HoldCo Builders

Dev Shah, the 23-year-old founder of Pocket Fund, dives into his journey of acquiring seven businesses without external capital. He reveals how he discovered his first acquisition, Sourcely.ai, which yielded a staggering 37.5x return. Dev shares strategies for building a successful portfolio, focusing on talent acquisition and operational efficiency in India. He also discusses the importance of personalized business models and his motivations for avoiding VC funding, emphasizing long-term growth and organic success.

In this engaging conversation, Jamal Muse, a former math teacher and BlackRock analytics pro, shares his journey as a serial entrepreneur. He discusses the financial power of selling businesses and the vital mindset shift from treating a company as a 'baby' to seeing it as a valuable asset. Jamal reveals his three-year roadmap for building and exiting e-commerce brands, touches on emotional complexities in selling, and identifies common pitfalls that can thwart exits. His personal transformation story serves as inspiration for other aspiring entrepreneurs.

Discover how True Potential has achieved an astonishing 40% CAGR for over 15 years, becoming a leader in the UK wealth management sector. The podcast dives into their effective vertical integration and hybrid advice model, revealing the secrets behind their impressive profitability. Learn about their unique in-house fund distribution and the role it plays in driving profits. Explore the innovative M&A strategies that allow True Potential to acquire retiring advisors' client books, standing out in a competitive industry rife with regulatory challenges.

Mike Botkin, Partner and CEO of Canvas Outdoors, transitioned from a real estate private equity COO to acquiring a $780K landscaping business. He discusses taking risks despite feeling unqualified and how he scaled up through six strategic acquisitions in just 23 months. Mike emphasizes the importance of focusing on profitable customers and the role of talented leadership in successful acquisitions. He shares insights on increasing operational efficiency and the significance of finding mid-career owners rather than tired sellers.

The $3 Billion Rollup: Inside Moonbug’s Epic Exit (with Alex Prokofjev from Rollup Europe)What do Cocomelon, Blippi, and Little Baby Bum have in common? They were all part of one of the most impressive media rollups in history: Moonbug Entertainment — a business that scaled from 0 to $100M EBITDA in under four years and exited for $3 billion to Candle Media (backed by Blackstone).Thank you to our newest sponsors:Scalepath: https://www.joinscalepath.com/Spacebar Studios: https://www.spacebarstudios.co/In this episode, I sit down with Alex Prokofjev, co-founder of Rollup Europe, who did a deep dive into Moonbug’s strategy. We unpack the insane deal-making, content flywheel, multi-channel monetization, and the unique cap table structure that fueled this rocketship.We explore:00:00:00 - Intro: The Most Fascinating Exit in Modern Media?00:00:42 - Why Moonbug Was a Contrarian Bet in 201800:02:15 - Meet the Dream Team: Disney + Wildbrain + M&A00:03:35 - How They Scaled to $3B in Just 3.5 Years00:05:00 - Moonbug’s Playbook: Monetizing Kids' IP Across Channels00:06:15 - Cap Table Deep Dive: 6 Share Classes & Incentive Design00:07:30 - How Moonbug Achieved 50% EBITDA Margins Across 30 Brands00:09:00 - Little Baby Bum: The $90M Deal That Changed Everything00:13:00 - Moonbug’s Exit to Candle Media: Was $3B Worth It?00:16:00 - Why Moonbug Hasn’t Been Copied (Successfully)00:17:20 - The Legal Battles & Risks Behind the Scenes00:19:35 - Founders’ Payday: Who Made How Much in the Exit?00:20:30 - Top 3 Lessons for Today’s Rollup Operators----------------------------------------------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/PrivatEquityGuy⁠⁠⁠Alex 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 sit down with Jude Goodrick, Head of Capital Markets at Mainshares—a fast-growing platform that's quietly reshaping small business acquisitions.Mainshares helps acquisition entrepreneurs find the capital they need to buy real, cash-flowing businesses. Jude has seen hundreds of deals and works directly with operators and investors to get them across the finish line.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: Why Jude Goodrick is at the center of SMB acquisitions00:00:42 - Jude's background and journey from Carta to Mainshares00:01:36 - The origin story of Mainshares and what problem it solves00:03:09 - Solving the chicken-and-egg problem of deals vs. capital00:04:39 - Sponsor: Scalepath00:06:47 - Feedback from having 800 conversations with operators00:07:59 - First acquisition took about a year00:08:48 - How Mainshares makes money and structures deals00:13:35 - Sponsor: Spacebar Studios00:17:31 - A common reason operators come to them00:19:47 - Why Mainshares isn't building a traditional PE firm00:23:32 - Could Mainshares build a permanent HoldCo?00:24:58 - Investor experience on the Mainshares platform00:32:12 - What happens when a deal is oversubscribed?00:36:10 - Post-acquisition support: credit lines, equipment loans00:38:21 - Who are the operators? First-timers vs. seasoned pros00:40:35 - MBA vs. blue-collar operators: who performs better?00:43:17 - What happens when things go wrong post-acquisition?00:45:00 - Structuring preferred equity and step-ups00:48:40 - Jude’s advice to aspiring acquisition entrepreneurs00:51:35 - What separates great operators from average ones00:57:29 - What Jude enjoys most - and least - about his role00:59:20 - Would Jude ever buy a business himself?----------------------------------------------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/PrivatEquityGuy⁠⁠⁠Judd on Twitter: ⁠⁠⁠https://x.com/judd_goodrichThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Is this the most underappreciated rollup in Europe?In this episode, we dive deep into HomeServe — the unsexy plumbing and HVAC company that quietly evolved into a $2B revenue giant and was eventually acquired by Brookfield for $6B. But this isn't just a story about boilers and leaky taps.Joining us is Alex Prokofjev, co-founder of RollUp Europe.Whether you're an operator, investor, or aspiring acquisition entrepreneur, this episode is packed with strategic insights on rollups, recurring revenue, and scaling services with a subscription twist.Thank you to our newest sponsor:Spacebar Studios: https://www.spacebarstudios.co/We explore:00:00:00 - The most underappreciated Rollup in Europe?00:00:51 - How HomeServe evolved into a vertically integrated insurance broker00:01:45 - The business model failed not once but twice00:03:31 - Two powerful lessons for pperators: Fintech revenue and iterating beyond your first idea00:04:40 - Great timing00:05:57 - Why HVAC became HomeServe’s rollup goldmine: high-trust, high-margin, mission-critical customer moments00:07:37 - Sponsor: Spacebar Studios00:08:40 - Buying small businesses with attractive multiples00:07:15 - How HomeServe Justified Higher Acquisition Multiples00:10:04 - Why public market investor give up on HomeServe00:12:40 - The Brookfield playbook Post-Acquisition: Breaking up the business and doubling down on HVAC rollups in Europe00:14:03 - Biggest takeaway: Be ready to pivot your entire business00:15:15 - Running a mission critical requrring revenue business00:16:26 - Similar strategies on different verticals----------------------------------------------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/PrivatEquityGuy⁠⁠⁠Alex 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.

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.