Almost every MM firm I look into seems to be pushing an aggregator roll-up model. If everyone's doing it, what metrics should one use to judge who's doing it well? Especially in saas/it services. Feels like these did really well a few years ago but will that manifest in future exits with the fairly bleak pe outlook?
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Some really interesting medical / dental ones out there. Recently interviewed for a corporate strategy type of role at a MM backed specialty roll up. They stopped acquiring and were actively trying to improve margins across their existing platform. It didn't sound like the company was in good shape but is changing sponsor ownership by end of this year. With the recent interest rate spikes, a lot of them are doing terrible right now. I do not think many MM firms in the future will participate in this space as much as they used to.
There is not one interesting dental one out there lol
Agreed no interesting dental ones.
Alpine is doing a bunch of interesting rollups in industrial services where their companies are their own mini funds. (LeoFM, Sunworks in landscaping, Orion) etc
Medical roll-ups are dead IMO. Shore started the craze 10-12 years ago and their latest fund is in serious trouble as doctors know selling into PE is a crock of shit (and they know their worth today vs. selling at 2x EBITDA like they did in 2015).
Kind of a shame, I went to get my MBA to hopefully break into that space.
Doesn't mean you can't go work for a mega practice like firm but the buying 50 practices and shoving them together play is past long in the tooth IMO. Or if you want HC there's ton's of great companies out there that do some M&A but are heavy on strategy (organic growth vs. inorganic).
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