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
How Private Equity Is Buying Your Local Water Utility
Private equity firms are moving beyond gyms and nursing homes into the most essential infrastructure of all: water. In this episode, we look at how investment groups like Aqua America are acquiring municipal water systems, turning public utilities into private assets. We examine the business model, the regulatory challenges, and what it means for consumers when your tap water is managed by a fund
How Private Equity Turns Hospitals Into Cash Machines
This episode dissects the specific mechanics of how private equity firms are consolidating physician practices and ambulatory surgery centers. We look at the 'roll-up' strategy, the use of captive insurance, and the financial engineering that squeezes margins from healthcare providers. Featuring a deep dive into the operational changes at a mid-sized group practice and the regulatory backlash emer
How Private Equity Is Buying Your Local Dental Practice
Private equity has moved beyond healthcare infrastructure into the everyday spaces where we get our teeth cleaned. In this episode, we look at how buyout firms are consolidating local dental practices, often buying out solo practitioners to create regional chains. We examine the specific financial mechanics of these deals, the pressure on patient wait times, and what this consolidation means for t
Private Equity's Silent Shift To Home Care
In this episode of Private Equity Conversations with Fexingo, Lucas and Luna explore how buyout firms are consolidating the fragmented home healthcare market. We look at the strategic move by firms like Blackstone and Apollo to acquire regional nursing agencies and home health providers, aiming for scale in a sector driven by an aging population. The discussion covers the operational playbook behi
Private Equity And The Hidden Cost Of Hospital Bed Sheets
We look at how private equity firms have consolidated the hospital linen and laundry supply chain, turning a mundane utility into a high-margin asset class. Lucas and Luna trace the acquisition of major regional providers by giant buyout funds, examining how contract renewals and pricing power affect healthcare margins in late 2026. This episode explores why your local hospital might be using shee
How Private Equity Is Rewiring Your Power Grid
We look at the consolidation of local utilities and the rise of independent power producers in October 2026. Lucas and Luna examine how buyout firms are acquiring regional transmission assets, the regulatory hurdles they face, and what this means for ratepayers and grid reliability as renewable integration becomes critical.
#PrivateEquity #PowerGrid #Utilities #Infrastructure #Buyouts #EnergyTran
Private Equity's Quiet Shift to Student Housing
We break down the massive consolidation of Build-to-Rent student housing, focusing on the specific strategy of converting existing apartments into high-yield student dorms. With over one hundred thousand beds now managed by private equity firms, we look at how these operators use proprietary software to manage turnover and maximize revenue per square foot. This isn't just about college towns anymo
Private Equity's Quiet Shift to Data Centers
We look at how private equity firms are moving capital into the physical infrastructure of the internet. With AI driving a massive surge in demand for compute power, funds like Blackstone and KKR are buying data centers directly from tech giants. We break down the lease-back structures, the specific financing terms, and why this asset class is becoming the new gold rush for long-hold investors. It
The Silent Rise Of Private Equity In Childcare
We examine how private equity firms are consolidating the fragmented early childhood education market, using Bright Horizons as a primary case study. With over four thousand centers now under corporate ownership, we explore the tension between operational efficiency and the human element of caregiving. The episode breaks down the specific financing structures driving this consolidation, the impact
How Private Equity Is Buying Your Local Pharmacy
We drill into the aggressive consolidation of independent pharmacies by private equity firms like Caremark and CVS Health’s parent company. The episode examines how PE-backed chains are acquiring local shops, replacing pharmacists with technicians, and squeezing margins through supply chain leverage. We look at a specific case in Ohio where three independent pharmacies were bought by a single fund
Private Equity's Quiet Shift to Data Centers
Private equity firms are pivoting from traditional real estate and healthcare assets into the explosive market for data center development. With global cloud spending surging, buyout groups are acquiring land, securing power interconnections, and constructing facilities to lease to hyperscalers like Amazon and Microsoft. We explore the mechanics of this capital-intensive shift, the critical bottle
The Silent Consolidation Of Nursing Homes
Private equity has quietly become the dominant owner of senior housing and nursing care facilities across America, a shift driven by an aging demographic and aggressive financial engineering. This episode explores how firms like Ensign Group and Erickson Senior Living have transformed from local operators into national powerhouses through relentless mergers and acquisitions. We look at the specifi
The Private Equity Playbook for Senior Living Communities
Private equity firms are transforming senior living from a fragmented local service into a consolidated national industry. We look at how funds like Brookfield and Starwood have used operational playbooks to standardize care, raise prices, and improve occupancy rates in assisted living and memory care facilities. With an aging population and rising labor costs, the economics of senior housing are
The Rise Of Single Asset Private Equity Funds
Private equity has long been associated with complex leveraged buyouts of sprawling industrial conglomerates, but a quieter shift is reshaping the industry: single asset funds. We explore how firms are now isolating individual commercial properties or specific manufacturing plants to sell them directly to institutional investors, bypassing the traditional hold-and-exit cycle. Using Blackstone’s RE
How Private Equity Is Buying Up Your Local Power Grid
We dig into the rise of independent power producers and how private equity firms are acquiring renewable energy assets like solar farms, wind projects, and battery storage facilities. This episode explores the economics of long-term power purchase agreements, the regulatory hurdles facing IPPs, and what this consolidation means for consumers and grid stability in late 2026.
#PrivateEquity #Energy
The Silent Consolidation Of Funeral Homes
Private equity firms have quietly acquired more than half of all funeral homes in the United States over the last decade. We examine how Bain Capital and other buyout shops are standardizing operations across independent chapels, raising prices by double digits while cutting staffing costs. This episode explores the economic logic behind consolidating an industry built on grief, the regulatory hur
Private Equity’s Silent Takeover of Laundromats
We look at how private equity firms have consolidated the self-service laundry industry, turning neighborhood laundromats into institutional assets. With over two thousand locations now owned by just a handful of funds, the economics of washing machines have shifted from local service to global capital allocation. We examine the specific playbook behind these acquisitions, the pressure on margins
How Private Equity Is Buying Your Neighborhood Grocery Store
Private equity has moved beyond nursing homes and funeral services into the most visible corner of American life: the local grocery store. In this episode, we look at how firms like Brookfield Asset Management and Apollo Global Management are acquiring regional supermarket chains, consolidating supply chains, and changing the layout of aisles to maximize margin per square foot. We examine the spec
Private Equity's Silent Takeover of Your Home Roof
In September 2026, we look at the massive consolidation of residential roofing contractors by private equity firms. From the acquisition of mid-sized regional players to the rise of mega-brands, we explore how this shift impacts homeowners' insurance claims and repair costs. We examine the specific mechanics of these buyouts, the pressure on independent roofers, and what it means for the longevity
How Private Equity Is Buying Your Neighborhood Gym
Private equity firms have quietly consolidated the fitness industry, turning local gyms into cash-flow machines. We look at the rise of franchise aggregators and how this model impacts your membership fees and equipment quality. Lucas and Luna discuss the specific strategy behind buying undervalued regional chains, stripping costs, and leveraging brand power to raise prices. This episode explores
The Private Equity Playbook for Medical Equipment
We look at how private equity firms have quietly consolidated the fragmented market for durable medical equipment, from hospital beds to surgical robots. With a specific focus on a recent billion-dollar acquisition of a regional DME provider, we explore the margin compression risks, the operational efficiencies gained through centralization, and what this consolidation means for patients who rely
Private Equity's Quiet Takeover of Mobile Home Parks
Lucas and Luna examine how private equity firms have consolidated the mobile home park sector, transforming low-income housing into a high-yield asset class. They look at the specific mechanics of lot-rent hikes, the role of large-scale buyers like Newmark Group and Invitation Homes in driving this consolidation, and the regulatory backlash from states like North Carolina and Tennessee. The episod
Private Equity's Quiet Takeover of Veterinary Clinics
Private equity firms have consolidated over four thousand veterinary clinics in the last decade, turning local animal hospitals into high-margin franchises. We look at how this consolidation affects pet owner costs and veterinarian autonomy. The episode examines the business model behind chains like VCA and BluePearl, exploring how standardized protocols and revenue optimization change the care yo
Private Equity's Quiet Takeover of Self Storage
Self storage used to be a fragmented local business, but private equity firms are consolidating the industry at an alarming pace. We explore how Blackstone and other major PE players have turned your neighborhood storage unit into a data-driven asset class, driving up prices while squeezing independent operators. This episode breaks down the specific mechanics of this consolidation, the impact on
How Private Equity Is Buying Your Ambulance Services
We explore the consolidation of emergency medical services, focusing on how firms like Ensign and specialized healthcare PE groups are acquiring independent ambulance providers. We look at the specific mechanics of route optimization, the shift from municipal contracts to private operator models, and the implications for rural communities and response times. This episode examines one specific acqu
How Private Equity Bought Your Local Ambulance Services
Private equity firms have quietly consolidated the ambulance industry, turning fragmented local providers into standardized regional monopolies. We examine how firms like Blackstone and Apollo acquired hundreds of EMS companies, raised prices for municipal contracts, and changed the nature of emergency response from a public service to a profit center. This episode explores the specific mechanics
How Private Equity Is Buying Your Grocery Store Checkout
We look at the quiet consolidation of self-checkout lanes and payment processing infrastructure by private equity firms. Using a specific case study of a regional grocery chain's acquisition, we examine how buyout groups are turning mundane checkout systems into high-margin data plays. This episode explores the financial mechanics behind the scanner beep, the impact on labor costs, and why investo
How Private Equity Bought Your Local Grocery Store Checkout
We look at the quiet consolidation of grocery store checkout systems, where private equity firms are buying up payment processing and self-checkout hardware providers. The episode examines how this shift impacts consumer experience, store margins, and labor dynamics in September 2026.
#PrivateEquity #GroceryRetail #CheckoutTechnology #PaymentProcessing #LaborAutomation #ConsumerExperience #Retail
How Private Equity Is Buying Up Your Local Dentists
Private equity has shifted from buying infrastructure to acquiring professional services, and dental practices are the new frontier. In this episode, we look at how firms like HPS Investment Partners and Perido Capital have consolidated hundreds of independent dental offices into massive multi-practice organizations. We break down the specific mechanics: the roll-up strategy, the squeeze on clinic
How Private Equity Is Buying Up Your Local Electricians
We trace the consolidation of residential electrical services as private equity firms roll up independent trade shops. From the acquisition strategies targeting fragmented local markets to the operational changes that affect pricing and service quality, we examine how this shift impacts homeowners and workers alike. Featuring insights on the valuation multiples and the role of technology in scalin
How Private Equity Is Buying Up Solar Farms
Private equity firms are shifting from speculative tech bets to hard infrastructure, with solar energy becoming a prime target for long-hold buyouts. This episode explores how BlackRock and KKR have consolidated independent solar farms into massive yield-co platforms, leveraging power purchase agreements to generate steady returns in a volatile market. We look at the specific mechanics of these ac
How Private Equity Is Buying Up Mental Health Clinics
Private equity firms are aggressively consolidating the mental health care sector, buying up independent therapist practices and outpatient clinics at record pace. This episode explores how this consolidation changes patient access, raises ethical questions about for-profit therapy, and impacts the daily lives of Americans seeking mental health support. We look at specific deal structures, the rol
How Private Equity Bought Your Local Water Treatment Plants
Private equity firms have quietly consolidated the water treatment industry, turning local utility services into centralized assets. We examine how firms like Aqua America and broader infrastructure funds are acquiring municipal contracts, driving efficiency through technology while raising questions about rate stability and long-term service quality. This episode looks at the financial mechanics
How Private Equity Transformed Your Local Grocery Checkout
Lucas and Luna unpack how private equity firms are quietly consolidating the software layer behind grocery store checkout systems. With a specific look at the rise of unified commerce platforms, they explore why PE is targeting this niche, the margin pressures forcing retailers to consolidate, and what this means for the future of in-store payments and data ownership.
#PrivateEquity #GroceryRetai
The Quiet Consolidation Of Commercial Roofing
Private equity has quietly moved into commercial roofing, a sector defined by fragmented local operators and sticky B2B contracts. We look at how firms like Berkshire Partners are using roll-up strategies to consolidate this niche market, leveraging recurring revenue from maintenance agreements rather than just new construction. This episode explores the operational shifts, margin pressures, and t
How Private Equity Bought Your Power Grid
We look at how private equity firms are quietly acquiring local utility infrastructure, from water treatment plants to electrical substations. With a specific focus on the regulatory arbitrage and long-hold strategies used by firms like Brookfield and BlackRock in this sector, we explore why essential services are becoming financial assets. This episode breaks down the economics of regulated retur
The Silent Takeover of Nursing Homes
Private equity has quietly consolidated nearly a third of the US nursing home market, transforming healthcare from a community service into a financial asset class. This episode examines how firms like Brookdale Senior Living and Emeritus Health were acquired, restructured, and leveraged to maximize returns for limited partners. We dig into the mechanics of operational efficiency versus regulatory
How Private Equity Bought Your Local Funeral Homes
Private equity firms have aggressively consolidated the funeral industry, buying hundreds of independent providers over the last decade. We look at how firms like Service Corporation International’s competitors and newer entrants are standardizing pricing and services across local markets. With rising costs and regulatory scrutiny, we examine whether this consolidation benefits consumers or simply
How Private Equity Bought Up Your Local Water Treatment Plants
Private equity firms have aggressively consolidated the municipal water treatment industry, buying up hundreds of small utility operators across the United States. This episode explores how funds like Blackstone and Aqua America’s successor entities acquired these essential services, turning local infrastructure into portfolio assets. We examine the financial mechanics behind these buyouts, the re
How Private Equity Is Buying Up Commercial Laundries
Private equity has quietly consolidated the commercial laundry industry, turning a fragmented network of local plants into high-margin assets. We look at how firms like Carlyle and Blackstone are acquiring regional operators, leveraging scale to squeeze margins from hospitals and hotels. The result is higher prices for businesses and a shift in how essential infrastructure is owned. We break down
How Private Equity Transformed Home Health Care
Private equity has moved aggressively into home health care, acquiring thousands of agencies to consolidate a fragmented market. We examine how firms like Ensign Group and BrightStar are scaling operations, the regulatory headwinds from Medicare reimbursement changes, and what this consolidation means for patient outcomes and workforce stability in an industry facing critical labor shortages.
#Pr
How Private Equity Transformed Grocery Store Checkout Systems
This episode examines the quiet consolidation of grocery self-checkout hardware and software by private equity firms like Bain Capital and Apollo Global Management. We trace how a few specialized vendors now control the checkout aisle in thousands of stores, driving efficiency gains while raising questions about data ownership and customer experience. Lucas and Luna dissect the specific mechanics
How Private Equity Is Buying Up Water Treatment Plants
We look at the quiet consolidation of municipal water infrastructure by private equity firms. With climate change and aging pipes creating a trillion-dollar need, funds are buying local water treatment plants and billing services. We discuss the economics of long-hold investing in essential utilities, the regulatory hurdles, and what this means for consumer rates as we head into late summer.
#Pri
Why Private Equity Is Buying Up Veterinary Emergency Clinics
In this episode of Private Equity Conversations, Lucas and Luna dig into the rapid consolidation of veterinary emergency and specialty care. With pet spending hitting record highs in 2026, PE firms see a fragmented market of independent clinics ripe for roll-ups. They walk through a typical deal: how a single emergency hospital in Austin gets valued at eight times EBITDA, why specialists like onco
How Private Equity Is Buying Up Pharmacy Benefit Managers
In this episode of Private Equity Conversations, Lucas and Luna examine the quiet consolidation of pharmacy benefit managers, the middlemen who decide which drugs your insurance covers and what you pay at the counter. They focus on a single 2025 deal—the merger of two mid-sized PBMs—and walk through the economics: how PBMs earn fees, keep the spread between list price and negotiated price, and why
How Private Equity Is Buying Up Country Clubs
Private equity is quietly buying up country clubs across the US, turning exclusive golf and tennis havens into investment vehicles. In this episode, Lucas and Luna explore the economics behind this trend, from the rise of club membership waiting lists to the shift toward real estate development around courses. They dive into how firms like ClubCorp have consolidated the market, why country clubs a
Why Private Equity Is Buying Up Car Dealerships
Private equity has been quietly consolidating one of America's most fragmented industries: car dealerships. In this episode, Lucas and Luna dig into the numbers — from the rise of Lithia Motors to the staggering valuations of family-owned stores — and ask what happens when Wall Street's playbook meets the lot. They explore the economics of why dealerships are so attractive, the shift toward fixed
How Private Equity Is Buying Up Dental Insurance
Dental insurance is a fragmented, $60 billion industry dominated by regional players and a handful of national carriers. But private equity is quietly consolidating the dental benefits administration space, buying up the middlemen who process claims and manage networks. In this episode, Lucas and Luna break down the economics: why dental benefits are a stable, cash-generative business with low cap
Why Private Equity Is Buying Up Garage Door Installers
In this episode of Private Equity Conversations, Lucas and Luna dive into the surprising wave of buyouts targeting a true blue-collar staple: garage door installation and repair. With over a thousand local operators scattered across the US, a handful of PE firms are rolling them up into regional platforms. Lucas breaks down the math: steady recurring revenue from broken springs and openers, trade-
How Private Equity Is Buying Up Car Washes
In this episode, Lucas and Luna explore the quiet wave of private equity investment in the car wash industry. They break down why PE firms are attracted to car washes—recurring revenue, membership models, and operational efficiency—and how the industry has consolidated from mom-and-pop shops to multi-site chains backed by funds like Blackstone and Golden Gate Capital. Using a case study of a typic
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
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