HoldCo Builders

My guest today is Yuen Yung, Founding Partner at HalBar Partners, a firm focused on operator-led acquisitions. In just two years, HalBar and NCA ETA have closed 15 acquisitions totaling $270M in enterprise value, hitting their goal of 10 deals per year.We discuss:Yuen’s journey from immigrant roots to building HalBarThe firm’s investment thesis, fund structure, and capital strategyHow they source operators and deals, and drive post-acquisition valueLessons from wins and misses in ETAHalBar’s playbook for growing EBITDA and scaling portfolio companiesWhether you're an investor, operator, or just curious about ETA and private equity, this episode is packed with insights.I hope you enjoy this conversation with Yuen Yung.----------------------------------------------Timestamps:00:00:00 - Intro00:00:14 - Immigrating from China to the USA00:05:07 - The Shark Tank TV show story00:12:39 - Why you should never fall in love with your business00:14:00 - ETA, search funds, and the thesis behind HalBar Partners00:20:41 - How Yuen met Nate, his co-founder00:25:22 - Deal structures and partnership dynamics with Nate; early investors00:27:21 - How someone with capital can replicate HalBar’s model00:29:42 - Why they chose this specific investment model00:34:12 - 50% of deals are in Europe, 50% in North America00:37:03 - Typical deal structure explained (percentages shared)00:45:12 - Key differences between the U.S. and European markets00:50:35 - How they find the best operators00:53:25 - Selling a company in December 2024 with a 45% IRR01:00:16 - Getting serious about understanding human psychology----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy⁠⁠Yuen on Linkedin: https://www.linkedin.com/in/yuenyung/⁠⁠This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

My guest today is Jesper Søgaard, co-founder and CEO of Better Collective — a global leader in digital sports media and sports betting information, with over 400 million monthly visits, 1,200+ employees, and 20 international offices.Founded in 2004, Better Collective has grown into a powerhouse through a disciplined mix of organic growth and over 35 acquisitions, including major deals like Playmaker Capital and AceOdds in 2024. The company now owns 11+ media brands, including Action Network, SoccerNews, and HLTV.In this episode, Jesper shares:The founding story of Better CollectiveHow to scale a media company globallyHis M&A playbook and how to integrate acquisitionsHow to think about capital allocation with €111M in EBITDABuilding a 20-year co-founder partnershipOperating in highly regulated markets across the globeAnd why staying in one industry can unlock massive long-term successIf you're an operator, investor, or builder who’s thinking about scale, strategy, and sustained leadership—this conversation is a masterclass in all three.----------------------------------------------Timestamps:00:00:00 - Intro00:00:22 - The early days and how everything got started00:02:35 - Realizing this could actually become a real business00:05:13 - Was it difficult, or were you just having fun?00:06:33 - Partnering with co-founder Christian: strengths and weaknesses00:11:55 - The decision to start acquiring other companies00:17:14 - Revenue streams and how the business makes money00:20:05 - Growing through acquisition — why they wish they'd started earlier00:22:40 - Deal structures: how some acquisitions were put together00:24:57 - Lessons from 35 acquisitions — deals that didn’t go as planned00:27:26 - The strategic thinking behind specific acquisitions00:30:36 - Growing the company has felt like starting a new job every 2–3 years00:33:23 - How Jesper thinks about acquiring a business00:35:49 - Jesper’s approach to capital allocation00:39:32 - Deciding when to reinvest profits vs. paying dividends00:41:07 - A great example of someone who stayed in one industry for decades00:43:43 - What keeps Jesper up at night00:45:07 - Staying humble, but always driven to do more  00:47:30 - Think long-term and always act with decency----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: ⁠https://x.com/PrivatEquityGuy⁠Jesper on Twitter: ⁠https://x.com/jespersoegaard⁠This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Meet Matthew Mathison – Co-founder and Managing Partner at MBL Partners, a firm building and investing in enduring, cash-flowing businesses. With a unique mix of Wall Street experience and entrepreneurial grit, Matthew shares how MBL identifies overlooked opportunities, partners with exceptional operators, and builds long-term value without chasing hype.If you're into real-world investing, smart capital allocation, and the playbook behind durable business success—this one's for you.Please enjoy this conversation with Matthew Mathison., co-founder of MBL Partners.----------------------------------------------Timestamps:00:00:00 - Intro00:00:17 - The defining moment from his hedge fund days that shaped his approach to business00:06:18 - Launching his own hedge fund in his mid-30s00:13:39 - Lessons and stories from seeing a company grow from $100M to over $1B in market cap00:17:47 - Recovering from extremely difficult times: carrying the weight of the world00:21:06 - Obvious red flags when evaluating high-growth companies00:24:18 - The core thesis behind MBL Partners00:29:57 - From advisory to financial investment and equity00:33:31 - Matthew’s 'cup of tea' in terms of investment case00:37:14 - What MBL does when stepping into a business00:40:15 - How they build deal flow00:45:02 - Matthew and his talented team members00:47:43 - A look into their portfolio companies00:52:15 - Matthew’s perspective on using outside capital00:54:35 - Stories of huge successes and epic failures00:59:42 - What’s next on Matthew’s to-do list01:01:17 - Why he’s glad to be starting now—not 10 years ago----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuyMatthew on Twitter: https://x.com/matthewmathisonThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

In this episode, I sit down with Pascal Levy-Garboua, a seasoned entrepreneur, investor, and the founder of Noosa Labs. After making 140 venture capital investments, including seven unicorns, Pascal shifted his focus to acquiring and scaling small, profitable SaaS businesses under Noosa Labs. His next goal? Building a $50 million ARR portfolio with a 50% EBITDA margin.We dive into his journey—from bootstrapping and navigating trade-offs to executing four acquisitions in his first year. Pascal shares invaluable lessons on structuring deals, managing high-cost debt, and the realities of scaling through acquisitions. He also explains how his experience as a VC has shaped his unique approach to investing in and operating SaaS businesses.If you're interested in entrepreneurship, acquisitions, or building a portfolio of profitable SaaS companies, this episode is packed with insights you won’t want to miss.Please enjoy this conversation with Pascal Levy-Garboua., founder of Noosa Labs.----------------------------------------------Timestamps:00:00:00 - Introduction00:00:18 - A career in technology00:05:33 - Finding fulfillment: Enjoying work for the first time00:10:13 - Bootstrapping a business and key trade-offs00:13:34 - Completing four acquisitions in the first year00:18:53 - Key lessons from the first four acquisitions00:28:54 - What he would do differently if he could redo those acquisitions00:32:17 - Underestimating the challenges of the journey00:34:56 - Defining a North Star for capital allocation00:42:25 - Managing high-cost debt00:50:34 - Understanding what founders can’t or don’t want to do00:52:07 - Personal growth as an acquirer and investor00:54:02 - Typical deal structures and key considerations01:01:20 - How making 140 VC investments, including seven in unicorn companies, shaped Pascal as a SaaS investor----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuyPascal on Twitter: https://x.com/2pascThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Meet Arie Scherson, co-founder of Bluedot Holdings, a fast-growing e-commerce and SaaS holding company with six portfolio businesses generating over $10 million in revenue.Arie started his journey as a YouTuber in his 20s, testing 15 different products before mastering Facebook Ads and scaling his first business.Through relentless experimentation, investing, and team-building, he has built a diverse portfolio, including an agency, a SaaS business, and four e-commerce brands. Despite the challenges of managing multiple ventures, Arie continues to acquire, scale, and optimize businesses—proving that content, marketing, and persistence are powerful tools in the modern business landscape.In this episode, we dive deep into his early failures, investment strategy, deal structures, and the key lessons he’s learned on his journey.Please enjoy this conversation with Arie Scherson.----------------------------------------------Timestampls:00:00:00 - Intro00:00:52 - Early days and first failures00:03:50 - Learning everything from Youtube00:05:24 - Working as a server while in university00:07:44 - First company00:11:12 - Current portfolio of 6 companies00:19:09 - It’s often scary to do multiple things00:22:30 - The power of selling only the right products00:28:40 - Experiment as much as you can00:31:25 - How a trendy product became a $500m company00:34:57 - Content is leverage00:38:15 - Ecommerce is hard, really hard00:41:42 - Deal structures00:48:39 - How Arie and his team working to run their businesses00:52:21 - Biggest challenges of the last 2 years00:56:48 - Arie’s secret sauce which allows him to succeed00:59:58 - Why did Arie buy a $50,000+ course?01:04:04 - Favorite book01:06:40 - Best investment advice Arie has ever received01:10:27 - Domino effect on tariffs----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuyArie on Twitter: https://x.com/ariesnotebookThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Jeremy Giffon is one of the most interesting minds in business that almost no one knows about. As a former analyst at Tiny Capital, he played a key role in acquiring and operating dozens of companies—while staying almost completely out of the spotlight. His insights on capital allocation, holding companies, and finding asymmetric opportunities have made him a legend among those who pay attention.In this episode of HoldCo Builders, I break down Jeremy Giffon’s strategies, philosophy, and unconventional approach to business. How did they structure deals that made Tiny Capital so successful? What can we learn from his playbook on acquisitions, incentives, and building a business that lasts?This is a deep dive into one of the sharpest minds in private investing—someone who operates in the shadows but understands the game better than almost anyone.If you’re interested in business, investing, or the hidden principles of wealth-building, you don’t want to miss this episode.----------------------------------------------Timestamps:00:00:00 - Staying behind the scenes00:02:27 - Executing deals that most people don't even see 00:03:29 - Why does this opportunity exist?00:05:11 - Driving on the blindspots of finance00:06:15 - Speaking money into existence00:09:35 - The best leveraged business00:10:01 - Health problems, retirement, divorce - the deals happening all the time00:13:07 - Founders who speak a different language than investors00:15:16 - You can find opportunities in every industry00:16:50 - Patience and selectivity00:18:47 - $25 million and a Ferrari 48800:21:01 - That single phone call00:22:47 - Leverage is not only financial00:24:23 - Paying $57,000 to have lunch with your hero00:25:32 - The best decisions are obvious00:27:03 - Not trying to outsmart the market----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuyJeremy on Twitter: https://x.com/jeremygiffonThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Bruce Marks is a seasoned lender who has closed over $400M in deals, helping over 1,200 entrepreneurs acquire businesses using SBA loans. As Senior VP at First Bank of the Lake, Bruce specializes in financing small business acquisitions, search funds, and lower middle-market M&A transactions.Bruce doesn’t just finance deals—he knows what makes a buyer successful and what gets deals killed.In this episode, we dive into:How a young entrepreneur bought a $10M business with just $40KWhy your experience matters more than the business you’re buyingThe biggest mistakes first-time buyers make with lendersSBA loans, seller financing, and deal structuring strategiesWhy Bruce only finances "need" businesses—not “want” businessesWe also talk about why the worst thing for a buyer is not knowing the answer when employees ask, the importance of buying a business you actually understand, and why the best deals never hit the market.If you’re looking to buy a business, this episode is a must-listen—Bruce shares real, actionable insights that can save you from costly mistakes and help you land the right deal.Please enjoy this conversation with Bruce Marks.----------------------------------------------Timestamps:00:00:00 - Introduction00:00:24 - Bruce's background00:04:45 - How to become the top 0.01% at what you do?00:09:53 - Self-funded search vs. traditional search00:13:39 - Takeaways from talking to 3 searchers per day00:18:08 - I have $100,000-$500,000 and want to buy a business, now what?00:31:02 - How often do really bad things happen?00:34:09 - High quality people buy high quality companies00:44:40 - We expect to double our loan portfolio in the coming years00:47:10 - Post-close situations; knowing the dynamics of business00:57:07 - You want to have a choice in life to do what you want to do01:00:03 - Having multiple SBA loans at once01:03:04 - That's a nice story, Bruce, if only it were true----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuyBruce on Twitter: https://x.com/sbabmarksThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

In this episode, we dive into the world of serial acquisitions with Niklas Savas, an analyst at Redeye, who has a unique perspective on the Swedish serial acquirers' approach.Addtech AB: Over 150 companies, $1.5B in revenue, $150M in operating profit.Lagercrantz Group AB: Around 40 companies, $500M in revenue, $50M in profitLifco AB: Over 100 companies, $1B in revenue, $100M in profitTeqnion AB: Around 10 companies, $100M in revenue, $10M in profitRöko: A private company with a diverse portfolio of 27 companies, more than $500M in revenueNiklas discusses how growth through mergers and acquisitions (M&A) can open doors to expansive growth, and how Swedish serial acquirers have mastered the art of driving up prices and maintaining high P/E ratios. We also explore the realities of post-acquisition management, the competitive landscape of deal-making, and the advantages of being sector-agnostic.With his extensive analysis of businesses and focus on expansion, Niklas paints a picture of how acquisitions can fuel long-term growth.Niklas is also the host of the Investing by the Books podcast, where he shares insights on acquisitions, business strategies, and investment principles with a focus on real-world examples.Enjoy this insightful conversation with Niklas Savas.----------------------------------------------Timestamps:00:00:00 - Intro00:00:16 - Life before resarching serial acquirers00:03:51 - What makes the Swedish serial acquirers so unique?00:06:44 - Organic growth vs growth through M&A00:08:50 - The goal is to raise prices as much as possible00:12:00 - How can Swedish serial buyers maintain such a high P/E ratio?00:15:38 - Typical structure of transactions00:17:29 - The reality of business management, problems that arise after an acquisition00:19:24 - The biggest daily struggles for Swedish serial acquirers00:20:16 - Post-acquisition synergy00:22:58 - Competition on deals00:27:03 - Which company has Niklas analyzed the most00:30:00 - How many acquisitions are they trying to make per year00:33:54 - Expansion into a new country00:37:19 - 10x growth in last 5 years00:39:29 - Buying a MOAT and companies with a brand00:42:49 - Who would Niklas copy if he started holdco from scratch00:48:57 - Being sector agnostic has huge advantages00:50:08 - Meet all 200 serial acquirers in person (investors, operators)----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuyNiklas on Twitter: https://x.com/NiklasSavasThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Today’s story is a huge reminder to not cancel out the troubled kid or the teen who doesn't have it all together.Just a down-to-earth success story (with all the drama, obstacles, grind and persistence for 90-min straight).Dustin Carreon’s journey is a testament to the power of reinvention and strategic thinking. He started with a business that had unpredictable revenue, but instead of accepting its limits, he used it as a stepping stone. Through smart acquisitions and a willingness to take calculated risks, he transformed volatile cash flow into a portfolio of strong, high-quality businesses—all without outside investors.Today, COI Holdings generates $20M in annual revenue, and Dustin remains in full control.His story proves that you don’t need a perfect starting point, just the drive to build and the willingness to bet on yourself. Whether you're an operator looking for your next move or an aspiring business owner, there's plenty to take away from Dustin’s experience.Enjoy this insightful conversation with Dustin Carreon of COI Holdings.----------------------------------------------Timestamps:00:00:00 - Intro00:00:18 - A turbulent early days doing a lot of hard work without making a lot of money00:06:16 - Struggling a lot as a teenager00:12:28 - Not fitting in, thinking you’re not smart enough00:16:12 - First company: Freelance Electronics (growing from 3 people to 15 people)00:21:15 - Meeting the millionaire "homeless Santa Claus"00:27:45 - Dustin learns capital allocation00:36:16 - "The business produces a lot of cash, I should be doing something with it."00:42:48 - The first acquisition: price, structure, contracts, drama and all the other details00:55:30 - Second acquisition: buying a business in another state00:59:41 - Avoiding outside noise and buying small to get on the radar of bigger companies01:07:44 - Post-acquisition strategy (30-60-90 days)01:18:19 - Why invest in an asset heavy manufacturing company?01:22:56 - Always buying 100% of the business and explaining the debt to equity ratio-----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuyDustin on LinkedIn: https://www.linkedin.com/in/dustin-carreon-8b932511/This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

Ben Little runs the #1 Zaxby’s franchise in the U.S. His company owns 14 locations, employs over 800 people, and generates more than $50M in annual revenue.Ben didn’t just buy into a franchise—he built a powerhouse.In this episode, we dive into what makes a top-performing franchisee, Ben’s approach to scaling, and how he structures deals and financing. We also cover the challenges of managing a large team, the importance of strong leadership, and why he believes that “people don’t quit jobs, they quit managers.”Please enjoy this conversation with Ben Little.----------------------------------------------Timestamps:00:00:00 - Intro00:00:29 - What am I good at, what am I bad at and why franchising?00:06:59 - Early days: work as a cook and cashier00:14:23 - Going from being independently successful all the way to starting again from the bottom00:24:32 - Finding the best operators with the highest standards00:27:41 - The daily pressure of proving to others that he is the best at what he does00:29:42 - Where does his drive come from?00:32:11 - Competitors visit their stores and leave feeling very disappointed00:35:37 - 4 stores hit $100,000 in weekly sales for the first time00:40:42 - Expanding the business while owning 100% of the real estate00:47:31 - People and companies fail because of undercapitalization00:50:06 - The biggest challenges Ben is facing today while running 14 locations00:56:39 - Going all-in to the operating partner model has been the best decision01:04:40 - "Don't go to zero"-----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuyBen on Twitter: https://x.com/TRUmavThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.