The M&A Zing

The M&A Zing
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M&A Zing: Weekly Insights for SMB M&A, Search Funds, HoldCo Builders and Acquisition Entrepreneurs.   Each week we dive-in to topics and challenges that impact SMB Succession, and explore the highs and lows of Searching, Acquiring, Owning, Operating  and Exiting small and medium-sized businesses.

  1. M&A Zing (S3EP4) – The UK Search Fund Playbook with Thomas Fry & Luke Grob (LT Heritage Partners)

    26. Feb.

    M&A Zing (S3EP4) – The UK Search Fund Playbook with Thomas Fry & Luke Grob (LT Heritage Partners)

    In this episode of M&A Zing, Gareth Hawkins sits down with Thomas Fry and Luke Grob, co-founders of LT Heritage Partners, to break down what it actually looks like to build a UK search fund from scratch. They cover the unglamorous reality (rejection, long lead times, and keeping momentum), the strategic bits (what makes a great target, how to think about “defensibility” in an SME), and the practical mechanics (how you build a proprietary sourcing engine, sharpen your outreach, and build conviction before you ever get to diligence). What you’ll learn: · How LT Heritage Partners are approaching the UK ETA/search fund path· What their “ideal business” looks like and how they filter opportunities early· Why sourcing is a process, not a moment (and how they’re building a repeatable engine)· The real-world response rates, follow-up loops, and staying power required· How they think about value creation post-acquisition (people, positioning, process) Timestamps[00.11] Welcome + why this episode (building a UK search fund in practice)[02.21] Luke’s path into deals, investing, and why ETA[06.12] Tom’s route from engineering/consulting into the search journey[11.28] Why a two-partner search model and how they think about operator-led execution[19.14] Building the team early: interns, leverage, and “doing the reps”[25.33] Investor mindset and constructing a support base that actually helps[38.16] What they’re looking for in a target business (and what’s a red flag fast)[42.38] Proprietary sourcing: how they’re building their outreach machine[49.02] Search realities: response rates, persistence, and what “good” looks like[56.50] Reputation, trust, and how to approach owners properly (without being weird)[63.20] Final advice for aspiring searchers[65.18] Wrap-up + where to find LT Heritage Partners About LT Heritage Partners:LT Heritage Partners is a UK-focused acquisition vehicle looking to acquire and grow a high-quality SME with a long-term, operator-led approach. LT Heritage Partners: https://ltheritagepartners.co.uk/ BizCrunch: https://www.bizcrunch.co/

    1 Std. 6 Min.
  2. M&A Zing (S3EP3) – Mowers & Multiples: Inside the UK Landscaping Roll-Up Wave

    4. Feb.

    M&A Zing (S3EP3) – Mowers & Multiples: Inside the UK Landscaping Roll-Up Wave

    UK landscaping is consolidating fast. We unpack the roll-up playbook, size up the big platforms, and then get practical with two real listings: a London front-garden specialist and a Midlands grounds-maintenance and arboriculture firm. Expect ARR dynamics, founder-dependence risk, accreditations, margins, and whether either deal makes sense as a platform. Highlights include Nurture Group and idverde context, why arboriculture commands premiums, what “second-tier management” does to risk, and where multiple arbitrage shows up for acquirers. T Timestamps:[00.00] Intro and shout-outs in the searcher community[02.05] Theme of the episode: UK and EU landscaping consolidation[03.20] Nurture Group story and acquisition cadence[04.35] Nurture numbers: revenue, losses, financing, adjusted EBITDA[05.41] idverde, TCL and Green Landscaping Group across Europe[07.02] Recurring revenue logic and arboriculture as a stabiliser[09.26] Why we’re doing two deals instead of one[12.24] Deal 1: London front-garden design/restoration specialist[14.03] Deal 1 financials and profitability profile[16.18] Deal 1 scalability limits and niche constraints[17.39] Deal 1 founder-dependence and transition risk[21.01] Deal 1 verdict[23.00] Deal 2: Midlands grounds-maintenance and arboriculture firm[24.22] Deal 2 margins: ~£450k EBITDA on ~£1.26m turnover[25.09] Accreditations (CHAS, SMAS) and why they matter for tenders[27.02] Second-tier management and saleability de-risking[29.25] Platform potential and regional bolt-on strategy[31.29] Multiple arbitrage at scale[32.18] Deal 2 verdict[33.27] Wrap-up and what’s next Listings discussed:• https://www.intelligent.co.uk/businesses-for-sale/leading-specialist-in-front-garden-design-restoration-and-creation-for-period-properties-based-in-south-east-england-int3528• https://uk.businessesforsale.com/uk/specialist-grounds-maintenance-arboriculture-and-landscaping-service-provider.aspx Want the company-level numbers we reference? Check performance summaries updated weekly from Companies House via BizCrunch: https://www.bizcrunch.co

    37 Min.
  3. M&A Zing (S3 Ep. 2) –Culture and Cash Discipline: Craig Brennan on Buying 60 Nurseries,

    29. Jan.

    M&A Zing (S3 Ep. 2) –Culture and Cash Discipline: Craig Brennan on Buying 60 Nurseries,

    Gareth sits down with Craig Brennan to unpack how he’s grown a 60-site nursery group through patient dealmaking, strong operating cadence and a people-first culture. We get into deal structures (including vendor terms), what really moves EBITDA in childcare, how to integrate without breaking quality, and the mistakes that taught the biggest lessons. If you’re eyeing roll-ups in regulated services, this one’s a blueprint. What you’ll learn: how to source and negotiate owner-led acquisitions, the KPIs that matter (occupancy, wage ratios, fee strategy), when to centralise vs leave local, handling staffing headwinds, and why sellers care about continuity as much as price. Highlights include: the first “lightbulb” acquisition, spinning up a nurseries platform during Covid, six deals last year, keeping Ofsted-grade standards tight during integrations, the hardest lesson about outgrowing people, and three mistakes new buyers make.  Timestamps[00.12] Intro and Craig’s background[02.11] Ask For Group today[04.47] From organic growth to first acquisition[06.14] Professionalising the business[10.47] Covid, regulation and safeguarding realities[13.50] Demand, occupancy and parent expectations[17.13] Leadership: letting go and building the team[20.09] Debt, cash management and growth pace[21.30] Valuations, deal flow and multiples[24.22] Sourcing: direct to owner vs brokers[28.49] What sellers care about beyond price[31.14] Turnaround case study and bounce-back loans[35.08] Headwinds: staffing, wages, ratios[40.11] Quality and safeguarding as non-negotiables[44.07] KPIs that move the needle[45.19] Advice to first-time acquirers[47.09] Wage choices, pricing and the employer brand[48.56] Operating cadence and systems[53.08] Closing and thanks Guest: Craig Brennan - Chairman, SK4 Holdings; CEO & Founder, LSC; CEO & Founder, Nurtured Childcare; Owner, Cheadle Town FC. https://www.linkedin.com/in/craigbrennanlsc BizCrunch - the turnkey solution for peer-to-peer succession M&Awww.bizcrunch.co

    54 Min.
  4. M&A Zing (S3EP01) - AI for Due Diligence: Reccy’s Andrew Stace on Faster, Smarter Deals

    21. Jan.

    M&A Zing (S3EP01) - AI for Due Diligence: Reccy’s Andrew Stace on Faster, Smarter Deals

    Can AI cut due diligence time from weeks to days without missing red flags? For the first episode of Season 3, Gareth talks to Andrew Stace, CEO and co-founder of Reccy, about using AI to review data rooms, surface risks quickly, and help mid-market buyers reach conviction faster. We cover where AI genuinely helps, where guardrails matter, and how deal behaviour is shifting when bandwidth and fees are tight. Chapters built directly from the episode transcript.  You’ll learn:• What Reccy actually does vs traditional data rooms• How the “Insights Report” works and what it covers• Privacy, hallucination control and accuracy trade-offs• Why funds ration questions and slow-walk in hot markets• How AI compresses the whole deal timeline and changes seller strategy  Chapters[00.12] Andrew & Reccy[09.45] The diligence pain AI can fix[16.23] What Reccy actually does (pillars & workflow)[20.24] Inside the Insights Report[21.42] Privacy, guardrails, accuracy[26.23] How funds triage questions now[31.21] Reaching conviction faster with AI[36.02] Compressed deal timelines[40.08] Why build in the UK[46.22] Pricing for the mid-market[50.14] Where models and ROI are headed[51.54] One due diligence tip you can use today LinksReccy AI: https://reccy.aiAndrew Stace: https://www.linkedin.com/in/andrew-stace/BizCrunch: www.bizcrunch.co #MandA #DueDiligence #AI #SearchFunds #ETA #DealMaking

    54 Min.
  5. M&A Zing (S2EP20) - Buy-Side Breakdown: AI Music Creation Platform at ~3.5x Revenue

    04.12.2025

    M&A Zing (S2EP20) - Buy-Side Breakdown: AI Music Creation Platform at ~3.5x Revenue

    AI Music SaaS: 3M+ Users, 80% Margins, ~£560k Profit — smart bet or burning platform? In this Buy-Side Breakdown, we analyse a consumer-led AI music tool listed on Acquire. It reports ~3m users, c.3,700 subscribers, ~$700k TTM revenue and ~80% margins, but growth has stalled around 2% and churn raises questions. We dig into valuation, unit economics, platform risk, and who should actually buy this.What you’ll learn:• Why a low revenue multiple can be rational for fast-moving AI products• How freemium novelty skews funnel metrics and inflates “users”• The big risk: owning the model vs being an API skin (and why it matters)• LTV/CAC reality with $14 ARPU and ~$95 LTV• The credible playbook to shift from DTC novelty to sticky B2B use-cases• Who the natural buyer is, and how we’d structure a sensible offerChapters[00:13] Welcome + what this episode covers[00:45] Today’s target: AI music SaaS on Acquire[02:00] Valuation surprise: low revenue multiple[02:20] Spotting the company and competitor set[02:42] Users, revenue, margins: headline numbers[03:19] Why is the multiple so low? Growth has stalled[03:41] Plateau, novelty and the freemium trap[04:29] Replacing churned users: the DTC treadmill[05:15] Novelty vs durable users (App Store déjà vu)[07:26] Funding arms race and retention quality[08:23] Why sell now? “New venture” and a well-funded rival[09:39] Ads, seasonality, and compute tweaks[11:15] Do they own the model or rent an API?[12:11] Moat signals and the frontend tells[13:42] Churn: what does “10% and ↓” actually mean?[14:48] Making it stickier: monetising UGC, tightening freemium[15:22] B2B niches with real longevity[17:30] AI artists, detection, and industry reality[19:13] Streaming economics: what plays pay[22:28] Touring vs streams when costs fall[22:50] Listing “growth levers”: read between the lines[24:05] LTV/CAC sanity: beware the averages[25:32] Key metrics revealed: subs, ARPU, LTV[26:58] Unit economics: gross margin vs cost to serve[27:25] Who buys this? Strategic tuck-in[28:12] Why a tuck-in makes more sense than solo[29:34] If they owned the model, different story[30:21] Why sell vs keep: operator incentives[30:45] Multiple vs effort: haggling stance[31:21] How we’d price and structure it[32:00] Vote: Alfie[32:53] Vote: Co-host[33:39] What would change our minds[34:26] Process status on Acquire[35:32] Wrap-up and listener CTA[35:59] OutroHave experience in AI music generation, or B2C SaaS? Leave your thoughts and comments below!

    36 Min.
  6. M&A Zing (S2EP19) - Margins & Machines: Buy-Side Breakdown of a 30 year Machining Business

    20.11.2025

    M&A Zing (S2EP19) - Margins & Machines: Buy-Side Breakdown of a 30 year Machining Business

    Another Buy-Side Breakdown: we unpack a 30-year CNC machining business reporting ~£2.4m turnover and unusually strong margins. This isn’t a fluffy walk-through. We dig into why the balance sheet shows lots of cash but little kit, what that implies for near-term CapEx, how to price customer concentration into the SPA, and where real upside lives with CAD/CAM copilots, cobots and lights-out runs.What you’ll learn• How “cash-rich, kit-light” balance sheets happen in precision engineering and how to underwrite CapEx properly• Simple structure levers for concentration risk (deferral, performance conditions, warranties)• Where margins come from: materials mix, repeat production, utilisation, and automation that actually pays back• Operator fit: why engineering fluency beats spreadsheet swagger in this category• A practical valuation frame for deals like this (illustrative only)Deal snapshot (from the listing):Age: ~30 yearsRevenue: ~£2.4mEBITDA: strong (listing cites ~30% adj.)Watch-outs: low book value of fixed assets, likely customer concentration, retiring ownerTailwinds: UK reshoring, defence demand, CAD/CAM + cobot ROIWho this is for:Searchers, ETA operators, holdco builders, and trade buyers eyeing fragmented UK precision engineering. If you’ve ever asked “Where’s the value in a CNC shop?” this episode answers it.Timestamps[00:00] Intro and ECI Awards notes[01:21] Macro mood: cold weather, hot budget, deal appetite[03:12] The listing at a glance[04:06] Cash vs kit: where are the assets?[05:08] Lease vs aged machines, CapEx reality[06:09] Materials, sectors, margins[07:12] High-value runs and lights-out operations[08:25] CAD/CAM copilots and cobots, ROI in practice[09:33] Reshoring tailwinds and UK advantages[11:12] Talent gaps and apprenticeships[12:21] Who buys this: trade vs searchers[13:06] Operator fit matters[13:46] Valuation and structure[15:01] Diligence priorities[16:26] Deal-breakers and mitigations[17:56] Final vote[18:25] WrapResources & next stepsDiligence checklist (customers, QoE, kit audit, people, automation, compliance, structure) is in the show notesGot CNC/precision experience? Add your take in the comments so buyers can sanity-check assumptionsGot a spare coat? Give it to someone that needs it: https://wrapupuk.org/#CNC #PrecisionEngineering #Manufacturing #Reshoring #MergersAndAcquisitions #SearchFunds #ETA #SME #DealFlow #UKBusiness

    40 Min.
  7. M&A Zing (S2EP18) - Beyond “ABC”: The Art and Practice of Good SMB M&A with Andrew Longcore

    13.11.2025

    M&A Zing (S2EP18) - Beyond “ABC”: The Art and Practice of Good SMB M&A with Andrew Longcore

    This week Gareth is joined by Andrew Longcore - Managing Partner at Business Law Group and Founder of Cecil Sterling & Co. - to unpack what makes a good small-to-mid market deal and how to avoid the traps new acquirers fall into. Andrew’s mission is simple: help entrepreneurs “defeat the unknown” in transactions. We get into buy-side vs sell-side realities, why many SMBs underuse acquisitions for growth, how to balance legal diligence with the human factors, and practical ways to structure deals so both sides win post-close. Highlights include: creative risk-sharing beyond cookie-cutter terms, funding constraints for services businesses, handling seller remorse, assembling the right deal team, and why empathy is a competitive advantage in M&A. If you care about buying well and operating better, this is a sharp, no-fluff playbook from someone who’s seen hundreds of transactions. [00:13] Intro to Andrew [00:49] Founding Business Law Group → launching Cecil Sterling [02:04] Why SMBs matter: community, jobs, and overlooked deals [03:27] “Defeating the unknown” in transactions [04:43] Diligence vs personalities: where the real risks hide [05:37] Why SMB owners underuse M&A for growth [06:38] Freedom, control and buying time via deals [07:39] Don’t underthink post-close: vision before closing [08:53] What  “good deal” feels like (both sides win) [10:11] Trust, remorse and structures that actually hold up [11:47] US vs UK/EU risk appetites and financing realities [12:40] People first, numbers second… but don’t skip the numbers [13:58] Empathy as an M&A edge [15:12] Paying for future performance without overpaying today [16:14] New blood, influencer myths and real landmines [17:51] Managing complexity, assembling the right deal team [19:36] Building firms, loneliness of leadership, finding your “Yoda” [21:07] Operating cadence and alignment (EOS) [22:00] Goals for the next 12 months [22:33] How to reach Andrew; closing takeaways Show notes Guest: Andrew Longcore Managing Partner, Business Law Group: https://www.businesslawgr.com/ Founder, Cecil Sterling & Co: https://www.cecilsterling.com/ Focus: SMB buy-side and sell-side transactions, legal and advisory, post-close integration. Topics: risk allocation, seller psychology, services-business funding, creative structures, deal team makeup, EOS after the acquisition. Find Andrew on LinkedIn:   / andrewlongcore  Host: Gareth Hawkins - CEO BizCrunch: https://www.bizcrunch.co/

    50 Min.
  8. M&A Zing (S2EP17) - People, Culture, AI: Toby Henry’s ETA Blueprint for Sustainable Change

    29.10.2025

    M&A Zing (S2EP17) - People, Culture, AI: Toby Henry’s ETA Blueprint for Sustainable Change

    In this week's M&A Zing interview, Gareth talks with Toby Henry - former consultant and fintech exec turned acquisition entrepreneur - about buying and running Accelerator Solutions, a 25-year-old learning, research and people-based consulting firm.We cover:̇Why he chose self-funded ETA over a traditional searchStructuring a partnership-style deal where founders stay onLeading a people and culture business as a first-time CEOWhere AI genuinely helps SMEs without breaking cultureCreative funding, lender realities for services, and building an M&A roadmapWhether you’re planning your first ETA deal or wrestling with post-close culture, this one’s stacked with practical detail.⏱️ Timestamps [00:13] Cold open and show intro[01:36] Guest setup: Toby Henry, Accelerator Solutions[01:55] Whistle-stop career tour request[03:40] Consulting years, Alpha FMC culture[04:29] Fintech leap: Tenx and building Chase UK[05:26] Disillusionment and discovering ETA[06:35] Why buy vs build: authentic entrepreneurial pull[07:51] Stanford/HBR rabbit hole[09:32] Traditional search tradeoffs vs control[11:00] Choosing self-funded: scope, savings, debt[13:26] What builds high-performing orgs[15:24] Scaling 60 → 600 and culture on purpose[16:38] First-year CEO lessons: delegation, trust[18:28] Buying a people business… then proving you 'get' people[19:22] Day-one transition: vulnerability and continuity[21:35] Values/brand refresh that stuck[23:28] Working groups to fix pain points[24:25] Deal sourcing: why brokered, why services[26:21] Why Accelerator fit[28:02] Deal structure: sellers stay in[29:35] Sellers’ motivations and roles[31:15] Timeline & funding realities for services[33:19] Creative financing via asset-backed facility[35:25] Skin in the game, sustainable growth[36:23] Deal team shout-outs[36:57] Biggest challenge: soft market, real L&D[38:55] Managing humans: messy, rewarding[39:40] Next 12–18 months: 3-part plan[40:21] AI offering for SMEs and post-search[41:22] Next acquisition thesis[42:14] Mentors that mentor[45:03] Peer group that actually helps[45:23] Work–life blend with young kids[48:06] Advice for ETA jumpers[49:59] Momentum hack: mum’s laptop, no excuses[50:16] How to reach Toby[50:34] Closing: people and culture drive performance[51:15] Post-show logistics and sign-offGuest:Toby Henry, CEO at Accelerator Solutions; Founder, Full Circle CapitalLinkedIn: search “Toby Henry Accelerator Solutions”Site: www.acceleratorsolutions.comHosts:Gareth Hawkins, Co-founder & CEO, BizCrunchwww.bizcrunch.co

    51 Min.
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M&A Zing: Weekly Insights for SMB M&A, Search Funds, HoldCo Builders and Acquisition Entrepreneurs.   Each week we dive-in to topics and challenges that impact SMB Succession, and explore the highs and lows of Searching, Acquiring, Owning, Operating  and Exiting small and medium-sized businesses.

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