HoldCo Builders

Neil Twa is a veteran e-commerce operator and investor who’s built and exited multiple 8-figure physical product brands. He raised $100M to launch an Amazon aggregator — and then walked away before deploying a single dollar.Now, Neil is a partner at Patriot Growth Capital, where he focuses on acquiring businesses in the $5M–$50M range and backing veteran entrepreneurs.Thank you to our newest sponsors:Scalepath: https://www.joinscalepath.com/Spacebar Studios: https://www.spacebarstudios.co/In This Episode We Discuss:00:00:00 - Intro & Neil's background00:00:28 - Biggest lesson: Patience and perseverance00:01:25 - Why Neil got into physical products00:02:28 - Build vs Buy in physical product businesses00:04:34 - Building businesses with the end in mind (exit focused)00:06:17 - Sponsor: Scalepath00:07:18 - Neil's early business journey & first exits00:08:34 - Meeting Kevin Harrington & shift to 'build to sell'00:11:19 - Sponsor: Spacebar Studios00:12:14 - Timeline: affiliate - FBA - aggregators00:16:00 - Neil 1.0 vs Neil 2.0 - mindset transformation00:21:00 - The '5 Fs' framework00:22:03 - Pulling back from $100M aggregator plan00:26:33 - Operational chaos in the Amazon rollup space00:31:00 - Mass adoption of ecommerce & timing the market00:34:34 - Creative deal structures & leaving owners with equity00:40:21 - Ideal acquisition targets & buy box explained00:43:31 - One deal with massive upside potential00:46:30 - Building a new SaaS product: Cayman Data00:50:00 - How Neil manages focus & projects00:51:24 - Neil's current role: investor/operator00:53:07 - One key lesson from being in the trenches 00:56:33 - Advice: don't sell $20 products on Amazon00:57:34 - Current frustration: Amazon TOS enforcement00:59:11 - Five-year vision for fund and SaaS (2030 goals)01:00:25 - Favorite book: Good to Great by Jim Collins01:01:48 - Best investment advice: Invest without expectation01:02:00 - Closing remarks  ----------------------------------------------Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHhSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy⁠⁠⁠Neil on Twitter: ⁠⁠⁠https://x.com/voltagefbaThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Private equity firms made over 80x their money on Mister Car Wash. How?In this episode, Mikk is joined by Pavel Prokofjev from Rollup Europe to dissect one of the most extreme boom-and-bust rollup stories in recent memory. At its peak, Mister Car Wash was a private equity dream: 40% EBITDA margins, 3-year paybacks, and a shift from transactional to recurring revenue — a perfect storm of unit economics and subscription-like predictability.PE firm Leonard Green used aggressive sale-leasebacks and dividend recaps to fully recover its equity by 2019 while retaining control — ultimately achieving a 20x+ MOIC and IRRs north of 35%.So why did the IPO flop? Why did the market re-rate from 20x to 10x EBITDA? And is the car wash rollup model broken — or just entering a new phase?This is a deep dive into one of private equity’s most fascinating plays — packed with numbers, strategy, and hard-won lessons.Thank you to our newest sponsor:Spacebar Studios: https://www.spacebarstudios.co/We explore:00:00:00 - Did private equity kill the U.S. car wash opportunity?00:01:00 - Why celebrities started investing in car wash rollups00:02:40 - Why car washes were a PE dream: fragmentation, subscriptions, and margins00:04:30 - Mister Car Wash: 80x return for PE, disaster for IPO buyers00:06:00 - What killed investor returns: debt, high prices, and macro changes00:08:15 - How express tunnels made $25/month memberships viable00:10:00 - Churn, location strategy, and why car washes behave like SaaS00:12:30 - How Mister Car Wash struck gold — twice00:13:50 - 5 expensive lessons for future rollup operators00:16:00 - Is a car wash holdco still viable in 2025?00:19:30 - Will the U.S. playbook work in Europe? The tunnel tech gap00:23:00 - Greenfield vs. buy-and-build: which wins in the long term?00:25:00 - Final thoughts and advice from Pavel----------------------------------------------Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHhSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivateEquityGuy on Twitter: https://x.com/PrivatEquityGuy⁠⁠⁠Pavel from RollUp Europe: https://rollupeurope.beehiiv.com/This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

In this episode of HoldCo Builders, I’m joined by Chris Sparling, Co-Founder and Vice Chairman of Tiny. Chris has helped acquire and scale more than 30 internet businesses and has deep insights into capital allocation, due diligence, deal structuring, and the psychology of long-term investing.We talk about how Tiny was built, the story behind acquiring AeroPress, thought experiments that shaped their early decisions, and what Chris learned from personal interactions with Charlie Munger and Bill Ackman. Whether you’re a business buyer, holdco operator, or investor, this episode is packed with timeless wisdom and practical frameworks.Thank you to our newest sponsor:Spacebar Studios: https://www.spacebarstudios.co/In Today’s Episode We Discuss:00:00:00 - Chris's backstory and early investing lessons from his dad00:00:58 - The pivotal moment meeting Andrew and starting their journey together00:02:55 - The “law firm” thought experiment and why it shaped their capital allocation mindset00:04:28 - Realization: Buying proven businesses is better than starting from scratch00:06:00 - How Chris became a shareholder in Tiny (not a typical path)00:08:53 - Avoiding bad businesses: wholesale transfer price risk and capital intensity00:09:25 - Sponsor: Spacebar Studios00:10:34 - Canadian location arbitrage and headspace advantage00:12:29 - Sponsor: Space Bar Studios — helping B2B companies scale growth without hiring a full team00:13:15 - The unfair advantage of Andrew’s online persona00:17:23 - Why founders choose to sell to Tiny: Speed, authenticity, and respect00:19:00 - 2-year dry spell in dealmaking and how discipline shaped their approach00:20:48 - Favorite structuring method: “Bird in hand” vs. “two in the bush”00:22:51 - How they acquired AeroPress from its legendary inventor00:25:04 - Fastest deal Tiny ever did—and why it worked00:27:22 - Buying “venture orphans” at deep discounts00:29:00 - Organic growth vs. price-driven acquisitions00:30:44 - How Tiny evaluates moats and pricing power00:31:58 - Siloing debt and managing risk through asymmetric bets00:33:36 - Would unlimited capital improve their investing strategy?00:34:55 - Lessons from Charlie Munger and playing the ultra-long game00:36:31 - Equity, ego, and how to prevent resentment in partnerships00:39:40 - The legendary $57,000 charity lunch with Bill Ackman00:43:13 - Meeting Charlie Munger: nerves, learnings, and shouting questions00:46:04 - Why advice from mentors can be dangerous00:49:11 - Chris’s decision-making framework: hell yes or no, relativity, gut instinct00:52:01 - A masterclass on incentives (with kid allowance examples!)00:57:29 - Are high-level meetings worth it—or should you just focus on the work?00:59:45 - What makes Bill Ackman special01:01:14 - Why nobody has it all figured out—even the shiny people online----------------------------------------------Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHhSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy⁠⁠⁠Chris on Twitter: ⁠⁠⁠https://x.com/_Sparling_This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

My guest today is Mark Rossano, Co-Founder & CEO of C6 Capital Holdings, a firm focused on building real-world solutions in energy and agriculture infrastructure.In this episode, we explore Mark’s journey from Morgan Stanley and global oil trading to building a holding company that owns hydroelectric power plants and sustainable fertilizer companies.In Today’s Episode We Discuss:00:00:00 - Intro: meet Mark Rossano00:01:06 - From Wall Street to Oil Trading & Global Energy00:03:18 - Launching a Fund & Personal Tragedy00:05:45 - Why Energy & Agriculture Infrastructure00:08:00 - How Mark Met His Partner Fernando00:10:15 - The Early Pain: Fundraising & Doubters00:13:09 - Power Prices, Fertilizer & Macro Contrarian Views00:15:02 - First Close: Winning Investors Over with Track Record00:16:50 - Structure & Scale of the Portfolio00:20:56 - Why Sulfur Is the Hidden Commodity Crisis00:22:25 - Deal Sourcing: How They Find Hydroelectric Assets00:24:50 - Why Mark Buys Minority Stakes & Not Full Control00:26:09 - Their “Anti-Private Equity” Approach00:29:04 - Why Engineers Partner with Mark’s Firm00:32:07 - Lessons from Running Real Businesses vs. Modeling00:36:17 - Macro Insights That Drive Capital Allocation00:40:56 - How Mark Avoids Bad Investments00:44:16 - Big Mistakes Founders Make (Sales, Leverage, Assumptions)00:50:17 - Fund Structure & Deployment Strategy00:54:00 - The Psychological Side of Building During Chaos00:58:03 - Making Tough Calls & Turning Off Emotions01:02:15 - Best Investment Advice & Favorite Books----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy⁠⁠Mark on X: https://x.com/markfnyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

What if the real edge in investing isn’t another framework or deal structure—but how you learn?In this solo episode of HoldCo Builders, I break down a mental model that quietly powers the world's top capital allocators, HoldCo founders, and hedge fund managers. Inspired by the teachings of Alix Pasquet (Prime Makaya Capital), we explore why the highest IRRs often come from behavioral change—not spreadsheets.----------------------------------------------In This Episode, You Will Learn:00:57 - Why “learning” is useless unless it changes your behavior03:27 - The overlooked relationship between physical tension and decision-making06:47 - How elite investors maintain sharpness across decades08:10 - How to build your personal ‘learning laboratory’ for real feedback09:31 - Why you only need 7 right people to change your life09:46 - The power of teaching as leverage and how it compounds10:46 - How Buffett, Howard Marks, and others sharpen their edge by thinking out loud16:10 - The “Futsal Principle” of rapid feedback loops for capital allocators19:14 - How elite investors stay sharp across decades (continued)----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy⁠⁠Alix on Twitter: https://x.com/alixpasquetThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Johannes Hock, a former private equity associate left his high-paying job to build wealth through acquisition. In 2022, Johannes and his partner acquired DFW Turf, a fast-growing artificial turf installation business.After leaving a prestigious private equity firm, he went on to review over 200 deals in just a few months, submitted 10 LOIs, signed 3, and ultimately closed on one.In just two years, they scaled the business from $5M to over $21M in revenue—leveraging both organic growth and strategic acquisitions.In Today’s Episode We Discuss:00:00:00 - Intro00:00:31 - Where it all started00:02:09 - Being an associate at a PE firm and quitting — best decision ever00:05:18 - Why the 10-10-10 model in private equity wasn’t attractive enough00:07:31 - Underestimating the actual risk of acquiring a company00:09:25 - Johannes’s financial position before quitting his private equity job00:10:32 - First acquisition details (looked at 200–300 deals in 2–3 months)00:12:26 - Chasing the perfect deal vs. getting something done00:15:18 - The conversation with the lender that closed the acquisition00:18:15 - Why recurring revenue is overrated (and how to create equity value)00:21:51 - Why cash controls are the #1 focus post-acquisition00:25:29 - Only one person wasn’t a good fit post-acquisition00:27:31 - One regret: not adding more cash to the balance sheet00:29:00 - Cap table structure and the importance of raising smart money00:33:42 - Organic growth and hiring 30 people00:37:56 - Risks of buying a company growing 40–50% per year00:40:54 - Reinvesting in growth while staying profitable00:41:57 - The story of the first add-on acquisition in 202400:44:19 - The thought process behind add-ons (51% to 100%, with flexibility)00:47:29 - How they finance future acquisitions00:51:18 - Trucks break down, people don’t show up, customers get angry — Johannes has seen it all00:54:37 - The plan: open 3 new locations and do 1–2 acquisitions per year00:59:31 - Industry is growing 50% annually (with 20% growth, it would’ve been a different story)01:00:40 - The happiness of pursuit----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy⁠⁠Johannes on X: https://x.com/HockJohannesThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Neil Mehta built Greenoaks Capital into one of the most successful — and secretive — investment firms in the world. While most VCs chase hype, Neil built a reputation for radical focus, long-term thinking, and doing his own diligence.In this solo research episode, I break down what holdco builders, private equity investors, and traditional business owners can learn from Mehta’s strategy — from his obsession with simplicity to how he scaled Greenoaks to $15b AUM without raising hype-driven rounds.Key topics in this episode:- Why Greenoaks avoids traditional venture traps- The importance of doing your own due diligence (never outsource it!)- How conviction and focus beat diversification- Neil Mehta’s underrated operating edge- What SMB and HoldCo builders can apply from a top-tier investorIf you're building a group of companies, allocating capital, or operating a company, this episode will give you valuable frameworks.I hope you enjoy it.----------------------------------------------Timestamps:00:00:00 - Intro00:01:56 - Greenoaks Capital and its investment philosophy00:04:31 - Finding hidden gems: the power of a contrarian acquisition strategy00:11:02 - The decisive power of backing the right leader (special people)00:17:15 - Riding the wave of transformative shifts00:20:36 - The power of deep understanding and bold conviction00:26:43 - The imperative of ruthless prioritization00:35:11 - The cost of outsourcing fundamental analysis00:37:52 - The art of seeing beauty in business and viewing founders as artists painting their masterpiece----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy⁠⁠Neil on LinkedIn (No one at Greenoaks Capital Partners uses Twitter): https://www.linkedin.com/in/neil-mehta-47623079/This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

My guest today is Nick Huber — entrepreneur, investor, and creator behind a $30M+ holding company spanning real estate, service businesses, and media.In this episode, we dive deep into how Nick allocates capital across multiple businesses, builds operationally lean teams, and balances short-term cash flow with long-term wealth creation.We explore how social media transformed his entrepreneurial journey, raising millions and unlocking career-changing relationships. Nick also shares the realities of building in public, handling criticism, and why focusing on "unsexy" businesses gives him an edge.If you're an investor, business buyer, or private equity professional looking to learn how to think, operate, and allocate like a world-class entrepreneur, this conversation is for you.Topics include:Capital allocation frameworksScaling without losing controlBuilding trust and raising millions onlineThe real mindset behind entrepreneurshipHandling criticism and pressure at scaleLife lessons from building boring businessesListen now to get an unfiltered view into the mind of one of today’s most transparent and tactical business builders.----------------------------------------------Timestamps:00:00:00 - Intro  00:00:23 - Why everyone wants to follow people who live an interesting life  00:04:25 - The huge upside and downside of being transparent on social media  00:05:36 - “Nick is going broke, he’s a fraud, and going bankrupt?!”  00:10:36 - The debt structure behind Nick’s most expensive acquisition ($52M valuation deal)  00:19:15 - How to stay focused when running a diversified portfolio  00:22:40 - 325 employees across Nick’s portfolio (only 20 are Americans)  00:25:38 - Whatever you do: add as much value to others as you can—and do it for free  00:28:02 - The story of meeting a wealth manager that changed Nick’s views on life and business  00:32:18 - Helping investors evaluate deals led Nick to 5 closed deals  00:35:06 - How one Twitter thread converted into 40,000 followers and a new business life  00:36:28 - Business and life are an adult marshmallow test  00:40:02 - Three things every operator should learn  00:43:22 - Working 60 hours a week  00:45:45 - The most painful part of the journey  00:47:29 - Is Nick an iceman, or does he really care what people think of him?----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy⁠⁠ As Nick builds his holding company, here are the links to all of his businesses, as well as his new book, which will be released on April 29, 2025.Nick on X: https://x.com/sweatystartupwww.sweatystartup.comwww.nickhuber.comwww.somewhere.comwww.boltstorage.comwww.recostseg.comwww.boldseo.comwww.webrun.comwww.titanrisk.comwww.linkedin.com/in/sweatystartupLink to buy the book on Amazon: https://amzn.to/4bLazjWLink to buy the book in the UK: https://bit.ly/422njPWThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

My guest today is Nick Keegan, co-founder and CEO of Mail Metrics, a company helping highly regulated industries—like banks, insurers, and pension providers—communicate more effectively with their customers.Nick started Mail Metrics in 2013 at just 24 years old, after serving 11 years in the Irish Defence Forces. It took 7 years to reach €1M in revenue, but what followed is nothing short of remarkable: in 2023, the company hit €40M—and is on track to do €210M in 2025.In this episode, we go deep into the gritty early years, how he closed his first clients after 3 years of trying, and how Mail Metrics scaled through a combination of organic growth and strategic acquisitions.Nick breaks down what he looks for in an acquisition target, how deals are structured and financed, and what it really takes to integrate teams post-deal.We also cover:The challenges of selling into regulated industries with long sales cyclesHow Nick brought on a private equity partner while keeping controlThe key lessons from growing a 600-person companyHis approach to capital allocation, leadership, and leverageAnd the mindset shifts that helped him grow from a bootstrapped founder to leading a 9-figure businessWhether you're an operator, investor, or aspiring acquirer, this episode is packed with insight.I hope you enjoy this conversation with Nick Keegan.----------------------------------------------Timestamps:00:00:00 - Intro00:00:11 - The early days of Nick and MailMetrics00:07:01 - The story of the first two massive clients (took an extremely long time to close)00:08:06 - Growth through acquisitions00:11:07 - The story of the first two acquisitions (financing and structure)00:16:16 - Post-acquisition strategy00:19:05 - Timeline of all the acquisitions00:20:09 - Improving the bottom line through synergies across the portfolio00:22:59 - The third acquisition almost doubled the business 00:26:00 - 2–3 factors that need to be true for Nick to acquire a competitor00:28:27 - When acquisitions don’t go as planned… 00:32:45 - The decision to partner with a private equity firm 00:37:15 - Nick and his roles over the years00:41:48 - Nick’s view on leverage when doing acquisitions 00:43:40 - What Nick would do if he were to start all over again00:46:35 - MailMetrics today00:48:35 - Your goals can come true—sometimes 10x bigger than you ever dreamed----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy⁠⁠Nick on X: https://x.com/Nick_KeeganThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Discover the transformative power of networks as a competitive advantage in business and investing. Learn about the influential Triad strategy for fostering meaningful connections, and how to become important to the right people. Delve into the necessity of generosity, persistence, and long-term thinking for effective networking. This conversation is packed with actionable insights to help you navigate the challenges of building your circle, even when you feel unimportant. Unlock the secrets to compounding your network for greater success!