchise roll-ups and the new PE-backed chain The Dog Stop, which now operates over 60 locations across the US. Lucas and Luna break down the unit economics of a single daycare center—$1.2 million in revenue at 30% EBITDA margins—and why these businesses appeal to firms chasing p...

In this episode of The Buyout Show, Lucas and Luna dive into the wave of private equity investment rolling through the residential plumbing and HVAC industry. They focus on the specific case of HomeServe, a UK-based home warranty and repair company that was acquired by a PE-backed roll-up in 2025 and has since consolidated over 30 local service providers across the US. Lucas explains the economics...

In this episode of The Buyout Show, Lucas and Luna explore the rapid consolidation of urgent care centers by private equity firms. They zero in on a specific case: the nearly 100 urgent care locations owned by a single PE-backed platform in the Southeast, and the financial logic behind rolling up fragmented healthcare clinics. Lucas explains why urgent care — with its predictable revenue, low capi...

Private equity has been snapping up college dormitories at a record pace, turning student housing into a $200 billion asset class. Lucas and Luna break down the numbers: from the 2014 REIT boom that privatized 90,000 beds to the current wave where firms like Blackstone and Harrison Street are spending billions on purpose-built student accommodations. They explore why universities are selling—aging...

Episode 85 of The Buyout Show examines the quiet roll-up of the hemp and CBD industry by private equity. We track one deal: the 2025 acquisition of Charlotte's Web Holdings by a PE-backed platform called Brightfield Group. Lucas walks through the numbers: Charlotte's Web went public in 2018 at a valuation near $1 billion, and by 2025 was acquired for roughly $85 million. Luna pushes on whether the...

In this episode of The Buyout Show, Lucas and Luna dive into a rapidly consolidating niche: pet insurance. They break down how private equity firms are rolling up regional pet insurers, the numbers behind the market's growth, and what it means for pet owners facing rising premiums. With US pet insurance premiums now exceeding $5 billion annually, firms like JAB Holding Company and others are betti...

Episode 83 of The Buyout Show with Fexingo dives into the quiet roll-up of residential solar installation companies. Lucas and Luna break down the specific case of SunPower's dealer network being acquired by a private equity-backed platform called SolarCraft, which has now consolidated seven regional installers in the past eighteen months. They explore the logic: fragmented market, recurring reven...