Scott Spielvogel is a co-founder and Managing Partner of One Rock Capital, a private equity firm managing $5 billion that specializes in ugly, hairy, messy situations.Blue Triton Brands is the business that formerly comprised Nestle Water North America, which collectively have the top market share in North American bottled water. Its brands include Poland Spring, Deer Park, Arrowhead, Pure Life, Origin, and a host of other specialty brands. One Rock carved out the business from Nestle in 2021.Our conversation covers a history of bottled water, attractiveness and risks of the opportunity, and a deal process that started with the banker telling One Rock they were too small to participate. We turn to deal pricing, operational efficiencies upon ownership, reinvigorating brands, new initiatives, and early performance.Thanks to our Season 2 Sponsor - Canoe Intelligence. Learn more about Canoe and how its technology is powering the future of alternative investments.For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership 

Ian Charles and Sam Kennedy discuss Fenway Sports Group.Ian Charles is the founder and Managing Partner of Arctos Sports Partners, a private equity platform dedicated to the professional sports industry and sports franchise owners. He was a previous guest on Capital Allocators alongside his co-founder Doc O’Connor, and that conversation is replayed in the feed.Sam Kennedy is the longtime President and CEO of Arctos portfolio company, Fenway Sports Group.FSG is a twenty-year old global sports, marketing, media, entertainment and real estate portfolio that has taken cherished and iconic sports clubs to new heights. The business includes ownership of the Boston Red Sox, Liverpool Football Club, and Pittsburgh Penguins, and a series of related real estate and media assets.Our conversation covers the Fenway Sports Group holdings, business drivers, and attractiveness as an investment. We discuss Arctos’ sourcing, underwriting, and perceived risks of the deal, and then turn to Sam’s operating strategy, tuck-in acquisition of the Pittsburgh Penguins, importance of fielding winning teams, impact of private institutional capital, capital structure, on-field product, and future plans.Long-time listeners likely know about my affinity for sports, so it is a great privilege to share this discussion of Arctos’ investment in FSG with you, and a special bonus to have Sam walking through how it works.Thanks to our Season 2 Sponsor - Canoe Intelligence. Learn more about Canoe and how it's technology is powering the future of alternative investments.For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership 

Ian Charles and Doc O’Connor are the Co-Founders and Managing Partners of Arctos Sports Partners, a private equity firm dedicated to buying minority stakes in professional sports franchises. From its founding just two years ago, Arctos quickly has become the market leader in the space, raising a $2.1 billion first-time fund and a SPAC alongside Executive-in-Residence Theo Epstein, and buying stakes in MLB teams including the Boston Red Sox, the Golden State Warriors and Sacramento Kings in the NBA, and a compliment of other sports assets.Our conversation covers their backgrounds and the formation of Arctos, the investment opportunity in sports franchises, and the underlying business and ownership structure. We then turn to the unique characteristics look of the asset, investment process, and growth strategy. Full disclosure, I am a personal investor in Arctos’ fund and am a fan of their strategy and team, pun intended. I hope you’ll enjoy this conversation with Doc O’Connor and Ian Charles as much as I did.Learn MoreFollow Ted on Twitter at @tseides or LinkedInSubscribe to the mailing listAccess Transcript with Premium Membership

Ravi Sachdev is a Partner and Ron Williams is an Operating Advisor at Clayton Dubilier & Rice, a global private equity firm with $57 billion in assets under management that was founded in 1978. agilon health is a company CD&R created from the purchase of two businesses in 2016 and grew using aspects of buyout, venture capital, and growth equity investment strategies. The business assists primary care physicians transition from a traditional “fee for service” model to an outcomes “value-based” model, where incentives are aligned across patients, payers, and providers.Our conversation covers the founding of agilon, its economics, and CD&R’s entry in the business. We turn to agilon’s start as a novel business concept alongside established traditional capabilities, driving operational change, expanding the model, and preparing the company to go public. We close by discussing the potential to leverage this model across other opportunities in the space.Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership 

Tricia Glynn, Managing Director at Advent International, shares insights from overseeing nearly $100 billion in assets. She details the intricate carve-out of beauty brands like Bare Minerals and Laura Mercier from Shiseido to form Orveon. The discussion highlights the complexities of due diligence, strategic planning, and the challenge of building brand heritage. Tricia also addresses the importance of adapting to modern consumer values, navigating hybrid work culture, and innovative strategies to reinvigorate brands and drive future growth.

Dave is the Co-Head of Bain Capital’s North America Private Equity business and a Managing Director in the TMT vertical. Devin is the Head of the firm’s North America Healthcare vertical. Bain Capital manages $180 billion, about half of which is in private equity. Its CEO, John Connaughton, was a past guest on Capital Allocators and that conversation is replayed in the feed.Zelis is a healthcare and financial technology company that addresses the most abrasive aspects of the healthcare system. It offers solutions for payers, providers, and consumers to reduce friction in the process of pricing, explaining, and paying for healthcare claims.Our conversation covers Bain Capital’s consulting roots, the healthcare technology opportunity, collaboration with co-investors and management teams, and winning the deal. We discuss their ownership of Zelis, including merging two businesses, capital structure, tuck-in acquisitions, management, and potential exit strategies.Learn MoreFollow Ted on Twitter at @tseides or LinkedInSubscribe to the mailing listAccess Transcript with Premium Membership

John Connaughton is a Co-Managing Partner at Bain Capital, a leading global private investment firm that oversees approximately $130 billion in assets. Founded in 1984 as the pioneer of a consulting-based approach to private equity investing, Bain Capital today invests across private equity, credit, public equity, venture capital and real estate. Our conversation covers the early years of private equity at Bain Capital, its growth in products and assets, investment process, competitive environment, culture, and succession planning. We close with JC’s insights for allocators and his outlook on private equity.Learn MoreSubscribe: Apple | Spotify | Google  Follow Ted on Twitter at @tseides or LinkedInSubscribe Monthly Mailing List Read the Transcript    

Arvindh Kumar is a Partner and Global Co-Head of Technology at EQT, a public company overseeing nearly $100 billion in assets across infrastructure, real estate, and all stages of private equity.Innovyze is a mid-market vertical software company that provides smart water infrastructure to utilities and engineering firms. EQT carved out two subscale, non-core businesses from public companies to form Innovyze in 2016.Our conversation covers the Innovyze business and the water infrastructure market. We discuss the sourcing, diligence, and deal dynamics of the complex merger. We then turn to integrating the two businesses, including a management team change, systems integration, product rationalization, and sales reorganization. We close with EQT's process for selling the business to Autodesk and decision to refocus from the middle market to its flagship strategy despite its success in the space.Learn MoreFollow Ted on Twitter at @tseides or LinkedInSubscribe to the mailing listAccess Transcript with Premium Membership

Kevin Callaghan and Larry Hamelsky are Managing Directors and long-time team members at Berkshire Partners, a 35-year old private equity firm managing over $20 billion in middle market deals and public equity. Kevin is a member of the Industrials and Consumer teams and Larry is a member of the Industrials and Communications teams at Berkshire.Parts Town is a distributor of OEM repair and maintenance parts for the foodservice industry. The tech-enabled company provides 150,000 different after-market replacement parts to manufacturers of commercial kitchen appliances. Berkshire bought the business from Summit Partners in 2016 and transitioned ownership to a different Berkshire fund, continuation fund, and outside sponsor in 2021.We discuss the business, finding and landing the deal, working with management, conducting tuck-in acquisitions, and recapping the business for another chapter of growth.

Jarryd Levine is a Managing Director at Stone Point Capital, a financial services specialist that has invested $21 billion across 135 businesses in the space. Jarryd helps lead the firm’s investments in Business Services and Human Capital Management.Bullhorn is a leading global software provider for the staffing, recruiting, and contingent labor industry, servicing over 10,000 staffing agencies worldwide. Stone Point acquired Bullhorn in September 2020, as the fifth private equity owner of the business.We discuss Bullhorn’s history, Stone Point’s rationale for human capital as a sub-sector focus, its multi-year, proactive search for the best business in the space, transaction dynamics during Covid, playbook as an industry expert, potential risks to the investment, exit strategy, and lessons learned.Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership