Dry Powder: The Private Equity Podcast Yards After the Catch w/ TA’s Hythem El-Nazer
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Dec 9, 2025 Haitham El-Nazer, Co-managing partner at TA Associates, dives into the intricacies of private equity investment aimed at middle-market growth. He discusses the creation of a Strategic Resource Group designed to enhance value post-deal, highlighting its impressive capabilities in sourcing add-on acquisitions. Haitham shares a fascinating case study of The Access Group, revealing how they scaled from £50M to over £1bn through 100+ acquisitions. He also emphasizes the importance of early capital return strategies and the firm’s unwavering focus on the middle market.
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Three-X Return As A Guiding Principle
- TA Associates targets three-times returns as a persistent North Star for investments.
- They analyzed post-exit performance and used it to shape partial-sale strategies to capture continued upside.
Building The Strategic Resource Group
- About 15 years ago TA hired Kevin Massey to build a 40-person Strategic Resource Group (SRG) to drive value creation.
- The SRG works shoulder to shoulder with deal teams and management on revenue, pricing, sales redesign, and inorganic growth.
Sectorized SRG Powers Add-On Scale
- The SRG is organized into sector teams embedded across geographies to capture domain expertise.
- That sector focus enabled TA to help portfolio companies complete over 1,500 add-on acquisitions at scale.