Acquiring Minds 2 Years to $40m: The Anatomy of a High-Velocity Roll-up
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Aug 11, 2025 Luis Reyes, the founder of Iberian Ventures and a former Bain consultant, shares his remarkable journey from rural Mexico to spearheading a fire safety roll-up in Spain. He discusses his aggressive acquisition strategy, achieving $8 million in EBITDA through 24 consolidations. Luis emphasizes the role of AI in enhancing operational efficiency and navigating the complexities of merging various business models. He also reflects on the unique challenges of the European investment landscape and shares insights into fostering leadership within SMEs.
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From Founder And Consultant To Roll-up
- Luis Reyes left consulting to build roll-ups after founding a SaaS startup earlier in his career.
- He moved to Spain to apply integration and M&A skills to fragmented SMEs.
Hire Hungry Junior Operators Early
- Luis Reyes hired a 25-year-old analyst while still employed to research sectors and run outreach.
- The junior ran outreach, built LBOs and owned deal work before leaving to start his own firm.
Spain's SME Fragmentation Fuels Opportunity
- SMEs account for around 65% of Spain's GDP, creating many small, fragmented targets.
- That fragmentation produces more roll-up opportunity than in the U.S. or northern Europe.