Self-Funded Search vs. Independent Sponsorship
Acquiring Minds
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The Importance of Multiples in Private Equity
Why is HVAC very popular for private equity players today? It's an extremely fragment of market. Another reason I think private equity has gone after it is because it's relatively, well, compared to software, it's relatively un sophisticated. When you meet smaller targets, they don't have the resource, capacity or experience to apply that sophistication. So going back to why multiples are high is because you can add that sophistication and they have to look more value out of the targets when you're at part and you already have that playbook running.
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