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

Private equity has spent roughly $8 billion acquiring self-storage facilities over the past 24 months. Lucas and Luna unpack the thesis: stable cash flows, minimal labor costs, and a fragmented market where the top 10 operators control only 20% of supply. They zero in on Extra Space Storage's acquisition of Life Storage in 2023, which created a $47 billion REIT, and examine how PE firms like Black...

In this episode of The Buyout Show, Lucas and Luna examine why private equity is consolidating the eyecare industry — specifically, the roll-up of optometry practices into giant chains. They focus on the 2024 acquisition of Visionworks by a private equity consortium led by New Mountain Capital at a $1.1 billion enterprise value. Lucas explains the economics: how a single independent optometrist ge...

Private equity has quietly consolidated autism therapy, speech therapy, and occupational therapy practices across the US. This episode drills into the roll-up strategy behind pediatric therapy clinics — specifically the $2.8 billion acquisition of BlueSprig Pediatrics by KKR in 2021 and the subsequent platform-building that followed. Lucas explains the reimbursement dynamics (Medicaid vs. commerci...

Episode 79 of The Buyout Show dives into private equity's quiet roll-up of independent hardware stores — the old-school Ace, True Value, and Do it Best co-ops that still anchor Main Street. Lucas walks Luna through the numbers: the $250 billion home improvement market, the 20% share held by independents, and why firms like Freeman Spogli and Leonard Green have suddenly taken notice. They discuss t...

Episode 78 of The Buyout Show examines the quiet return of private equity to taxi medallions. After the 2014 medallion bubble burst, many assumed the industry was a cautionary tale. But with Uber and Lyft prices rising, city medallion caps holding supply tight, and medallion prices at a fraction of peak levels, firms like Marble Arch and Stuart Financial Group are reopening pools of institutional...

Episode 77 of The Buyout Show. Lucas and Luna examine the private equity play for pre-need funeral insurance — policies sold to people before they die, locking in today's funeral costs. They trace the roll-up logic through a real case: how a mid-market firm, Sentinel Capital Partners, acquired and combined three funeral insurance carriers between 2021 and 2024 to create what is now the second-larg...

In this episode of The Buyout Show, Lucas and Luna dive into the rapid consolidation of the car wash industry by private equity firms. They focus on the case of Mister Car Wash, the largest chain in the U.S., and explore how the industry's shift to subscription-based unlimited wash plans creates predictable recurring revenue—a PE dream. Lucas explains the economics: a typical tunnel wash costs $3–...

Lucas and Luna dive into the booming private equity interest in wedding venues, focusing on the $60 billion US wedding industry and why firms like Leonard Green & Partners and KKR are backing wedding venue roll-ups. They break down the economics: venues generate 40-60% EBITDA margins, have sticky customer demand regardless of economic cycles, and benefit from the 'one-day event' model that limits...

Private equity has been quietly consolidating dermatology for years, but the pace has accelerated dramatically. In this episode, Lucas and Luna examine the roll-up strategy behind U.S. Dermatology Partners, one of the largest PE-backed dermatology platforms, and break down the economics: why dermatology offers recession-resistant recurring revenue, high margins, and a fragmented market of 11,000 i...

Episode 73 of The Buyout Show with Fexingo dives into private equity's quiet consolidation of the laundromat industry. Lucas and Luna break down how firms like Cion Investment and TPG are rolling up mom-and-pop wash-and-fold shops, why the math works — think cash flow, real estate, and recession-proof demand — and what it means for the local owner who just wants to sell. Specific numbers: a single...

Episode 72 of The Buyout Show explores the growing wave of private equity investment in legal cannabis dispensaries across the United States. With federal rescheduling on the horizon in mid-2026, firms like Curaleaf and Green Thumb Industries are consolidating smaller operators at a rapid clip. Lucas and Luna break down the economics: how the average dispensary acquisition multiple has climbed fro...

Private equity has rolled up everything from dental clinics to parking lots. But the security guard industry—fragmented, low-margin, labor-intensive—was long seen as untouchable. This episode examines how firms like Sentinel Capital Partners and Alpine Investors are now consolidating contract security, buying mom-and-pop guard companies and rolling them into regional giants. Lucas and Luna break d...

This episode of The Buyout Show dives into the quiet but rapid consolidation of franchised tire and auto-service chains. Lucas and Luna examine why private equity is paying 8–10 times EBITDA for regional tire shop networks, the economics of the roll-up playbook, and a specific case: the 2023 acquisition of Tire-Rama by a New York-based sponsor. They break down the math behind the consolidation the...

Episode 69 of The Buyout Show with Fexingo. Lucas and Luna examine the wave of private equity acquisitions of independent pharmacies, focusing on the specific strategy of roll-ups like the one led by Oak Street Health's former executives. They discuss the economics: how a single independent pharmacy generates roughly $3-5 million in revenue but only 8-12% EBITDA margins, and how consolidation into...

Lucas and Luna examine the wave of private equity acquisitions of small animal veterinary practices, focusing on consolidation metrics from 2021-2026. They discuss the roll-up of general practice clinics, how aggregators like PetVet Care Centers and VCA operate, the impact on vet salaries and patient pricing, and the tension between clinical autonomy and corporate efficiency. The episode uses the...

In this episode of The Buyout Show, Lucas and Luna examine the quiet roll-up of the hearing aid industry by private equity. With an aging population and margin-rich business models, firms like Sonova and Demant have seen their clinic networks snapped up. The hosts break down why audiology practices are a PE dream: sticky patient relationships, high margin recurring revenue from batteries and fitti...

In this episode of The Buyout Show with Fexingo, Lucas and Luna dive into one of the hottest and most controversial roll-up plays in healthcare: dental support organizations, or DSOs. Private equity firms have backed over 400 DSOs in the last decade, aggregating thousands of independent dental practices under management. Lucas breaks down the economics — how DSOs claim to save dentists 30% on over...

Episode 65 of The Buyout Show dives into the quiet roll-up of franchised auto dealerships by private equity firms. Lucas and Luna examine the specific case of AutoNation's recent acquisition spree, the economics of buying a Toyota or Honda franchise for $50 million-plus, and why PE sees dealerships as a recession-resistant cash machine. They also discuss how the shift to electric vehicles is chang...

Private equity has quietly consolidated a surprising industry: cremation services. Lucas and Luna explore how firms like Service Corporation International and smaller PE-backed players have rolled up funeral homes and crematories, driven by demographic shifts and margin logic. With cremation rates in the U.S. crossing 60% in 2025, the economics are shifting — and PE is paying attention. They break...

Episode 63 of The Buyout Show examines the rapid consolidation of veterinary diagnostic laboratories by private equity. Lucas and Luna break down the economics: full-service labs like IDEXX and Antech dominate, but PE-backed platforms like Ethos Diagnostics and VCA's recent lab acquisitions are targeting regional and reference labs. They discuss why diagnostics are a sticky, high-margin business —...

In this episode, Lucas and Luna unpack the quiet rush of private equity into wind energy—specifically the roll-up of smaller wind farms by a single firm, Greenbacker Capital. With the Production Tax Credit set to phase down after 2026, PE firms are buying up operational wind assets at scale, bundling them into yieldcos, and selling them to institutional investors. Lucas walks through the economics...

Private equity has moved into emergency medical services, acquiring ambulance companies across the United States. In this episode, Lucas and Luna examine the rollout of American Medical Response and Global Medical Response, and how private equity consolidated the fragmented ambulance industry. They discuss the economics of emergency transport, the impact on response times and paramedic pay, and th...

In Episode 60 of The Buyout Show, Lucas and Luna dive into the private equity roll-up of pet grooming franchises—a fragmented industry with over 50,000 independent shops. They focus on the specific playbook of Peak Rock Capital, which acquired Aussie Pet Mobile in 2021 and has since consolidated a dozen regional grooming chains into a national platform called The Pooch Mobile. Lucas breaks down th...

Private equity firms have been consolidating physical therapy clinics at a rapid pace, with the largest platforms now operating over 1,000 locations each. In this episode, Lucas and Luna examine the economics behind these roll-ups: why PT clinics are attractive targets, how the consolidation affects patient care and therapist compensation, and the growing backlash from clinicians who say the model...

Lucas and Luna dive into the wave of private equity consolidation in the HVAC industry, focusing on the roll-up strategy behind companies like Service Champions and the valuation multiples that have doubled since 2020. They break down why residential HVAC service—with its recurring revenue from maintenance contracts, high barriers to entry for independent operators, and predictable replacement cyc...