• How Private Equity Is Buying Up Eye Care Practices
    2026/06/09
    In this episode of The Buyout Show, Lucas and Luna examine the rapid consolidation of eye care practices — optometry and ophthalmology — by private equity firms. They focus on the specific case of EyeCare Partners, one of the largest aggregators, which has rolled up over 700 clinics since 2015. Lucas explains the financial logic: predictable recurring revenue from glasses, contacts, and exams, plus high-margin surgical procedures. Luna questions whether quality of care suffers when a local practice gets acquired. They discuss the role of management services organizations (MSOs) and why optometry is attractive for roll-ups compared to other specialties. The hosts also explore the growing trend of on-site vision centers inside retail stores like Target and Walmart, and how PE-backed platforms are competing with them. A donation segment ties the conversation to the value of independent analysis. By the end, listeners understand the economics, the key players, and the potential risks of PE in eye care. #PrivateEquity #EyeCare #Optometry #Ophthalmology #EyeCarePartners #RollUp #Consolidation #Healthcare #Business #FexingoBusiness #BusinessPodcast #TheBuyoutShow #PE #MSOs #VisionCare #RecurringRevenue #Target #Walmart Keep every episode free: buymeacoffee.com/fexingo
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    9 分
  • How Private Equity Is Buying Up Chiropractic Clinics
    2026/06/08
    Lucas and Luna dig into a quiet but fast-growing corner of healthcare roll-ups: chiropractic clinics. With backing from private equity firms, regional chains like ChiroOne and The Joint Corp are consolidating a fragmented industry of solo practitioners. Lucas walks through the economic logic — stable recurring revenue, low overhead, insurance tailwinds — and why some chiropractors are selling while others resist. Luna asks whether the model actually improves patient care or just boosts billing. Specific numbers: The Joint Corp went from 500 clinics to over 900 since 2020; private equity deal volume in chiropractic grew roughly 25% year-over-year from 2021 to 2025. They also discuss regulatory risks, the rise of cash-pay models, and what the roll-up playbook looks like when applied to a profession that prides itself on independence. A focused look at one niche where the consolidation wave keeps rolling. #PrivateEquity #ChiropracticClinics #HealthcareRollUps #ChiroOne #TheJointCorp #Consolidation #RollUpStrategy #FragmentedIndustry #BusinessPodcast #FexingoBusiness #TheBuyoutShow #HealthcareInvesting #CashPayModel #InsuranceReimbursement #SoloPractitioners #PracticeAcquisition #HealthcareConsolidation #InvestingTrends Keep every episode free: buymeacoffee.com/fexingo
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    11 分
  • How Private Equity Is Rolling Up Self-Storage Facilities
    2026/06/08
    Lucas and Luna dive into the quiet consolidation of the self-storage industry—worth over $45 billion in annual revenue. They examine how companies like Public Storage and Extra Space have grown through acquisition, and how private equity firms are now buying up smaller independent facilities at a record pace. Lucas breaks down the math behind the roll-up: stable cash flows, low interest coverage ratios, and the tax advantages of a REIT structure. They discuss the $22 billion merger of Extra Space and Life Storage in 2023, and what it means for mom-and-pop owners. Luna asks whether the industry is reaching saturation, and Lucas points to data showing new supply is actually slowing. The conversation also touches on the shift to climate-controlled units and the rise of mobile self-storage apps. As of June 2026, the sector remains a favorite for yield-hungry investors, but the hosts debate whether the next wave will be consolidation or fragmentation. Specific, numbers-driven, and skeptical of the hype. #SelfStorage #PrivateEquity #RollUps #PublicStorage #ExtraSpace #LifeStorage #REIT #BusinessAcquisitions #Consolidation #RealEstate #StorageIndustry #MomAndPop #YieldInvesting #ClimateControlled #MobileStorage #BusinessPodcast #FexingoBusiness #TheBuyoutShow Keep every episode free: buymeacoffee.com/fexingo
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    12 分
  • How Private Equity Is Buying Up Home Services Franchises
    2026/06/07
    Episode 37 of The Buyout Show examines the quiet consolidation of home services — specifically how private equity firms are rolling up HVAC, plumbing, and electrical franchises one territory at a time. Lucas and Luna break down the business model using a real example: the acquisition spree behind Service Experts and how it squares with a $250 billion market that's 90 percent mom-and-pop operators. They discuss why private equity loves recurring revenue contracts like maintenance plans, the risk of overpaying for growth, and whether the model works when interest rates are above 5 percent. The conversation stays grounded in specific numbers, including typical EBITDA multiples paid for these franchises and the retention rates buyers expect from acquired technicians. No hot takes, just a clear look at how your repair bill is connected to a deal memo. #PrivateEquity #HomeServices #HVAC #RollUps #BusinessAcquisitions #Franchise #ServiceExperts #EBITDAMultiples #RecurringRevenue #Consolidation #Plumbing #Electrical #LBO #BusinessPodcast #FexingoBusiness #Finance #Investing #BuyoutShow Keep every episode free: buymeacoffee.com/fexingo
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    11 分
  • How Private Equity Is Buying Up Residential Solar Installers
    2026/06/07
    Episode 36 of The Buyout Show: Lucas and Luna dive into the rapid consolidation of residential solar installation companies by private equity firms. They focus on the specific case of SunPower's fall from grace and the roll-up play by Sunlight Financial and Palmetto Solar. The hosts explain the economics of the 'solar-as-a-service' model, why PE firms are attracted to the recurring revenue from long-term lease contracts, and the risks of policy changes and customer churn. They also discuss the controversial practice of dealer-originated leases and how it mirrors the mortgage-backed security model. By the end, you'll understand why your neighbor's solar panels might soon be owned by a private equity firm—and what that means for your electricity bill. A fresh angle on PE roll-ups: clean energy infrastructure as an asset class. #PrivateEquity #SolarEnergy #RollUp #Business #Finance #CleanEnergy #SunPower #PalmettoSolar #SunlightFinancial #SolarLeases #RecurringRevenue #InfrastructureInvestment #PolicyRisk #MergersAndAcquisitions #FexingoBusiness #BusinessPodcast #SolarInstallers #EnergyTransition Keep every episode free: buymeacoffee.com/fexingo
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    8 分
  • How Private Equity Is Rolling Up Commercial HVAC Services
    2026/06/06
    Episode 35 of The Buyout Show dives into the quiet but massive roll-up of commercial HVAC service companies. Lucas breaks down why PE firms are targeting this fragmented, recession-resistant industry — over 80 percent of the 50 billion dollar market is still owned by small independent operators. Through the lens of one specific platform deal, the episode explores the economics: recurring service contracts, 90 percent gross retention rates, and the opportunity to roll up mom-and-pop shops into regional powerhouses. Luna challenges whether the consolidation actually benefits customers, and they debate the risks of overpaying for scale. A concrete look at how PE is turning blue-collar service into institutional-grade cash flow. #PrivateEquity #HVAC #CommercialRealEstate #RollUp #MAndA #ServiceBusinesses #BusinessServices #FragmentedIndustries #CashFlow #PEStrategy #PlatformAcquisition #AddOnAcquisition #EBITDA #FacilityManagement #SmallBusiness #Business #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo
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    10 分
  • How Private Equity Is Buying Up Data Broker Firms
    2026/06/06
    Episode 34 of The Buyout Show with Fexingo. Lucas and Luna dive into the quiet but massive roll-up of data broker companies by private equity. They focus on the 2021 acquisition of Neustar by Golden Gate Capital and the 2023 merger of Acxiom and LiveRamp, revealing how consolidators build data 'moats' by combining consumer information assets. The hosts break down the economics: data broker firms generate high recurring revenue with sticky contracts, often boasting gross margins above 70 percent and EBITDA multiples that attract PE firms willing to pay 12 to 15 times earnings. They also discuss the regulatory climate under the current FTC and the growing push for federal privacy legislation. Lucas and Luna debate whether these roll-ups create genuine value or just bundle databases that become harder to regulate. A grounded look at an industry most consumers don't even know exists, yet one that touches nearly every online interaction. #DataBroker #PrivateEquity #GoldenGateCapital #Neustar #Acxiom #LiveRamp #RollUp #Consolidation #Privacy #FTC #DataMoats #RecurringRevenue #EBITDA #Business #Acquisitions #FexingoBusiness #BuyoutShow #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo
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    11 分
  • How Private Equity Is Buying Up Hearing Aid Practices
    2026/06/05
    Private equity has been quietly consolidating independent hearing aid practices across the U.S., rolling up a fragmented $8 billion market dominated by aging baby boomers. In this episode, Lucas and Luna examine the strategy behind audiology roll-ups: why PE firms are buying mom-and-pop clinics, how they're leveraging insurance reimbursement changes, and what it means for patient care. We focus on one specific example—Audiology Holdings, LLC, a mid-market platform that acquired 47 independent practices between 2020 and 2025. We break down the typical deal structure, the multiples paid (around 6-8x EBITDA), and the operational playbook. Lucas explains the revenue uplift from centralizing billing and negotiating better rates with manufacturers like Sonova and Demant. Luna asks whether consolidation actually improves patient outcomes or just pads margins. We also touch on the regulatory landscape, including FDA over-the-counter hearing aid rules that took effect in 2022 and how they've changed competition. By the end, you'll understand why your local hearing aid clinic might soon be owned by a PE-backed roll-up—and whether that's good or bad for your ears. #PrivateEquity #HearingAids #AudiologyRollUp #BusinessAcquisitions #HealthcareInvesting #BabyBoomers #AudiologyHoldings #Sonova #Demant #OTC #FexingoBusiness #BusinessPodcast #TheBuyoutShow #RollUps #EBITDA #InsuranceReimbursement #FragmentedIndustry #PatientCare Keep every episode free: buymeacoffee.com/fexingo
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    8 分