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July 31, 2026
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HC, Tech and Industrial? Consumer died a bit. And also heavy investments in India for global funds.
SaaS and healthcare ppm cycle has run its course. The latest fad that is either at its peak or already past it is services businesses. You had Alpine, LGP and others doing rollups of hvac, plumbing, fire safety, elevator maintenance, car washes, tire shops and other such businesses. Got so frothy that local plumbing ‘platforms’ were going for 19x ebitda. As with all cycles, the early entrants who bought at 8-10x will have made all the returns, and the poor schmucks buying at 18-20x while the productive founders hand up the cleats or hang a new shingle will generate 10-12% IRR. There also happen to be a ton of newly opened PE firms going after these spaces. As for the next next thing? Not sure.
lol you really said that services have “run its course” because multiples have come down. You do realize these businesses don’t just go extinct, they re-rate. Multiples are all relative, so it’s not like nobody will ever make money acquiring and operating a services business, only the idiots paying 18x or whatever the hell Alpine is still doing by jamming together these shitcos
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