Buyers and Builders

What does it take to acquire companies, build a serial acquisition platform, and never sell? My guest today is Giuseppe Balzano, founder of Novaterra, an Italian permanent capital holding company acquiring niche industrial businesses with defensible technology and intellectual property. At just 30, Giuseppe has secured $25 million in equity commitments, pursued two acquisitions, and set out to build an industrial group that could endure for generations. We discuss why Italy's overlooked in...

What does it actually take to build a world-class roll-up? After spending a day at the RollUpEurope Serial Acquirers Summit with some of Europe’s most active serial acquirers, we break down the operating playbooks behind groups that have completed hundreds of acquisitions—and the lessons that matter whether you’re pursuing acquisition #1 or #50. This episode covers how great acquirers choose markets, build proprietary deal flow, win sellers without simply paying the highest price, keep foun...

My guests today are Deiya and Dean Pernas, founders of Pernas Research, who have compounded capital at roughly 30% annually over the past nine years. We explore their private equity-like approach to public markets: understanding businesses from the inside out, judging management teams and capital allocation, and finding inflection points before they show up in the financials. We also discuss their “motor” investing framework, why trajectory matters more than absolute quality, lessons from p...

My guest today is Sam Allsopp, co-founder of Neal Roofing and Waterproofing, a home services company he started with Andrew Neal in 2020 and has since grown from zero to roughly $50 million in annual revenue—all organically. What makes Sam’s story interesting is that he didn’t come from roofing. Before starting Neal Roofing and Waterproofing, he ran a marketing agency and worked with more than a dozen roofing companies, where he began to see firsthand why some contractors could turn leads in...

My guest today is Felix Jander, co-founder of Arsipa, a buy-and-build company focused on occupational health and safety. Felix and Stefan began exploring the idea during COVID, studying roughly 60 niche industries before choosing a fragmented market with significant room for consolidation. Arsipa went on to complete more than 40 acquisitions, grow to over 1,100 employees across 60+ locations, and surpass $100 million in annual revenue. In 2024, the company partnered with Warburg Pincus, wit...