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

In this episode of The Buyout Show, Lucas and Luna examine a sensitive corner of private equity: the consolidation of death care, specifically cremation services. As cremation rates rise past 60 percent in the US, PE firms like Service Corporation International and a wave of regional roll-ups are buying independent funeral homes and crematories at a pace of roughly 100 acquisitions per year. The h...

Lucas and Luna examine the rapid consolidation of veterinary clinics under PE ownership—why firms like JAB Consumer Partners and VetCor have spent $5 billion buying up independent animal hospitals since 2020. They break down the economics of pet spending ($136 billion in 2025), the margin lift from centralizing lab work and drugs, and the subtle tension between clinical autonomy and corporate effi...

Episode 5 of The Buyout Show dives into a surprising corner of private equity: franchisee-led acquisitions. Lucas and Luna explore how a group of Subway franchisees, backed by PE firm Roark Capital, attempted to buy out their own franchisor in 2023 — a deal that ultimately didn't close, but reshaped the conversation around operator-led buyouts. They unpack the economics of the $9.6 billion bid, th...

Episode 4 of The Buyout Show examines the spectacular collapse of Mister Car Wash's roll-up model during the 2022-2023 interest rate shock. Lucas and Luna unpack how cheap debt fueled a $4 billion acquisition spree, only to see valuations crash 60% when the Fed hiked rates. They trace the entire arc: why car washes seemed like the perfect recession-proof PE asset, how roll-up math works when lever...

Episode 3 of The Buyout Show explores the private equity roll-up of America's auto body repair shops. Over the past decade, PE-backed consolidators like Caliber and Gerber have acquired thousands of collision centers, transforming a fragmented mom-and-pop industry. Lucas and Luna break down the strategy: why auto body is a perfect roll-up target, how consolidation pushed margins from 5% to 15%, an...

Lucas and Luna examine the private equity roll-up strategy that has consolidated roughly 15 percent of US dental practices under corporate ownership. They trace the playbook from the first big platform acquisition of a single practice through the rapid-fire add-on deals that build regional monopolies. The hosts focus on Heartland Dental, now backed by KKR, which has aggregated over 1,700 locations...

In the premiere episode of The Buyout Show, Lucas and Luna break down the mechanics behind Thoma Bravo's $12 billion roll-up of enterprise software companies. They walk through the specific playbook—multiple compression, cross-sell synergies, and management carve-outs—using the firm's acquisitions of Anaplan and Coupa as a concrete case study. The conversation explains why private equity firms are...