エピソード

  • How Private Equity Is Buying Up Pet Cremation Services

    How Private Equity Is Buying Up Pet Cremation Services
    2026/06/07
    When pets pass away, more families are turning to private cremation — and private equity has noticed. In this episode, Lucas and Luna explore how PE firms are consolidating the pet aftercare industry, from standalone crematories to full-service funeral homes for pets. They break down the economics: the average cost of a private pet cremation ($150–$500), the fragmented landscape of mom-and-pop operations, and the roll-up strategy firms like Pet Cremation Services and Gateway Pet Services are using. Lucas explains why pet aftercare is a recession-resistant, cash-flow-rich business with high barriers to entry (state regulations, zoning laws, and the logistical complexity of transportation). Luna questions whether consolidation will drive up prices for grieving pet owners. The episode also touches on the emotional calculus: how PE firms balance dignity with returns. Listeners will come away understanding one of the quietest corners of the private equity world. #PrivateEquity #PetCremation #PetAftercare #PetFuneral #RollUps #Consolidation #PetIndustry #PetDeathCare #PetServices #FragmentedIndustry #MAndA #Valuation #BarriersToEntry #RecurringRevenue #Finance #Business #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo
    続きを読む 一部表示
    9 分
  • How Private Equity Is Buying Up Veterinary Specialty Hospitals

    How Private Equity Is Buying Up Veterinary Specialty Hospitals
    2026/06/07
    Episode 36 of Private Equity Conversations with Fexingo. Lucas and Luna examine the quiet roll-up of veterinary specialty and emergency hospitals by private equity firms. They focus on one specific platform: Pathway Vet Alliance, which has acquired over 100 specialty and ER practices since 2018. The hosts unpack the economics behind the consolidation: how referral networks, high-margin procedures like oncology and orthopedics, and fragmentation create a perfect PE target. They also discuss the tension between investor timelines and the long-term capital needs of veterinary medicine, including the shortage of board-certified specialists. Lucas cites data from the American Veterinary Medical Association showing that specialty care now accounts for roughly 30% of all veterinary spending in the US, up from 18% a decade ago. The episode closes with a look at whether the model can sustain quality as firms push for scale. A short listener-support segment is included near the end. #PrivateEquity #VeterinaryMedicine #PathwayVetAlliance #HealthcareConsolidation #SpecialtyHospitals #VetSpecialists #RollUp #PEInvesting #BusinessPodcast #Finance #VeterinaryCare #Oncology #Orthopedics #EmergencyVet #Consolidation #FexingoBusiness #BusinessPodcast #HealthcarePE Keep every episode free: buymeacoffee.com/fexingo
    続きを読む 一部表示
    11 分
  • How Private Equity Is Buying Up HVAC and Plumbing Companies

    How Private Equity Is Buying Up HVAC and Plumbing Companies
    2026/06/06
    Episode 35 of Private Equity Conversations digs into the roll-up play in HVAC and plumbing — a fragmented $200 billion industry where private equity has acquired over 600 companies in the last five years. Lucas and Luna examine the model: why aggregators like ServiceTitan's backers are buying mom-and-pop shops, how multiple compression works when you consolidate at 8x EBITDA and exit at 12x, and what happens when the local plumber you've called for a decade gets bought by a fund. Specific example: the acquisition of ARS/Rescue Rooter by Berkshire Partners and the Ontario Teachers' Pension Plan in 2022 for $2.2 billion. Also: how the post-COVID housing boom and aging housing stock (over 60% of US homes built before 1980) fuel the thesis. A critical look at whether these deals actually improve service or just consolidate market share. #PrivateEquity #HVAC #Plumbing #RollUp #ServiceTitan #BerkshirePartners #OntarioTeachers #ARSRescueRooter #HomeServices #Buyouts #Consolidation #Business #Finance #MergersAndAcquisitions #FexingoBusiness #BusinessPodcast #PrivateEquityConversations #Episode35 Keep every episode free: buymeacoffee.com/fexingo
    続きを読む 一部表示
    3 分
  • How Private Equity Is Buying Up Waste Management Companies

    How Private Equity Is Buying Up Waste Management Companies
    2026/06/06
    Episode 34 of Private Equity Conversations dives into the quiet roll-up of America's waste and recycling industry. Lucas and Luna explore how PE firms are acquiring regional haulers, transfer stations, and landfill assets — a fragmented $80 billion market dominated by giants like Waste Management and Republic Services. The hosts break down a real case study: GFL Environmental's growth from a Canadian start-up to a North American top-five player, fueled by over 30 acquisitions and a $5 billion equity injection from BC Partners and Ontario Teachers' Pension Plan. They also discuss the regulatory hurdles, the appeal of recession-proof cash flows, and why consolidation in waste is accelerating now. If you've ever wondered who really picks up your trash, this episode reveals the private equity fingerprints on every dumpster. #WasteManagement #PrivateEquity #PEInvesting #RollUpStrategy #GFLEnvironmental #BCPartners #OntarioTeachers #WasteIndustry #RecessionProof #Consolidation #TrashHauling #LandfillAssets #InfrastructureInvesting #Finance #BusinessPodcast #FexingoBusiness #MergersAndAcquisitions #SustainableInvesting Keep every episode free: buymeacoffee.com/fexingo
    続きを読む 一部表示
    9 分
  • How Private Equity Is Buying Up Ambulance Services

    How Private Equity Is Buying Up Ambulance Services
    2026/06/05
    Private equity has rolled up veterinary clinics, car washes, and funeral homes. Now it's coming for the ambulance. In this episode, Lucas walks through the economics of emergency medical services and why PE firms are buying up private ambulance operators across the country. He explains how Medicare reimbursement rates work, why rural ambulances are struggling, and how roll-ups like Global Medical Response and Priority Ambulance have consolidated the industry. Luna pushes back on whether consolidation actually improves response times or just raises prices for patients. They also discuss the tension between public 911 systems and private equity-backed transport services. If you've ever wondered who owns the ambulance that shows up when you call 911 — this episode has the answer. #PrivateEquity #AmbulanceServices #EMS #EmergencyMedicalServices #HealthcareConsolidation #GlobalMedicalResponse #PriorityAmbulance #MedicareReimbursement #RollUpStrategy #PEInvesting #Finance #Business #FexingoBusiness #BusinessPodcast #HealthPolicy #911Services #RuralHealthcare #Paramedicine Keep every episode free: buymeacoffee.com/fexingo
    続きを読む 一部表示
    10 分
  • How Private Equity Is Buying Up Music Catalogs

    How Private Equity Is Buying Up Music Catalogs
    2026/06/05
    Lucas and Luna explore the private equity land grab for music publishing rights. They break down why firms like Blackstone, KKR, and Apollo are paying billions for catalogs from artists like Bob Dylan, Bruce Springsteen, and Justin Bieber. Lucas explains the asset math: a stable, royalty-backed income stream with 5-8% annual yields, inflation pass-throughs, and 20-30 year duration profiles that match PE horizons. Luna questions valuation risk, changing streaming economics, and whether the 2021-2022 buying spree is a peak. They discuss how securitization of royalty pools is creating new institutional demand, and what the catalog boom means for artists versus investors. No prior episode covers this roll-up. Recorded June 5, 2026. #PrivateEquity #MusicCatalogs #BobDylan #BruceSpringsteen #JustinBieber #Blackstone #KKR #Apollo #RoyaltyInvesting #MusicPublishing #StreamingEconomy #AssetManagement #AlternativeInvestments #Finance #Business #FexingoBusiness #BusinessPodcast #InvestmentStrategy Keep every episode free: buymeacoffee.com/fexingo
    続きを読む 一部表示
    9 分
  • How Private Equity Is Rollin Up Pest Control Companies

    How Private Equity Is Rollin Up Pest Control Companies
    2026/06/04
    Episode 31 of Private Equity Conversations with Fexingo. Lucas and Luna examine the rapid roll-up of the US pest control industry by private equity firms. They focus on the specific case of Rentokil Initial's 2021 acquisition of Terminix for $6.7 billion, and the smaller platform builds by firms like Harvest Partners and Gryphon Investors. The hosts break down the economic logic: recurring revenue from annual contracts, high customer retention, and low capital intensity. They also discuss regulatory scrutiny and the risk of overpaying for consolidation. By the end, you'll understand why PE sees cockroaches and termites as an asset class. #PrivateEquity #PestControl #RollUp #Rentokil #Terminix #HarvestPartners #GryphonInvestors #RecurringRevenue #Consolidation #MidMarket #Buyouts #ServiceBusinesses #AddOnAcquisition #PlatformCompany #Finance #BusinessPodcast #FexingoBusiness #InvestmentStrategy Keep every episode free: buymeacoffee.com/fexingo
    続きを読む 一部表示
    9 分
  • How PE Is Consolidating the Roofing Industry

    How PE Is Consolidating the Roofing Industry
    2026/06/04
    Private equity is buying up roofing contractors at a record pace, rolling up mom-and-pop shops into regional and national platforms. In this episode, Lucas and Luna explore why roofing—fragmented, recession-resistant, and cash-flow heavy—has become a favorite PE target. They break down the economics of a typical 15-person roofing firm, the multiples PE firms are paying (around 7 to 9 times EBITDA), and the operational playbook: centralizing procurement, adding sales software, and cross-selling storm restoration services. They also discuss the regulatory risks, including licensing battles in states like Florida and Texas, and the question of whether consolidation actually improves service for homeowners. A concrete look at a $50 billion industry being reshaped deal by deal. #PrivateEquity #Roofing #PE #Consolidation #RollUp #Construction #HomeServices #StormRestoration #EBITDA #FragmentedIndustry #OperationalExcellence #BusinessStrategy #Finance #FexingoBusiness #BusinessPodcast #LucasAndLuna #Acquisitions #RoofingContractors Keep every episode free: buymeacoffee.com/fexingo
    続きを読む 一部表示
    11 分