Private Equity Deals with Capital Allocators
Ironclad Environmental Services – Chris and Rob Michalik (Kinderhook Industries), (S3.EP.08)
Dec 13, 2023
Chris and Rob Michalik are twin brothers and co-founders of Kinderhook Industries, a private equity firm specializing in middle-market businesses. They dive into their investment in Ironclad Environmental Services, a leader in industrial waste management. The conversation sheds light on strategic acquisition tactics and the importance of thorough due diligence. They share experiences from challenging negotiations and highlight the dynamics of teamwork in achieving long-term success in private equity, showcasing their unique approach to value creation.
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Quick takeaways
- Middle market businesses, accounting for two-thirds of private equity deal value, are crucial to the U.S. economy's health and employment.
- KinderHook Industries focuses on long-term value creation through strategic acquisitions and operational improvements in the environmental services sector.
Deep dives
The Importance of the Middle Market
Middle market businesses, defined as those generating between $25 million and $1 billion in revenue, play a crucial role in the U.S. economy, employing approximately 50 million people and accounting for two-thirds of private equity deal value. This segment is often overshadowed by larger headline-grabbing deals, yet it represents a significant portion of economic activity and investment opportunity. The podcast illustrates that there are around 200,000 such businesses in the U.S., highlighting their importance as a vibrant sector within the private equity landscape. Through its seasons, the series seeks to shed light on various private equity transactions across this essential market space.
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