Private Equity Conversations with Fexingo: PE Funds, Buyouts, and Long-Hold Investing

Episodet

• How Private Equity Is Buying Up Golf Courses 08.07.2026 13min

  Lucas and Luna dig into private equity's growing interest in golf course ownership, with a specific focus on the $2.1 billion acquisition of ClubCorp by Apollo Global Management in 2017 and the subsequent roll-up strategy that has reshaped the industry. They discuss the economics of private golf clubs, the shift from distressed course buying to premium asset consolidation, and what the PE playbook looks like in a sport traditionally dominated by local ownership. Lucas explains the membership model, capital expenditure dynamics, and how firms like Apollo, KKR, and others are applying the same consolidation logic used in funeral homes and pet care to fairways and greens. Luna pushes back on whether the model actually works for golfers. The episode closes with a reflection on whether the long-hold thesis holds up as demographics shift. #PrivateEquity #GolfCourses #ClubCorp #ApolloGlobalManagement #PEBuyouts #Consolidation #MembershipModel #SportsBusiness #Finance #BusinessPodcast #FexingoBusiness #GolfIndustry #KKR #LongHoldInvesting #AssetManagement #RollUpStrategy #CourseOwnership #InvestmentThesis Keep every episode free: buymeacoffee.com/fexingo
• How Private Equity Is Buying Up Pet Waste Management Companies 07.07.2026 9min

  Private equity is on a roll, rolling up everything from HVAC to crematoriums. This episode, we look at a new frontier: pet waste management. Lucas breaks down why PE firms are snapping up poop scooping services, the economics of a $300 million deal for DoodyCalls, and how a fragmented industry with recurring revenue became a target. Luna questions the margins and whether this roll-up has legs. Plus, the hosts reveal how listener support keeps the show ad-free. #PrivateEquity #PetWasteManagement #DoodyCalls #RollUp #RecurringRevenue #Buyouts #PE #Business #Finance #FexingoBusiness #BusinessPodcast #Investing #Economics #MergersAndAcquisitions #PetServices #FragmentedIndustry #Consolidation #ServiceBusinesses Keep every episode free: buymeacoffee.com/fexingo
• How Private Equity Is Buying Up Veterinary Specialty Centers 07.07.2026 9min

  Private equity has been rolling up general practice vet clinics for years. But in the last eighteen months, a new wave of dealmaking is targeting veterinary specialty and emergency hospitals—the high-margin, high-complexity side of pet healthcare. Lucas and Luna break down the numbers: specialty visits cost four to ten times a general exam, and PE firms like VSS Capital and Shore Capital Partners are building platforms to consolidate these fragmented regional players. They discuss the economic logic—sticky referral networks, equipment-heavy barriers to entry, and the shift toward pet insurance as a demand driver. And they ask what happens when the largest corporate consolidators own both the referring general practice and the specialist down the hall. #PrivateEquity #VeterinaryMedicine #PetHealthcare #SpecilityHospitals #EmergencyVet #VSSCapital #ShoreCapitalPartners #PEBuyouts #HealthcareRollups #PetIndustry #VetConsolidation #Business #Finance #MergersAndAcquisitions #Investing #FexingoBusiness #BusinessPodcast #PrivateEquityPodcast Keep every episode free: buymeacoffee.com/fexingo
• How PE Firms Are Buying Up Data Center Real Estate 06.07.2026 8min

  Episode 95 of Private Equity Conversations with Fexingo: Lucas and Luna break down the surge in private equity investment in data center real estate. They focus on the specific case of KKR and Global Infrastructure Partners acquiring a $2.5 billion portfolio of hyperscale data centers from CyrusOne in 2025. The conversation covers the structural drivers—cloud migration, AI compute demand, and power constraints—and why PE firms see data centers as infrastructure-like assets with long-term contracted cash flows. They also discuss the tension between tech tenants seeking flexibility and PE funds needing stable, predictable returns. No fluff—just a clear, specific look at one of the hottest corners of alternative assets in 2026. #PrivateEquity #DataCenters #InfrastructureInvesting #KKR #GlobalInfrastructurePartners #CyrusOne #Hyperscale #CloudComputing #AI #RealAssets #AlternativeInvestments #Finance #Business #FexingoBusiness #BusinessPodcast #LucasAndLuna #PEConversations #Episode95 Keep every episode free: buymeacoffee.com/fexingo
• How PE Is Buying Up Funeral Home Chains 06.07.2026 10min

  Episode 94 of Private Equity Conversations with Fexingo. Lucas and Luna dive into the quiet roll-up of the funeral home industry by private equity firms. They focus on the specific case of Service Corporation International's dominance and how PE-backed platforms like Foundation Partners and Carriage Services are consolidating independent funeral homes at a rapid pace. The hosts discuss the economics of death care—high barriers to entry, recurring revenue from pre-need contracts, and the demographic tailwind from an aging U.S. population. They also touch on the ethical tension between maximizing returns and providing dignified end-of-life services. A concrete number: the top four funeral home operators now control roughly 35% of the market, up from 15% two decades ago. Lucas and Luna unpack the playbook: buying family-owned funeral homes, centralizing back-office operations, and selling pre-need insurance policies that lock in future revenue. The episode also includes a brief, organic mention of listener support that keeps the show ad-free. #PrivateEquity #FuneralHomes #DeathCare #ServiceCorporationInternational #FoundationPartners #CarriageServices #Consolidation #RollUp #PreNeed #Demographics #Finance #Business #Investing #MergersAndAcquisitions #FexingoBusiness #BusinessPodcast #PrivateEquityConversations #LongHoldInvesting Keep every episode free: buymeacoffee.com/fexingo
• How Private Equity Is Buying Up Crematorium Chains Again 05.07.2026 12min

  In episode 93 of Private Equity Conversations, Lucas and Luna revisit the crematorium roll-up trend they first covered in episode 83. They drill into the new wave of consolidation driven by the largest death-care consolidator, Service Corporation International, which now owns over 2,000 funeral homes and 600 cemeteries. The hosts discuss how private equity firms like Stone Point Capital and Ares Management are using the same playbook — buying independent crematoria, centralizing cremation services, and boosting margins via volume and pricing power. They also explore a surprising counter-trend: a handful of family-owned crematoriums that have successfully resisted the roll-up by focusing on hyper-local service and transparent pricing. Along the way, Lucas and Luna debate whether these deals are value-creating or extractive, and what the consolidation means for families facing end-of-life decisions. A short, genuine listener-support segment appears mid-episode. #PrivateEquity #CrematoriumChains #DeathCare #ServiceCorporationInternational #StonePointCapital #AresManagement #RollUpStrategy #FuneralHomeConsolidation #EndOfLifeCare #Finance #Business #Investing #MergersAndAcquisitions #LBO #PEPlaybook #FamilyOwnedBusiness #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo
• How PE Firms Are Buying Up Pet Food Companies 05.07.2026 8min

  Episode 92 of Private Equity Conversations digs into a fast-consolidating niche you probably haven't noticed: pet food. Lucas and Luna walk through the numbers behind General Mills' $1.2 billion acquisition of Blue Buffalo back in 2018, and why that deal sent every PE firm scrambling for premium pet-food brands. They trace how firms like JAB Holding Company — the same conglomerate behind Peet's Coffee and Panera — built a pet-food platform called Compassion-First, and why Nestlé Purina is now racing to buy indie brands before PE rolls them up. The conversation homes in on one metric: market share. Independent pet-food brands still hold about 35 percent of the U.S. market, but PE-backed roll-ups are capturing that share at roughly 3 percent per year. If the trend holds, by 2035 the independents will be under 10 percent. Lucas and Luna ask whether this is a smart consumer bet or just another asset-strip disguised as brand love. #PrivateEquity #PetFood #RollUp #BlueBuffalo #GeneralMills #JABHolding #NestlePurina #PetIndustry #ConsumerStaples #MergersAndAcquisitions #PremiumPetFood #MarketConsolidation #Finance #BusinessPodcast #FexingoBusiness #InvestmentStrategy #LongHoldInvesting #BrandAcquisition Keep every episode free: buymeacoffee.com/fexingo
• How Private Equity Is Buying Up Urgent Care Centers 04.07.2026 10min

  In this episode of Private Equity Conversations with Fexingo, Lucas and Luna dive into the roll-up of urgent care centers—a sector where PE firms have invested over $15 billion in the past five years. They focus on the case of GoHealth Urgent Care, which merged with CityMD in 2019 to create a 250-plus location chain backed by multiple PE firms. The hosts break down the economics: how urgent care clinics generate high EBITDA margins (20-25%) by replacing expensive ER visits, and why PE sees them as a 'recession-resistant' asset. They also explore the tension between rapid expansion and quality of care, and what happens when a PE-backed chain gets sold to a larger player. No prior episode has covered this specific vertical—urgent care centers sit at the intersection of healthcare services and real estate, making them a unique target for PE consolidation. #PrivateEquity #UrgentCare #HealthcareRollUp #GoHealth #CityMD #PEInvesting #EBITDA #Consolidation #RetailHealth #RecessionResistant #Buyouts #LongHoldInvesting #Finance #Business #HealthcareM&A #InvestingPodcast #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo
• How Private Equity Is Rolling Up Dental Support Organizations 04.07.2026 9min

  In this episode of Private Equity Conversations with Fexingo, Lucas and Luna dive into the fast-growing world of Dental Support Organizations (DSOs) and how private equity firms are consolidating the fragmented $150 billion dental industry. They examine the business model that separates clinical care from practice management, the economics of rolling up independent dentists, and the controversy around whether DSOs improve patient outcomes or squeeze profits. With specific numbers on DSO market share growing from 5% to over 15% in a decade, and a look at the largest players like Heartland Dental and Aspen Dental, this episode gives listeners a clear picture of a quiet buyout trend reshaping healthcare. #PrivateEquity #DentalSupportOrganizations #DSO #HealthcareConsolidation #HeartlandDental #AspenDental #Buyouts #PracticeManagement #Dentistry #RollUp #MergersAndAcquisitions #HealthcarePrivateEquity #Finance #Business #Investing #FexingoBusiness #BusinessPodcast #Episode90 Keep every episode free: buymeacoffee.com/fexingo
• How PE Firms Are Buying Up Crematorium Chains 03.07.2026 8min

  Episode 89 of Private Equity Conversations with Fexingo: Lucas and Luna look at a quiet but fast-consolidating corner of death care — crematorium chains. They break down why private equity is buying up funeral homes and crematoria: margins north of 20 percent, a structural shift in cremation rates (now over 60 percent in the U.S.), and the death-care regulatory moat that makes these assets sticky. Lucas cites SCI and Carriage Services as the legacy players, then drills into a specific 2023 deal where PE firm Aperion acquired Evergreen Cremation Services for roughly 8x EBITDA, highlighting the roll-up logic. Luna pushes on the ethical tension: is it okay for private equity to own the death industry? They discuss pricing power, capacity constraints, and whether the strategy holds up if cremation rates plateau. No fluff, no hot takes — just a clear look at how capital is reshaping the way we say goodbye. #PrivateEquity #DeathCare #Cremation #PE #Consolidation #FuneralIndustry #CrematoriumChains #Business #Finance #FexingoBusiness #BusinessPodcast #RollUp #EvergreenCremation #Aperion #ServiceCorporationInternational #CarriageServices #DeathCarePE #CremationRate Keep every episode free: buymeacoffee.com/fexingo
• How Private Equity Is Rolling Up Emergency Room Staffing 03.07.2026 7min

  Emergency rooms across the US are increasingly staffed not by hospital employees but by physician staffing firms owned by private equity. In this episode, Lucas and Luna drill into the biggest player in this space — Envision Healthcare, which before its 2018 buyout by KKR was the largest ER staffing company in the country. They trace how PE consolidation in emergency medicine has played out, what it means for physician compensation and patient billing — including the practice of 'surprise billing' that Congress banned in 2020 — and why the model faces headwinds from clinician burnout and regulatory pushback. Along the way they touch on TeamHealth, Apollo Global Management, and the No Surprises Act. This is private equity at the intersection of healthcare delivery, labor markets, and federal regulation. #PrivateEquity #ERStaffing #EnvisionHealthcare #KKR #TeamHealth #ApolloGlobalManagement #NoSurprisesAct #SurpriseBilling #PhysicianStaffing #HealthcarePE #EmergencyMedicine #Hospitalist #Anesthesiology #Burnout #RollUp #Finance #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo
• How PE Is Rolling Up HVAC Service Companies 02.07.2026 8min

  Episode 87 of Private Equity Conversations with Fexingo: Lucas and Luna drill into the private equity roll-up of HVAC service companies. They walk through a specific mid-market deal — the 2025 acquisition of CoolRite Services by Summit Equity Partners for $240 million — and explain why HVAC is such a compelling PE target: recurring service revenue from maintenance contracts, low technology disruption risk, fragmented mom-and-pop ownership, and demographic tailwinds as skilled technicians retire. Lucas breaks down the playbook: acquire a regional anchor, bolt on smaller shops, consolidate back-office, and extract multiple expansion on exit. Luna questions whether PE-driven consolidation actually improves customer service or just raises prices. They also touch on the challenge of finding qualified technicians and how firms are using apprenticeship programs to build labor supply. Recorded July 2, 2026. #HVAC #PrivateEquity #RollUp #SummitEquityPartners #CoolRiteServices #MergerAndAcquisition #ServiceBusiness #Trades #BuyAndBuild #MultipleExpansion #MidMarket #RecurringRevenue #LaborShortage #Apprenticeship #Finance #Business #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo
• How Private Equity Is Buying Up Pet Grooming Chains 02.07.2026 10min

  This episode of Private Equity Conversations with Fexingo dives into the rapid consolidation of the pet grooming industry by private equity firms. We examine the case of Camp Bow Wow and its parent company, Mars Inc., alongside newer entrants like the PE-backed Scenthound chain. Lucas breaks down the economics: a single grooming bay can generate $150,000 in annual revenue with 70% gross margins, making it an irresistible roll-up target. We explore why mom-and-pop shops are selling, how PE firms standardize operations, and what it means for pet owners — from pricing to appointment availability. Luna raises questions about quality control and whether the 'pet humanization' trend is accelerating the buyout wave. The episode also touches on the broader roll-up playbook: centralize procurement, raise prices gradually, and expand add-on services like dental cleanings and daycare. If you've noticed more branded grooming vans and fewer independent groomers in your neighborhood, this episode explains why. #PrivateEquity #PetGrooming #RollUpStrategy #CampBowWow #Scenthound #MarsInc #PetIndustry #Consolidation #SmallBusinessExit #PetHumanization #ServiceBusiness #Finance #Business #FexingoBusiness #BusinessPodcast #PEBuyout #GroomingEconomics #PetCare Keep every episode free: buymeacoffee.com/fexingo
• How Private Equity Is Buying Up Hobby Farming Land 01.07.2026 9min

  On today's episode of Private Equity Conversations with Fexingo, Lucas and Luna explore the quiet wave of private equity firms acquiring small-scale hobby farms and agri-recreational properties. With an estimated $12 billion in PE capital targeting rural lifestyle assets since 2022, firms like FarmTogether and AcreTrader are pooling investor money to buy vineyards, orchards, and ranches that double as lifestyle investments. Lucas breaks down why PE sees these properties as inflation hedges with tax advantages, while Luna questions whether this consolidation is pricing out first-time buyers who just want a weekend plot. They look at the case of a 150-acre vineyard in Oregon that was bought by a PE-backed fund for $4.2 million in 2024 and now generates income from both wine sales and short-term luxury rentals. The conversation touches on the tension between treating land as an asset class and preserving access for genuine hobbyists. #PrivateEquity #HobbyFarms #AgriInvesting #Farmland #Vineyards #AcreTrader #FarmTogether #LifestyleAssets #RuralLand #PEInvesting #LandConsolidation #TaxHedges #AgriRecreation #Finance #Business #FexingoBusiness #BusinessPodcast #Episode85 Keep every episode free: buymeacoffee.com/fexingo
• How Private Equity Is Buying Up Pet Cremation Services 01.07.2026 9min

  Episode 84 of Private Equity Conversations with Fexingo examines a consolidation wave that listeners may not have considered: the pet aftercare industry. Lucas and Luna unpack why PE firms are acquiring pet crematoriums and memorial services, following a familiar playbook from human funeral homes but with key differences. They look at the economics: a pet cremation typically costs between $150 and $400, with gross margins over 70 percent. The fragmented landscape—over 4,000 independent providers in the US—makes it ripe for roll-ups. The hosts discuss specific multiples, the role of rising pet humanization, and how a KKR-backed platform called Gateway Pet Memorial Services has quietly become the largest operator. They also touch on regulatory gaps and ethical concerns. The episode ties back to the broader theme of PE's search for recession-proof, cash-flowing assets with demographic tailwinds. By the end, listeners understand why pet death is becoming a big business. #PrivateEquity #PetCremation #PetAftercare #PetMemorial #Consolidation #RollUp #GatewayPetMemorial #KKR #PetIndustry #PetHumanization #RecessionProof #CashFlow #MergersAndAcquisitions #FragmentedMarket #PetCare #Finance #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo
• How Private Equity Is Buying Up Pool Service Companies 30.06.2026 12min

  Lucas and Luna dive into the quiet consolidation of the pool service industry, where private equity firms are rolling up small family-owned maintenance and repair businesses across the Sun Belt. They examine why pool service is a perfect PE target: recurring revenue, recession-resistant demand, and fragmented mom-and-pop ownership. Lucas breaks down the roll-up playbook using the example of RIV Capital Partners and their acquisition of Aqua Care Pool Service in Phoenix, explaining the valuation multiples and operational leverage. Luna challenges whether the service quality can survive consolidation, and they debate the long-term implications for homeowners and workers. A concrete look at how PE is swimming into a $12 billion industry. #PoolService #PrivateEquity #RollUpStrategy #SunBelt #RIVCapital #AquaCare #FragmentedIndustry #RecurringRevenue #ServiceBusiness #PEPlaybook #Consolidation #HomeServices #SwimmingPools #BusinessPodcast #Finance #FexingoBusiness #Acquisitions #MergersAndAcquisitions Keep every episode free: buymeacoffee.com/fexingo
• How Private Equity Is Buying Up Pet Insurance Companies 30.06.2026 8min

  Pet insurance is a $15 billion market growing at 25% annually, and private equity is piling in. Lucas and Luna break down the roll-up strategy behind Trupanion’s recent acquisition by a PE-backed platform, the economics of insuring a golden retriever versus a French bulldog, and why the consolidation wave matters for pet owners. They also explore the data advantage: how PE funds are using claims data to price policies more aggressively and cross-sell into veterinary clinics. A focused look at a niche that’s suddenly drawing billion-dollar bets. #PrivateEquity #PetInsurance #RollUpStrategy #Trupanion #Veterinary #Consolidation #Finance #Business #FexingoBusiness #BusinessPodcast #InsuranceTech #Underwriting #ClaimsData #PetCare #GrowthEquity #MidMarket #Buyouts #LucasAndLuna Keep every episode free: buymeacoffee.com/fexingo
• How Private Equity Is Buying Up Crematorium Chains 29.06.2026 11min

  Lucas and Luna explore the quiet consolidation of crematoriums across the US. Private equity firms have acquired over 300 cremation facilities in the last five years, driven by shifting consumer preferences and a fragmented market. They dive into the case of Foundation Partners Group, which now operates more than 50 funeral homes and crematories, and the economics behind the roll-up: margins of 20-30%, low labor costs, and recurring revenue from prepaid contracts. Lucas explains how the industry's move toward cremation from traditional burial—projected to reach 60% of dispositions by 2030—makes it a target for PE. Luna questions whether consolidation will raise prices for families, and Lucas outlines the regulatory landscape, including FTC rules on funeral pricing. A focused look at death care's quiet financial transformation. #PrivateEquity #Crematorium #DeathCare #Consolidation #FoundationPartnersGroup #Business #Finance #Investing #RollUp #Cremation #FuneralHome #MergersAndAcquisitions #PE #IndustryAnalysis #FexingoBusiness #BusinessPodcast #Economics #ServiceCorporationInternational Keep every episode free: buymeacoffee.com/fexingo
• How Private Equity Is Buying Up Self-Storage Facilities 29.06.2026 10min

  In this episode, Lucas and Luna dive into private equity's growing appetite for self-storage. They focus on the roll-up strategy of StorageMart and the $2.2 billion acquisition of Life Storage by Public Storage in 2023. The hosts explore how PE firms are using the fragmentation of the self-storage industry to consolidate mom-and-pop facilities, leveraging operational efficiencies and pricing power. Lucas breaks down the surprising revenue per square foot of a well-run facility and explains why self-storage offers recession-resistant cash flows. Luna questions whether the consolidation trend is reaching a saturation point and what it means for consumers. The conversation touches on the role of technology in replacing the old 'rent-a-desk' model with dynamic pricing algorithms. This episode offers a specific case study in how PE is transforming a mundane asset class into a disciplined investment thesis. #PrivateEquity #SelfStorage #PEfunds #StorageMart #PublicStorage #LifeStorage #Consolidation #RollUp #RealEstate #Finance #Business #FexingoBusiness #BusinessPodcast #InvestmentThesis #FragmentedIndustry #OperationalEfficiency #RecessionResilient #DynamicPricing Keep every episode free: buymeacoffee.com/fexingo
• How Private Equity Is Buying Up Physical Therapy Chains 28.06.2026 9min

  Private equity has been quietly consolidating physical therapy practices across the US, rolling up independent clinics into massive chains like ATI, Select Medical, and Upstream Rehabilitation. In this episode, Lucas and Luna dive into the economics behind the roll-up: why PE firms love the predictable recurring revenue from insurance-backed visits, the EBITDA math that makes a 10-clinic chain worth 12x earnings, and the tension between clinical autonomy and centralized billing. They also unpack the regulatory headwinds — from Stark Law scrutiny to Medicare reimbursement changes — that could unravel the thesis. Specific case: the 2022 collapse of a mid-sized PT roll-up in Texas that levered too hard on physician referrals. If you've ever been handed a business card for a PT chain after a doctor visit, this is the quiet financial story behind that transaction. #PrivateEquity #PhysicalTherapy #HealthcareConsolidation #PEBuyouts #RollUpStrategy #ATIPhysicalTherapy #SelectMedical #UpstreamRehabilitation #MedicareReimbursement #StarkLaw #EBITDAMultiple #ClinicAcquisition #HealthcareInvesting #DebtLeverage #InsuranceNetworks #FexingoBusiness #BusinessPodcast #Finance Keep every episode free: buymeacoffee.com/fexingo