Buyers and Builders

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The Buyers and Builders podcast with PrivateEquityGuy is a place where you can find meaningful conversations about holding companies, buying and building businesses, entrepreneurship, investing, and more. Be sure to follow the podcast, so you never miss an episode!

  1. 9 Add-Ons in 24 Months | Dan Lifshits of Dwelly Interview

    2 DAYS AGO

    9 Add-Ons in 24 Months | Dan Lifshits of Dwelly Interview

    Dan Lifshits, co-founder of Dwelly, explains how he is building an AI-enabled roll-up in the UK lettings market by acquiring independent agencies and modernizing them with software. Dwelly has completed 9 acquisitions in just 24 months, combining a buy-and-build strategy with a technology-first operating model designed to improve service for landlords and tenants while making agency operations far more efficient. In this episode, we go deep on why lettings is such an attractive category for consolidation, why organic growth is limited in this market, and why Dan believes acquisitions are the fastest way to build a modern property management platform. We cover: • Why lettings agencies are such attractive recurring-revenue businesses • Why organic growth is structurally difficult in property management • How Dwelly uses acquisitions to scale faster than traditional operators • Why the business was hard for investors to categorize as either VC or private equity • What actually changes after Dwelly acquires an agency • How software and AI can improve visibility, communication, and efficiency • What makes an ideal acquisition target in the lettings market • Lessons from raising capital for a new kind of roll-up Dan also shares the real story of Dwelly’s fundraising journey, including why so many investors passed at first and what it takes to keep going when the vision is unconventional. If you are interested in roll-ups, vertical software, AI, private equity, or building a modern services business through acquisition, this episode is full of insight. Timestamps: 0:00 Intro: Dan Lifshits and Dwelly’s AI-enabled lettings rollup 1:34 The real fundraising story 2:02 Why the founders chose lettings after Uber and operational marketplace experience 5:06 Why acquisitions beat organic growth in property management 7:00 Why Dwelly was hard for investors to categorize as VC or private equity 10:01 How the founders evaluate industries and opportunities 11:45 Buying customers vs winning customers organically 16:26 Where rollups fail and why AI rollups are even harder 18:40 What actually happens after an acquisition and how integration works 25:34 Dwelly’s ideal acquisition target: size, recurring lettings revenue, and succession 32:18 Dan’s advice for founders struggling to raise capital Sponsor: https://capitalpad.com/ - A deal-by-deal private equity investing platform This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

    34 min
  2. How We Built IDUN Industrier: 20 Acquisitions and 60x+ P/E Ratio

    6 DAYS AGO

    How We Built IDUN Industrier: 20 Acquisitions and 60x+ P/E Ratio

    In this episode, we break down IDUN Industrier, a Swedish serial acquirer that has completed 20 acquisitions to date and now trades at roughly a 65x P/E multiple — an extraordinary valuation for an industrial holding company. What makes IDUN so interesting is that it is not simply buying businesses for scale. It is building a portfolio of niche leaders: small, often overlooked companies with high market share, strong customer dependence, and positions that are difficult to replicate. We explore how IDUN creates value through disciplined acquisitions, decentralized operations, co-ownership, and long-term capital allocation — and why investors may be willing to pay such a premium for that model. Timestamps: 0:00 Why IDUN Industrier deserves attention 1:19 The power of dominating tiny niche markets 3:13 Why the market gives IDUN a premium valuation 4:32 Buy relevance, not scale 5:54 Meet the niche leaders inside IDUN’s portfolio 7:44 How IDUN actually creates value 9:42 Why portfolio design matters 10:40 M&A discipline over deal volume 12:20 Why IDUN resembles the best serial acquirers 13:44 Lessons for investors, buyers, and operators 15:32 The biggest risks in the model 17:45 Final takeaway: a blueprint for durable compounding Sponsor: https://capitalpad.com/ - A deal-by-deal private equity investing platform This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. #IDUNIndustrier #SerialAcquirer #HoldCo #PrivateEquity #CapitalAllocation #EntrepreneurshipThroughAcquisition #LongTermInvesting #BusinessAcquisition #MandA #Compounders

    20 min
  3. What 100+ Investments Taught Me About Great Acquirers | Lacey Wismer Interview

    21 MAR

    What 100+ Investments Taught Me About Great Acquirers | Lacey Wismer Interview

    Mike Markus ( ⁠https://x.com/PrivatEquityGuy ) talks with Lacey Wismer of Hunter Search Capital ( https://www.linkedin.com/in/laceywismer/ ) about her journey from a family business background into investing in more than 100 search funds, backing operators, and building a platform around long-term business ownership. Timestamps 0:00 Introduction: Lacey Wismer on permanent capital and long-term holds 0:30 Entrepreneurial upbringing: luck, simplicity, cash flow, and leverage 2:54 What changes when you buy to own for 30 years 5:26 Studying enduring businesses instead of trends 6:49 The anatomy of a 100x deal 8:40 Diamond Brands and the power of adjacent acquisitions 10:59 From family business buying to search fund investing 11:58 How ETA changed from 2010 to 2026 14:58 Why the entrepreneur matters more than the business 18:03 What Lacey looks for in founders 19:50 Unconsolidated niches and the “right to win” 23:21 Biggest mistakes: wrong partners, overpaying, overleverage 27:40 The upside and downside of permanent holds 30:37 Capital allocation without a planned exit 33:20 Raising permanent capital with patient investors 35:29 Finding operators for indefinite-hold businesses 39:12 What frugality looks like inside a company 42:01 U.S. vs Europe: fragmentation and entry multiples 45:13 How Hunter Search Capital wins without overpaying 51:33 Women in ETA and relationship-driven investing Sponsor: https://capitalpad.com/ - A deal-by-deal private equity investing platform This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

    58 min
  4. A Serial Acquirer Masterclass and The Story Of 47 Acquisitions Per Year

    17 MAR

    A Serial Acquirer Masterclass and The Story Of 47 Acquisitions Per Year

    Why serial acquirers remain one of the most powerful business models in the world. The best of them have acquired as many as 275 companies and traded at valuations as high as 65x earnings, yet most people still misunderstand what makes them so successful. I explore why the best acquirers often start slow, how they solve the reinvestment problem, why balance sheet strength and specialization matter, and what investors look for when studying these businesses. I also share why Evergreen Services Group may be building one of the most interesting HoldCo stories in America today. Timestamps: 0:00 Why Stockholm is the mecca of serial acquirers 2:37 The big ideas from 36 serial acquirers 3:36 Why slower can actually win early in serial acquisition 7:52 How great serial acquirers solve the reinvestment problem 13:02 The 7,500x return story 16:59 What actually drives compounding 20:01 How to truly study operators and companies 22:35 Why strong balance sheets and niche specialization matter in tough markets 25:50 Evergreen Services Group Sponsor: https://capitalpad.com/ - A deal-by-deal private equity investing platform This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

    37 min
  5. 38 Acquisitions Generating $2 Billion in Revenue | Eric Wiklendt Interview

    10 MAR

    38 Acquisitions Generating $2 Billion in Revenue | Eric Wiklendt Interview

    Mike Markus ( ⁠https://x.com/PrivatEquityGuy ) talks with Eric Wiklendt of Speyside Equity ( https://www.linkedin.com/in/ericwiklendt/ ) about Eric's journey and how Speyside has built a highly operational lower-middle-market private equity firm with $937 million of assets under management, 38 total investments, 20 platform investments, operations across 19 countries, and portfolio companies generating approximately $2 billion in revenue. Timestamps: 0:00 Why Eric loves messy manufacturing deals 1:40 From Detroit operator to private equity investor 4:58 Building Speyside: Fund I, the continuation vehicle, and Fund II 7:35 How PE firms decide fund size and portfolio construction 10:24 Why Elliott backed Speyside's continuation vehicle 12:43 What LPs want now, and why PE is going through a reckoning 15:46 Operational value creation vs. financial engineering 20:03 Why sellers choose Speyside for complex situations 24:09 The red lines: positive EBITDA, size limits, and avoiding bad S-curves 33:34 The “fix and build” playbook 59:29 Independent sponsors, fund models, and the future of dealmaking Sponsor: https://capitalpad.com/ - A deal-by-deal private equity investing platform This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

    1hr 11min
  6. How I Left PE and Bought 16 Companies | Kaido Veske Interview

    3 MAR

    How I Left PE and Bought 16 Companies | Kaido Veske Interview

    Mike Markus ( ⁠https://x.com/PrivatEquityGuy ) talks with Kaido Veske of Livonia Partners ( https://www.livoniapartners.com/ ) about Kaido’s journey from working at a mid-cap private equity firm in the US to returning to Europe, raising a fund that now manages nearly $200 million, and completing 16 acquisitions to date. 0:00 Why start a fund 2:56 Wharton and early US exposure 3:39 US finance years and coming back to Europe 6:03 Livonia today: focus and deal size 7:06 Minority and majority deals 7:23 Fundraising as a first-time GP 8:25 Early deals: structuring and fund size limits 10:08 Fund 1 vs Fund 2 evolution 13:38 Sourcing engine and “kill list” 16:00 Small market, big opportunity 20:32 Post-acquisition playbook and cadence 25:55 Thermory case: build, buy, exit 35:43 Mistakes: leverage and market calls 38:28 Fund size ceiling in the Baltics 46:54 Team lessons and alignment Sponsors: https://capitalpad.com/ - A deal-by-deal private equity investing platform https://www.spacebarstudios.co/inquire This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

    56 min
  7. 10 Acquisitions in 24 Months, No Fund | Travis Jamison Interview

    27 FEB

    10 Acquisitions in 24 Months, No Fund | Travis Jamison Interview

    Mike Markus (⁠ https://x.com/PrivatEquityGuy⁠ ) talks to Travis Jamison of CapitalPad ( https://capitalpad.com/ ) about building a deal-by-deal investing platform that’s already powered 10 acquisitions, with some deals projected to have an IRR of 25% or more. Timestamps: 0:00 Intro 0:36 Why CapitalPad exists 3:08 Platform walkthrough 5:22 Lessons from the first 10 deals 7:16 What a typical deal looks like 9:10 Vetting sponsors/searchers 12:44 Investor improvement and portfolio construction 17:32 What top sponsors do differently Sponsor: https://capitalpad.com/ - A deal-by-deal private equity investing platform This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

    20 min
  8. Why This Operator Won’t Raise a Fund (17 Companies, 9 Exits) | Vic Keller

    22 FEB

    Why This Operator Won’t Raise a Fund (17 Companies, 9 Exits) | Vic Keller

    Mike Markus ( ⁠https://x.com/PrivatEquityGuy ) talks to Vic Keller of Experience Ventures ( https://www.linkedin.com/in/vickeller/ ) about building 17 companies over two decades with 9 exits, having businesses acquired by Berkshire Hathaway, and his operator-first approach to building durable, people-driven companies - including a vertically integrated car wash platform spanning manufacturing, chemistry, and service/maintenance. 0:00 Deal-by-Deal vs Fund Life 3:48 Operator Mindset in the Lower Middle Market 8:10 Buffett Lessons + Durability 18:36 Car Wash Playbook 23:46 HoldCo Structure 27:50 Recruiting A-Players 32:17 Co-Invest Partners 36:22 Bigger Deals: What Changes 39:28 Debt vs Equity 42:06 Founders: Recap vs Sell to PE 48:04 ETA/Search Funds: Post-Close Risk 55:10 People and Investing in Yourself Sponsors: https://capitalpad.com/ - A deal-by-deal private equity investing platform https://www.spacebarstudios.co/inquire This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

    1hr 13min
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About

The Buyers and Builders podcast with PrivateEquityGuy is a place where you can find meaningful conversations about holding companies, buying and building businesses, entrepreneurship, investing, and more. Be sure to follow the podcast, so you never miss an episode!

Information

  • Creator
    PrivateEquityGuy
  • Years Active
    2023 - 2026
  • Episodes
    236
  • Rating
    Clean
  • Copyright
    © 2026 Buyers and Builders
  • Show Website
    Buyers and Builders

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