エピソード

  • How Private Equity Is Buying Up Dental Support Organizations

    How Private Equity Is Buying Up Dental Support Organizations
    2026/06/09
    Private equity has been quietly consolidating dentistry through Dental Support Organizations (DSOs). In this episode, Lucas and Luna examine how PE-backed DSOs now control nearly 20% of US dental practices—and why that number is climbing. They break down the economics: a single dental practice generates roughly $800,000 in annual revenue with 25% EBITDA margins, making it a prime roll-up target. Lucas explains the 'hub-and-spoke' model where a PE firm buys a flagship practice, then acquires smaller ones to centralize billing, marketing, and supply procurement. Luna questions whether this leads to higher patient prices or better access. The hosts also touch on recent regulatory scrutiny, including FTC challenges to non-compete clauses in dentist contracts. A focused look at one of healthcare's most active—and least visible—PE frontiers. #PrivateEquity #DentalSupportOrganizations #DSO #HealthcareConsolidation #RollUpStrategy #Dentistry #PEInvesting #FranchiseModel #EBITDAMargins #RegulatoryScrutiny #FTC #NonCompeteClauses #HubAndSpoke #DentalPractices #Business #Finance #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo
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    8 分
  • How Private Equity Is Buying Up Marinas and Boat Storage

    How Private Equity Is Buying Up Marinas and Boat Storage
    2026/06/08
    Lucas and Luna dive into the quiet roll-up of marina and boat storage assets by private equity firms. With over 11,000 marinas in the U.S. and only 1,000 owned by institutional investors, PE is targeting fragmented waterfront real estate for high-margin storage and service revenue. They break down the economics: a typical 250-slip marina can generate $2 million in annual revenue, 40% from dry stack storage alone. The hosts discuss the biggest player, Suntex Marinas, which grew from 15 to over 60 properties since 2017, and the challenge of limited supply. Luna questions the impact on local boaters, and Lucas explains the 'own the water, own the wallet' thesis. The episode ties to listener support with a subtle mention of buy me a coffee dot com slash fexingo. #PrivateEquity #Marinas #BoatStorage #SuntexMarinas #RollUp #AssetConsolidation #WaterfrontRealEstate #DryStackStorage #BoatSlips #MarinaManagement #InstitutionalInvestors #FragmentedIndustry #Finance #Business #FexingoBusiness #BusinessPodcast #PEInvesting #AlternativeAssets Keep every episode free: buymeacoffee.com/fexingo
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    11 分
  • How Private Equity Is Buying Up Accountancy Firms

    How Private Equity Is Buying Up Accountancy Firms
    2026/06/08
    Episode 38 of Private Equity Conversations looks at how PE firms are consolidating the accounting industry. Lucas and Luna discuss the case of EisnerAmper, one of the top 20 US accounting firms, which sold a majority stake to private equity in 2021. They break down the economics: the 'evergreen' nature of audit and tax work, the recurring revenue model that attracts PE, and the challenge of partner succession. They also examine the impact on audit independence, the rise of 'alternative practice structures,' and what the trend means for smaller firms. Specific numbers include the ~$5 billion valuation of the EisnerAmper deal and the roughly 40% of US accounting firms expected to face partner retirement within a decade. A focused look at why balance-sheet money is flowing into a profession that once prided itself on partnership structure. #PrivateEquity #Accounting #EisnerAmper #Audit #Tax #ProfessionalServices #Consolidation #Partnership #AlternativePracticeStructure #Finance #Business #PE #RecurringRevenue #SuccessionPlanning #Top20Firm #Independence #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo
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    8 分
  • 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
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    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
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    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
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    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
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    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
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    10 分