Private Equity Conversations with Fexingo: PE Funds, Buyouts, and Long-Hold Investing
Lucas and Luna sit down at the partner desk to examine the mechanics of private equity — buyout structures, fund economics, and long-hold strategies. Each episode dissects a single deal or fund, from the LBO model that acquired Dollar General in 2007 to the multi-decade hold of Constellation Software by Leonard Green. Lucas brings the numbers: IRR calculations, fee waterfalls, and debt-to-EBITDA ratios. Luna pushes back on the human side — why a founder sells, how the PE firm reshapes governance, and whether long-hold investing actually reduces the perverse incentives of the traditional 10-year fund cycle. Together, they balance the technical with the strategic, always anchored in real cases.
Episodes
Why Private Equity Is Buying Up Fireworks Distributors
In Episode 165 of Private Equity Conversations, Lucas and Luna explore the surprisingly consolidated world of fireworks distribution. With about 200 distributors across the U.S. and a market worth roughly $2.5 billion annually, PE firms are snapping up these businesses for their predictable cash flows and seasonal spikes. The hosts break down why a post-COVID boom in consumer fireworks has made th
Why Private Equity Is Buying Up Freight Brokerages
Private equity has spent the past decade consolidating fragmented industries from parking lots to dental clinics. But the latest frontier is the logistics middleman: the freight brokerage. In this episode, Lucas and Luna unpack why firms like those backed by Warburg Pincus are snapping up brokerages that match truckers with shippers. They explain how a business that relies on relationships and raz
How Private Equity Is Buying Up Pet Crematoriums
In this episode of Private Equity Conversations, Lucas and Luna explore the surprisingly active consolidation of pet crematoriums. As pet ownership surges and owners treat pets like family, private equity firms are acquiring mom-and-pop crematories, professionalizing the business, and expanding into aquamation. We break down the economics of a single cremation, the shift from volume to premium ser
Why Private Equity Is Buying Up Crematoriums
Private equity has been quietly consolidating funeral homes and crematoriums for years, but a new wave of deals is targeting a niche corner of the death-care industry: cremation-only facilities. In this episode, Lucas and Luna dig into the economics behind the cremation boom — how rising cremation rates, lower overhead, and predictable cash flows have made these assets attractive to PE firms like
How Private Equity Is Buying Up College Dorms
Private equity has moved into student housing, buying up off-campus apartment complexes near major universities. In this episode, Lucas and Luna break down the economics behind the trend: the stable rental income, the consolidation of a fragmented market, and what it means for students who are increasingly paying premium rents for limited housing. They look at how firms like Blackstone have entere
How Private Equity Is Buying Up Auto Repair Shops
In this episode of Private Equity Conversations, hosts Lucas and Luna explore the quiet consolidation of independent auto repair shops by private equity firms. They trace the trend back to 2020, when the pandemic reshaped car ownership and repair demand, and explain how PE firms are applying the roll-up playbook that worked in veterinary clinics and dental groups to a fragmented industry of 275,00
How Private Equity Is Buying Up Parking Lot Equipment Makers
In this episode of Private Equity Conversations with Fexingo, Lucas and Luna explore a niche but telling corner of the private equity playbook: the consolidation of parking lot equipment manufacturers. They drill into the story of one mid-sized company that makes the gates, ticket dispensers, and payment kiosks you see at every parking garage, and how a PE firm rolled it up with competitors to gai
How PE Is Consolidating the Title Insurance Industry
Episode 158 of Private Equity Conversations drills into a corner of finance most people never see: the title insurance business that sits behind nearly every home sale in America. Lucas and Luna walk through how a handful of private equity firms have quietly rolled up independent title agencies, why the industry's fragmented local model made it a natural target, and what the consolidation means fo
How Private Equity Is Buying Up Industrial Testing Labs
Private equity has been steadily consolidating industrial testing and inspection labs—the companies that certify everything from aerospace components to food safety. In this episode, Lucas and Luna dig into a single illustrative deal: the 2021 acquisition of a mid-sized materials testing firm by a large PE-backed roll-up, and how the playbook of buying up fragmented, regulated, and essential servi
Why Private Equity Is Buying Up Nursing Homes
In this episode of Private Equity Conversations, Lucas and Luna examine the wave of private equity investment sweeping through the nursing home industry in 2026. They focus on the case of a mid-sized regional chain in Ohio that was acquired by a PE firm known for aggressive cost-cutting, and trace how that played out in staffing ratios, care quality, and ultimately a bankruptcy filing. Along the w
How Private Equity Is Buying Up Medical Billing Companies
Private equity is quietly consolidating the medical billing industry, buying up the companies that process claims for hospitals and physician groups. In this episode, Lucas and Luna explain why these back-office firms are attractive targets, how the roll-up model works, and what it means for doctors, patients, and the broader healthcare system. They walk through a typical deal structure, the econo
Why Private Equity Is Buying Up Insurance Claims Adjusting
Private equity has been quietly consolidating the insurance claims adjusting industry. In this episode, Lucas and Luna dig into a specific case: the roll-up of independent adjusting firms by major PE-backed platforms. They discuss the economics — claims adjusting is a $20 billion market with fragmented ownership and strong margins — and the shift from hourly billing to per-claim fees. They also ex
How Private Equity Is Buying Up Dental Support Organizations
Private equity has been quietly consolidating one of the most fragmented healthcare sectors: dentistry. In this episode, Lucas and Luna unpack the rise of dental support organizations, or DSOs, which now back roughly one in five U.S. dental practices. They trace the model from its origins in the late 1990s to the current wave of mega-deals, and they examine what happens when a PE firm buys a local
Why Private Equity Is Buying Up Eye Care Centers
In this episode, Lucas and Luna dive into the wave of private equity investment sweeping the eye care industry. They explore how PE firms are consolidating optometry and ophthalmology practices, from single-location optical shops to large multi-state vision groups. The conversation centers on a specific metric: the average revenue multiple paid for eye care practices has climbed from roughly 6 tim
Why Private Equity Is Buying Up Marinas
Private equity has quietly consolidated everything from dental clinics to self-storage. Now it's setting its sights on marinas—and the economics are surprisingly compelling. In this episode, Lucas and Luna unpack the forces driving the marina roll-up, from scarce waterfront land to a deep-pocketed boomer demographic. They walk through the fragmented mom-and-pop landscape, the premium valuations be
How Private Equity Is Buying Up Wastewater Treatment Plants
Private equity has already rolled up dental chains, funeral homes, and self-storage. Now it's quietly moving into a less glamorous corner of public infrastructure: wastewater treatment. In this milestone 150th episode, Lucas and Luna unpack the economics of buying municipal sewer systems, with a close look at the recent acquisition of a mid-sized Texas utility by a Dallas-based PE firm. They expla
Why Private Equity Is Buying Up Pharmacy Benefit Managers
In this episode of Private Equity Conversations, Lucas and Luna explore the quiet wave of private equity investment in pharmacy benefit managers, or PBMs. They start with the recent trend of PE firms acquiring mid-sized PBMs, using the example of a hypothetical regional PBM that was bought by a large fund. The hosts unpack the economics: PBMs sit between drug manufacturers, insurers, and pharmacie
Why Private Equity Is Buying Up Insurance Brokerages
Episode 148 drills into a quiet but massive trend: private equity firms have been consolidating insurance brokerages at a record pace. Lucas and Luna break down the economics behind the roll-up, why brokers are such attractive targets, and what it means for agents, policyholders, and the industry's future. With a focused look at a $13 billion mega-deal and the math that drives multiples of ten tim
Private Equity's Roll-Up of Veterinary Specialty Clinics
In this episode of Private Equity Conversations, Lucas and Luna dive into the wave of consolidation sweeping veterinary specialty and emergency care. They examine why PE firms are buying up cardiology, oncology, and 24-hour ER practices, the economics of referral networks, and what it means for pet owners facing rising bills. With a focus on the recent pattern of single-specialty groups rolling up
The Quiet PE Consolidation of Auto Glass Chains
Private equity has spent the last decade quietly buying up auto glass repair and replacement chains. In this episode, Lucas and Luna look at why PE firms are drawn to this fragmented industry: the steady, insurance-driven cash flows, the sticky relationships with collision shops and fleet operators, and the shift toward mobile service that reshapes the economics. They walk through a typical deal,
How Private Equity Is Buying Up Landfills and Waste Haulers
Episode 145 of Private Equity Conversations with Fexingo digs into the quiet consolidation of America's waste industry. Lucas and Luna trace how private equity funds have moved beyond mom-and-pop trash haulers to acquire municipal landfills, transfer stations, and recycling facilities. They break down the economics: why waste is a recession-resistant, toll-like business with high barriers to entry
Why Private Equity Is Buying Up Parking Lots
In this episode, Lucas and Luna explore the surprising wave of private equity investment in parking lots and garages. They discuss how firms like Blackstone and Brookfield have been acquiring parking assets in major cities, betting on steady cash flows and the rise of autonomous vehicles. The conversation covers the economics of parking real estate, the shift to mobile payments and dynamic pricing
How Private Equity Is Buying Up Freight Brokerages
In this episode of Private Equity Conversations, Lucas and Luna explore the wave of private equity investment in freight brokerages. They discuss why these middlemen of the shipping world have become attractive targets, using the example of a mid-sized brokerage that was recently acquired by a PE firm. The conversation covers the appeal of asset-light models, the role of technology in modernizing
Why Private Equity Is Buying Up Data Centers
Data centers have become one of the most sought-after assets in private equity, with deals reaching record levels in 2026. In this episode, Lucas and Luna break down why PE firms are piling into the sector, from the AI-driven surge in computing demand to the shift from real estate to operating businesses. They explore the economics of a typical data center deal, the role of power availability in v
How Private Equity Is Buying Up Car Dealerships
Private equity firms have poured an estimated $15 billion into acquiring auto dealerships over the past three years, consolidating an industry long dominated by family-owned lots. In this episode, Lucas and Luna break down why dealerships appeal to PE buyers—from steady service revenue to valuable real estate—and how franchise laws and manufacturer approval shape the deals. They walk through typic
Private Equity's Child Care Center Buying Spree
Private equity firms are pouring billions into the child care industry, buying up independent daycares and chains at a record pace. In this episode, we look at the forces driving the consolidation— rising demand, fragmented supply, and the promise of predictable tuition revenue. We drill into the numbers: the average per-center acquisition price, the typical roll-up strategy, and what happens to q
How Private Equity Is Buying Up Funeral Homes
This episode explores the quiet consolidation of the funeral home industry by private equity. Lucas and Luna discuss why PE firms are targeting independent funeral homes—steady cash flow, fragmented market, and demographic tailwinds. They break down a recent roll-up of 60 homes in the Midwest, the operational playbook of centralizing services, and the risks of commoditizing a deeply personal busin
How Private Equity Is Buying Up Wealth Management Firms
This episode of Private Equity Conversations with Fexingo examines the rapid consolidation of independent wealth management firms by private equity. We trace the trend: in the first half of 2026 alone, PE-backed aggregators completed over 80 deals, pushing top-ten firms past $2 trillion in combined assets under management. We explore the economic logic: recurring fee revenue, high margins, sticky
How Private Equity Is Buying Up Home Healthcare Agencies
Private equity has quietly become the dominant force in home healthcare consolidation. With over 12,000 small agencies across the US and an aging Boomer population, PE firms are rolling up mom-and-pop providers to create scale. This episode breaks down the specific playbook: how firms like Bain and KKR acquire regional agencies, centralize back-office, implement telehealth platforms, and then exit
How Private Equity Is Buying Up Home Security Companies
Home security in the US is a roughly $100 billion industry, and private equity firms have been quietly consolidating the thousands of local alarm companies that make up the bulk of it. In this episode, Lucas and Luna break down the roll-up strategy: why PE loves the recurring subscription revenue model, how they finance acquisitions with debt, and what happens to customer service when a local oper
How Private Equity Is Buying Up HVAC Service Companies
Episode 135 of Private Equity Conversations with Fexingo dives into the consolidation of the heating, ventilation, and air conditioning service industry. The US HVAC services market is roughly $130 billion, yet the top 50 players control less than 10% of it. Lucas and Luna explore how private equity firms are rolling up small local contractors, creating platforms that centralize back-office functi
How Private Equity Is Buying Up Self-Storage Facilities
Self-storage is the latest industry being systematically consolidated by private equity. Over the past three years, PE firms have deployed roughly $14 billion into buying and rolling up self-storage facilities across the US. This episode breaks down the economics: why these assets offer high margins, low labor costs, and steady cash flow even during downturns. We look at the roll-up playbook firms
How Private Equity Is Buying Up Golf Courses
Private equity firms now own roughly one in four golf courses in the United States, up from one in ten a decade ago. Lucas and Luna break down the consolidation play: how firms like ClubCorp and affiliates of Apollo Global Management are buying up both private clubs and public daily-fee courses, rolling them into national memberships, and squeezing operational efficiencies while changing the face
How Private Equity Is Buying Up Dental Practice Chains
Private equity has quietly consolidated one of the most fragmented healthcare services: dentistry. This episode examines the economics driving PE investment in dental practice management, from the recurring revenue model and retiring dentist demographics to the operational playbook used by firms like Heartland Dental. We look at a recent deal — a 40-location group acquired by Gannet Partners — and
How Private Equity Is Buying Up Physical Therapy Clinics
Private equity has set its sights on physical therapy. In this episode, Lucas and Luna explore the roll-up strategy behind the consolidation of outpatient PT clinics across the U.S. With a 2025 study showing PE now controls roughly a quarter of the market, they break down the economics: why physical therapy is an attractive margin business, how firms like Aegis and ECP are scaling multiple locatio
How Private Equity Is Buying Up Pet Insurance Companies
Private equity has moved from rolling up pet food makers and vet clinics to the fastest-growing corner of the pet economy: pet insurance. In this episode, Lucas and Luna break down the numbers behind a market that has grown from $2 billion in premiums globally in 2020 to roughly $7 billion in 2024, with annual growth rates above 20 percent. They focus on the deal that kicked off the current wave:
How Private Equity Is Buying Up Auto Body Repair Shops
Episode 129 of Private Equity Conversations with Fexingo. Lucas and Luna drill into the consolidation of auto body repair shops by private equity firms. They start with a specific case: in 2022, a midsize PE firm acquired a 14-shop chain in the Midwest, then rolled up 22 more independents within 18 months. The hosts unpack the economics: why body shops are attractive targets (recurring demand from
How Private Equity Is Buying Up Tax Preparation Firms
Episode 128 of Private Equity Conversations with Fexingo. Lucas and Luna explore why PE firms are consolidating tax preparation chains, focusing on the $12 billion deal for H&R Block in 2024. They discuss the fragmented mom-and-pop market, recurring revenue from tax filing and audit protection, and the operational playbook of rolling up small offices into a national platform. Specific numbers: 60,
How Private Equity Is Buying Up Mobile Home Parks
Private equity has spent the last decade quietly consolidating manufactured housing communities—mobile home parks. In this episode, Lucas and Luna examine one deal: the $1.6 billion acquisition of a portfolio of 140 parks by a large PE firm in late 2025. They unpack the economics: mobile homes sit on rented land, giving park owners pricing power with low churn. Listeners learn about lot rent growt
How Private Equity Is Buying Up Weight Loss Clinic Chains
Episode 126 of Private Equity Conversations dives into the rapid roll-up of medical weight loss clinics by private equity firms. With the GLP-1 drug market projected to reach $100 billion by 2030, PE funds are snapping up chains like The Center for Medical Weight Loss and Medi-Weightloss to capture both drug dispensing fees and recurring patient visits. Lucas and Luna break down the economics behi
How Private Equity Is Buying Up Auto Salvage Yards
Private equity has rolled up everything from car washes to crematoriums. The next frontier? Auto salvage yards. In this episode, Lucas and Luna examine how PE firms are consolidating the fragmented $25 billion vehicle recycling industry. They break down the economics of a single yard, the roll-up playbook of companies like LKQ Corporation and the newer entrants, and why the shift from mechanical r
Private Equity Is Buying Up Urgent Care Centers
Private equity is rolling up urgent care chains at a rapid pace, consolidating the fragmented walk-in clinic market. In this episode of Private Equity Conversations with Fexingo, Lucas and Luna examine the economics behind the trend, using the example of FastMed Urgent Care, a chain that grew from 10 clinics to over 200 after a PE-backed roll-up. They break down the playbook: how PE firms achieve
How Private Equity Is Buying Up Commercial Real Estate Brokerages
This episode explores the wave of private equity acquisitions targeting independent commercial real estate brokerage firms. We focus on the 2024 acquisition of a mid-sized CRE brokerage by a large PE-backed platform, breaking down the deal structure, the rationale behind consolidation, and what it means for agents and clients. Lucas and Luna discuss the shift from commission-based models to more i
How Private Equity Is Buying Up Landscape Maintenance Companies
Episode 122 of Private Equity Conversations with Fexingo. Lucas and Luna examine the wave of private equity investment in landscape maintenance — a fragmented $100 billion industry. They zoom in on BrightView Holdings, the publicly traded giant that rolled up hundreds of local landscapers, and contrast it with newer PE-backed platforms like Yellowstone Landscape and LandCare. The hosts discuss the
How Private Equity Is Buying Up Veterinary Clinic Chains
Episode 121 of Private Equity Conversations with Fexingo drills into one of the most active roll-up sectors of the past five years: veterinary clinics. Lucas and Luna examine why PE firms see pet care as recession-resistant, how the traditional independent vet model is being consolidated into regional and national platforms, and what it means for pet owners. The hosts use a concrete case — the 202
How Private Equity Is Buying Up Pet Food Companies
Episode 120 of Private Equity Conversations with Fexingo takes a closer look at the wave of private equity investment flooding the pet food industry. Lucas and Luna examine the recent roll-up strategy behind Freshpet—a maker of refrigerated dog and cat food whose market cap has grown from $3 billion to over $8 billion since early 2025. They discuss how PE firms like JAB Holding and General Atlanti
How Private Equity Is Buying Up Parking Lots
Private equity has been quietly consolidating parking lot owners across the US, from urban garages to airport lots. In this episode, Lucas and Luna examine why parking is suddenly attractive to PE firms like Apollo Global Management and Macquarie. They break down the economics of a typical parking asset: steady cash flows, low operational complexity, and real estate that benefits from urbanization
How Private Equity Is Buying Up Car Washes
In this episode of Private Equity Conversations, Lucas and Luna examine the roll-up of car wash chains across the United States. They focus on Mister Car Wash, the largest publicly traded car wash operator, and its acquisition by a private equity consortium led by Leonard Green & Partners in 2024. The hosts break down the unit economics of a single tunnel wash, the shift from mom-and-pop operators
How Private Equity Is Buying Up Independent Pharmacy Chains
Private equity firms are snapping up independent pharmacies at a record pace. In this episode, Lucas and Luna examine the economics driving the consolidation wave: the $80 billion pharmacy benefit manager clawback problem, the margin squeeze that makes a 6x EBITDA exit look appealing, and what happens to a local pharmacist who sells to a PE-backed roll-up. Using the case of Pharmacy Partners Group
How Private Equity Is Buying Up Crematoriums and Funeral Homes
This episode of Private Equity Conversations explores the quiet consolidation of death care in America. Lucas and Luna examine how PE firms have been systematically acquiring funeral homes and crematoriums, turning a fragmented mom-and-pop industry into a roll-up play. They focus on the numbers: roughly 20 percent of U.S. funeral homes are now owned by the top four consolidators, and private equit
How Private Equity Is Buying Up Industrial Wastewater Treatment
Episode 115 of Private Equity Conversations with Fexingo dives into the roll-up of industrial wastewater treatment companies. Lucas and Luna break down how PE firms are acquiring regional wastewater operators, applying the classic buy-and-build model to a $60 billion fragmented market. They discuss the regulatory tailwinds from tightening EPA discharge limits, the valuation multiples on water infr
How Private Equity Is Buying Up HVAC Service Companies
Private equity has been systematically consolidating residential HVAC service companies across the United States. In this episode, Lucas and Luna examine one specific platform: Service Champions Group, which has rolled up more than a dozen regional HVAC contractors since 2018. They discuss the buy-and-build model, why HVAC generates such reliable cash flow, and what it means for homeowners facing
How Private Equity Is Buying Up Home Care Agencies
This week on Private Equity Conversations, Lucas and Luna unpack a rapidly accelerating trend: private equity firms acquiring in-home care agencies for the elderly. With a focus on the roll-up strategy of Help at Home and the involvement of firms like Webster Equity Partners and Revelstoke Capital, they explore why home care has become a $100 billion addressable market, how PE firms are creating r
How Private Equity Is Buying Up Franchised Car Dealerships
Private equity has been on a buying spree across countless fragmented industries, but one of the largest and most surprising targets is the franchised auto dealership. In this episode, Lucas and Luna break down why PE firms are spending billions to acquire car dealership groups — even as the industry faces margin pressure and the shift to EVs. They explore the economics of dealership consolidation
Private Equity Is Buying Up Dental Support Organizations
In this episode, Lucas and Luna explore how private equity firms are consolidating the fragmented dental industry through Dental Support Organizations (DSOs). They focus on the case of Heartland Dental, a Kentucky-based DSO backed by KKR, which now supports over 2,600 affiliated practices across 38 states. The hosts break down the economics: how DSOs allow dentists to focus on clinical work while
How Private Equity Is Buying Up Pest Control Companies
In this episode of Private Equity Conversations with Fexingo, Lucas and Luna examine the rapid consolidation of the pest control industry. They focus on the roll-up strategy used by firms like GTCR and Leonard Green & Partners, who have acquired dozens of local exterminators under platforms such as Rentokil Terminix and Anticimex. Lucas breaks down the economics: recurring revenue from service con
How Private Equity Is Buying Up Hometown Hardware Stores
Lucas and Luna dive into the quiet roll-up of independent hardware stores by PE-backed platforms like Do it Best and True Value. They explore the economics: fragmented local market, steady cash flows, and the challenge of competing with Home Depot and Lowe's. The hosts walk through a typical acquisition: a family-owned store doing $2 million in revenue, bought at 5x EBITDA, then folded into a larg
How PE Firms Are Buying Up Home Inspection Chains
This week, Lucas and Luna examine the quiet roll-up of home inspection companies across the US. With over 10,000 independent home inspectors serving a market that processes 5 million existing-home sales per year, private equity has spotted a fragmentation opportunity. The hosts look at the case of InspectorPro, a PE-backed platform that has acquired 40 regional inspection firms since 2021. They br
How Private Equity Is Buying Up Physical Therapy Chains
Lucas and Luna examine the rapid consolidation of outpatient physical therapy clinics by private equity firms. With over 300 deals in the last five years, PE-backed platforms now control roughly 20% of the U.S. physical therapy market. The hosts break down the economic logic behind the roll-up: fragmented mom-and-pop practices, stable Medicare and commercial reimbursement, and the ability to add h
How Private Equity Is Buying Up Independent Insurance Agencies
Episode 106 of Private Equity Conversations with Fexingo. Lucas and Luna break down the quiet but massive roll-up of independent insurance agencies by PE firms. We look at the numbers: over 800 independent agencies acquired in 2025 alone, with firms like GTCR and KKR leading the charge. Learn why aggregators like Acrisure and Hub International have grown by buying hundreds of small regional broker
How Private Equity Is Buying Up HVAC Parts Distributors
Episode 105 goes inside the quiet consolidation of the HVAC parts supply chain. Lucas explains how PE firms are systematically acquiring regional distributors like Watsco, Ferguson, and Johnstone Supply to capture the massive recurring revenue from replacement and repair parts—not just new equipment installations. With an estimated 85% of HVAC revenue in the US coming from existing systems needing
Private Equity Is Buying Up Roofing Companies
Episode 104 of Private Equity Conversations with Fexingo examines the consolidation of the residential and commercial roofing industry. Lucas and Luna break down how PE firms like Alpine Investors and Harvest Partners are rolling up local roofing contractors, the fragmented market dynamics that make it attractive, and the implications for homeowners and crews. With $50 billion in annual revenue an
How Private Equity Is Buying Up HVAC Service Companies
This week, Lucas and Luna dive into the quiet revolution in home services, focusing on how private equity firms are consolidating HVAC companies across the U.S. With the industry fragmented into thousands of mom-and-pop shops, PE-backed platforms like ServiceTitan and CoolSys are rolling up local contractors, standardizing operations, and betting on recurring maintenance revenue. Lucas breaks down
How PE Is Buying Up Auto Body Repair Shops
Private equity has quietly consolidated one of America's most fragmented industries: auto body repair. In this episode, Lucas and Luna examine why PE firms are rolling up collision centers, the economics of a $40 billion market dominated by mom-and-pop shops, and what it means for your insurance claim. They focus on the 2024-2026 deal wave, including the rise of platforms like Crash Champions and
How PE Is Buying Up Tax Preparation Firms
Episode 101: Lucas and Luna break down the quiet roll-up of tax preparation and accounting firms by private equity. They examine the economics behind consolidating a fragmented industry of mom-and-pop CPAs, using the example of a mid-sized regional firm that sold to a PE-backed platform in early 2026. They discuss the 'buy and build' strategy, the role of tax software as a margin driver, and what
How Private Equity Is Buying Up Veterinary Specialty Centers
In this episode of Private Equity Conversations with Fexingo, Lucas and Luna explore the trend of private equity firms acquiring veterinary specialty centers. They discuss the economics behind the consolidation, the impact on pet owners and veterinarians, and the specific example of a large platform deal by JAB Holding Company. Lucas explains the roll-up strategy and the shift towards higher-margi
How PE Firms Are Buying Up Landfills and Waste Assets
Episode 99 of Private Equity Conversations with Fexingo looks at a niche corner of infrastructure investing: how private equity is consolidating landfill assets and waste-hauling operations. Lucas and Luna walk through the economics of a typical transfer station deal, the role of long-duration capital from pension funds, and why tipping fees are more resilient than most people assume. They touch o
How Private Equity Is Buying Up Golf Courses
Lucas and Luna dig into private equity's growing interest in golf course ownership, with a specific focus on the $2.1 billion acquisition of ClubCorp by Apollo Global Management in 2017 and the subsequent roll-up strategy that has reshaped the industry. They discuss the economics of private golf clubs, the shift from distressed course buying to premium asset consolidation, and what the PE playbook
How Private Equity Is Buying Up Pet Waste Management Companies
Private equity is on a roll, rolling up everything from HVAC to crematoriums. This episode, we look at a new frontier: pet waste management. Lucas breaks down why PE firms are snapping up poop scooping services, the economics of a $300 million deal for DoodyCalls, and how a fragmented industry with recurring revenue became a target. Luna questions the margins and whether this roll-up has legs. Plu
How Private Equity Is Buying Up Veterinary Specialty Centers
Private equity has been rolling up general practice vet clinics for years. But in the last eighteen months, a new wave of dealmaking is targeting veterinary specialty and emergency hospitals—the high-margin, high-complexity side of pet healthcare. Lucas and Luna break down the numbers: specialty visits cost four to ten times a general exam, and PE firms like VSS Capital and Shore Capital Partners
How PE Firms Are Buying Up Data Center Real Estate
Episode 95 of Private Equity Conversations with Fexingo: Lucas and Luna break down the surge in private equity investment in data center real estate. They focus on the specific case of KKR and Global Infrastructure Partners acquiring a $2.5 billion portfolio of hyperscale data centers from CyrusOne in 2025. The conversation covers the structural drivers—cloud migration, AI compute demand, and powe
How PE Is Buying Up Funeral Home Chains
Episode 94 of Private Equity Conversations with Fexingo. Lucas and Luna dive into the quiet roll-up of the funeral home industry by private equity firms. They focus on the specific case of Service Corporation International's dominance and how PE-backed platforms like Foundation Partners and Carriage Services are consolidating independent funeral homes at a rapid pace. The hosts discuss the economi
How Private Equity Is Buying Up Crematorium Chains Again
In episode 93 of Private Equity Conversations, Lucas and Luna revisit the crematorium roll-up trend they first covered in episode 83. They drill into the new wave of consolidation driven by the largest death-care consolidator, Service Corporation International, which now owns over 2,000 funeral homes and 600 cemeteries. The hosts discuss how private equity firms like Stone Point Capital and Ares M
How PE Firms Are Buying Up Pet Food Companies
Episode 92 of Private Equity Conversations digs into a fast-consolidating niche you probably haven't noticed: pet food. Lucas and Luna walk through the numbers behind General Mills' $1.2 billion acquisition of Blue Buffalo back in 2018, and why that deal sent every PE firm scrambling for premium pet-food brands. They trace how firms like JAB Holding Company — the same conglomerate behind Peet's Co
How Private Equity Is Buying Up Urgent Care Centers
In this episode of Private Equity Conversations with Fexingo, Lucas and Luna dive into the roll-up of urgent care centers—a sector where PE firms have invested over $15 billion in the past five years. They focus on the case of GoHealth Urgent Care, which merged with CityMD in 2019 to create a 250-plus location chain backed by multiple PE firms. The hosts break down the economics: how urgent care c
How Private Equity Is Rolling Up Dental Support Organizations
In this episode of Private Equity Conversations with Fexingo, Lucas and Luna dive into the fast-growing world of Dental Support Organizations (DSOs) and how private equity firms are consolidating the fragmented $150 billion dental industry. They examine the business model that separates clinical care from practice management, the economics of rolling up independent dentists, and the controversy ar
How PE Firms Are Buying Up Crematorium Chains
Episode 89 of Private Equity Conversations with Fexingo: Lucas and Luna look at a quiet but fast-consolidating corner of death care — crematorium chains. They break down why private equity is buying up funeral homes and crematoria: margins north of 20 percent, a structural shift in cremation rates (now over 60 percent in the U.S.), and the death-care regulatory moat that makes these assets sticky.
How Private Equity Is Rolling Up Emergency Room Staffing
Emergency rooms across the US are increasingly staffed not by hospital employees but by physician staffing firms owned by private equity. In this episode, Lucas and Luna drill into the biggest player in this space — Envision Healthcare, which before its 2018 buyout by KKR was the largest ER staffing company in the country. They trace how PE consolidation in emergency medicine has played out, what
How PE Is Rolling Up HVAC Service Companies
Episode 87 of Private Equity Conversations with Fexingo: Lucas and Luna drill into the private equity roll-up of HVAC service companies. They walk through a specific mid-market deal — the 2025 acquisition of CoolRite Services by Summit Equity Partners for $240 million — and explain why HVAC is such a compelling PE target: recurring service revenue from maintenance contracts, low technology disrupt
How Private Equity Is Buying Up Pet Grooming Chains
This episode of Private Equity Conversations with Fexingo dives into the rapid consolidation of the pet grooming industry by private equity firms. We examine the case of Camp Bow Wow and its parent company, Mars Inc., alongside newer entrants like the PE-backed Scenthound chain. Lucas breaks down the economics: a single grooming bay can generate $150,000 in annual revenue with 70% gross margins, m
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