Minds Capital Podcast

Will Smith & Niklas James
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Your connection to the growing world of independent sponsors and deal-by-deal private equity.

  1. $10m EBITDA After COVID Killed The Business

    4 DAYS AGO

    $10m EBITDA After COVID Killed The Business

    Nicolás Lulli "grew up" at Relay Investments, a well-known fund in the traditional search fund world in the Prudential Tower in Boston. With their backing, he later acquired a $1m EBITDA business in Peru shortly before the pandemic. Peru was hard hit by the pandemic, not the least due to draconian government policies. So $1m EBITDA dropped to $0, before heavy-lifting turned it around to $10m and climbing. References and how to contact today's guest:Nicolás Lulli | LinkedInMinds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds: See past + future interviews on the YouTube channelConnect with hosts Will Smith and Niklas JamesVisit Minds CapitalCredits: Edited by Anton Rohozov

    1hr 10min
  2. One Man's Trash: 5x MOIC on a 14-Deal Waste Roll-Up

    15 APR

    One Man's Trash: 5x MOIC on a 14-Deal Waste Roll-Up

    Chandos Mahon dreamed of driving garbage trucks at age 3. In 2024, he exited a tire recycling waste management platform to a strategic buyer for a 5x net MOIC. Starting as a searcher in 2015, he acquired the business in 2017 and scaled it through 14 add-ons before exit. References and how to contact today's guest:Chandos Mahon | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds: See past + future interviews on the YouTube channelConnect with hosts Will Smith and Niklas JamesVisit Minds CapitalCredits: Edited by Anton Rohozov

    1hr 18min
  3. $100m Acquisition as First Deal

    8 APR

    $100m Acquisition as First Deal

    Former auto mechanic Eugene Polevoy is an independent sponsor based in Toronto. His strong opinions routinely go viral on LinkedIn and were recently featured in Pitchbook's daily newsletter. Eugene walks through how he built and exited an HVAC platform and talks about his latest move into a $100m commercial generator services deal. References and how to contact today's guest:Eugene Polevoy | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds: See past + future interviews on the YouTube channelConnect with hosts Will Smith and Niklas JamesVisit Minds CapitalCredits: Edited by Anton Rohozov

    1hr 35min
  4. Almost 40% IRR across 55 Platforms

    1 APR

    Almost 40% IRR across 55 Platforms

    Transition Capital Partners is a mainstay in Dallas private equity. Jason Faucett and his team are the 4th generation of partners at this 33-year old firm, with a track record that includes 55 platform acquisitions and a historical IRR in the high 30% range. TCP proves that local networks and reputational compounding are the ultimate competitive moats. References and how to contact today's guest:Jason Faucett | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds: See past + future interviews on the YouTube channelConnect with hosts Will Smith and Niklas JamesVisit Minds CapitalCredits: Edited by Anton Rohozov

    1hr 9min
  5. "We're Not Operators": Bridging Capital & Management

    25 MAR

    "We're Not Operators": Bridging Capital & Management

    As early deal-by-deal pioneers, Edwin Burke and Chris Eichmann of Pillsman Partners have have completed 7 platform investments and 23 add-on acquisitions since their founding in 2012. Unlike many PE executives who embrace operations depth as a differentiator, Pillsman's "suits & jeans" model focuses on value creation through partnership, team building, capital access, and strategy. References and how to contact today's guest:Edwin Burke | LinkedInChris Eichmann | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds: See past + future interviews on the YouTube channelConnect with hosts Will Smith and Niklas JamesVisit Minds CapitalCredits: Edited by Anton Rohozov

    1hr 18min
  6. 7x Organic EBITDA Growth After Liberating Employees

    18 MAR

    7x Organic EBITDA Growth After Liberating Employees

    Corbin Cook and Alex Swanston of Rise Run Capital challenge the "get rich slow" reputation of independent sponsorship. Since starting 6 years ago, after having roadmapped their firm over beers by a bonfire in Wyoming, they have acquired 5 platforms, reaching more than $50m of aggregate EBITDA, before landing their 1st home run exit (7x EBITDA growth in 4 years) a few months ago. References and how to contact today's guest:Corbin Cook | LinkedInAlex Swanston | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds: See past + future interviews on the YouTube channelConnect with hosts Will Smith and Niklas JamesVisit Minds CapitalCredits: Edited by Anton Rohozov

    1hr 10min
  7. The Applied AI Engineer: A New PE Weapon

    11 MAR

    The Applied AI Engineer: A New PE Weapon

    Chris Breaux left the world of $500m middle-market deals as an investment banker to build Emberline, an independent sponsor focused on the intersection between government, defense, and vertical tech. Their portfolio consists of 3 platform companies. They view technology and AI as a differentiator in the small business world, leaning heavily in on the implementation and utilization to drive organic growth.  References and how to contact today's guest:Chris Breaux | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds: See past + future interviews on the YouTube channelConnect with hosts Will Smith and Niklas JamesVisit Minds CapitalCredits: Edited by Anton Rohozov

    59 min
  8. Acquiring $10m of EBITDA as Industry Operators

    4 MAR

    Acquiring $10m of EBITDA as Industry Operators

    Edoardo Maggini is the Operating Partner at Star Step, a specialty coatings rollup. Founded in 2021 by 3 partners, Star Step pivoted away from chasing a $45m EBITDA carveout to aggregating smaller, founder-led businesses, resulting in rapid growth across USA and Europe. References and how to contact today's guest:Edoardo Maggini | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds: See past + future interviews on the YouTube channelConnect with hosts Will Smith and Niklas JamesVisit Minds CapitalCredits: Edited by Anton Rohozov

    54 min
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About

Your connection to the growing world of independent sponsors and deal-by-deal private equity.

Information

  • Creator
    Will Smith & Niklas James
  • Years Active
    2025 - 2026
  • Episodes
    60
  • Rating
    Clean
  • Copyright
    © 2026 Will Smith & Niklas James
  • Show Website
    Minds Capital Podcast

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