I know a few people who had sold their Amazon FBA store to a roll-up - but the platforms, despite guidance by the sellers, spent no time on actually executing on suggested growth plans, and the individual assets crashed and burned.ģ️⃣ VC-backed and bootstrapping founders are very different.
#HOLMES ABOUT VENTURE CAPITALISM SERIAL#
Take the serial acquirers in gaming - they traded at double-digit EBITDA multiples, until the market changed their view on them and they ended up trading at multiples lower than the companies they are looking to acquire.Ģ️⃣ Acquiring is easy, integrating is hard. Over time, through ✨synergies✨, the platform turns into a fast-growing, EBITDA-generating firm ready to raise more funds to acquire more companies, and so on.īut that’s on paper - in practice, things are more challenging:ġ️⃣ Multiple arbitrage works - until it doesn’t. On paper, it sounds great: Firms raise money at high valuations (I remember 20x EBITDA multiples for FBA roll-ups) to acquire cash-flowing, bootstrapped businesses with (high-priced) equity and (venture) debt. 🎮 Not VC-backed, but the various publicly listed acquirers of (mobile) gaming studios 🏬 E-commerce roll-ups on FBA or other platforms, such as Thrasio, Openstore, or Razor Group
#HOLMES ABOUT VENTURE CAPITALISM SOFTWARE#
💾 As mentioned by Sifted, roll-ups of niche software businesses As she outlines, roll-up / buy & build strategies have been around for a while - but what is (somewhat) new is that venture capital firms are now also financing roll-up strategies. Yesterday, I read Eleanor Warnock’s great article about the “software rollup wave coming to Europe”. VC-backed roll-ups / buy & build strategies: Three reasons why they sound great on paper, but are more difficult in practice 🤔 We are proud to support him in his business growth. He now runs Anago Services, providing home cleaning services in Klang Valley. Wasantha Udaya Kumara came to Malaysia in 2018 to start a new life with his family. Thanks to all my customers who put their trust in me, the business is growing, and my family is happy here. I give the same dedication and effort to each customer. The more reviews I got, the more new customers would trust me.
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