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  • 17: M&A Zing (Ep. 18) - Healthcare, Early Years & the Long Game: Nadim Kapadia on the Permanent Holdco

    17: M&A Zing (Ep. 18) - Healthcare, Early Years & the Long Game: Nadim Kapadia on the Permanent Holdco
    2025/06/13
    Modern polymath Nadim Kapadia (Managing Partner & Founder of Aligned Partners HoldCo) has worn every hat: diplomat-turned-consultant, FTSE-100 advisor, VC mentor, Singapore expat, and now self-funded searcher on a mission to buy and build UK SMEs in healthcare & early-years education.

    In this episode he breaks down:

    Why a purpose-driven diplomat left Big-4 consulting for entrepreneurship-through-acquisition

    Swapping VC & PE for a self-funded, multi-decade HoldCo (and keeping maximum equity)

    How he screens care-home & nursery deals: CQC/Ofsted reports, culture audits and council contracts

    Broker vs proprietary sourcing, “no-win-no-fee” buyside mandates, and the email + letter combo that’s landing off-market calls

    Mind-set lessons from marathon running: consistency, persistence & discipline in a long-game search

    [0:00] Intro & welcome
    [1:12] Nadim’s global career and first brush with ETA
    [3:20] Autonomy, impact & leaving corporate life
    [5:05] LBS MBA, VC/PE electives & early search-fund FOMO
    [6:42] Why go self-funded (vs traditional partnered search)
    [9:18] Launching Aligned Partners – HoldCo vision & values
    [11:32] Sector focus – UK healthcare & early-years education
    [14:06] Deal sweet-spot, revenue / EBITDA ranges & leverage
    [15:55] Building the deal team (advisors, lenders, buyside “no-win-no-fee”)
    [18:22] Multi-channel sourcing – brokers, letters, BizCrunch email campaigns
    [22:34] Seller psychology, legacy & the “alignment” litmus test
    [26:08] Culture & CQC / Ofsted due-diligence in care businesses
    [29:17] When offers fall apart – lessons from broken deals
    [32:46] The marathon mind-set: consistency, persistence, discipline
    [35:04] First-100-days plan once an acquisition closes
    [36:48] Who Nadim wants to meet next (owners, financiers, operating partners)
    [38:12] Key take-aways & wrap-up

    🔗 RESOURCES MENTIONED

    Aligned Partners HoldCo → https://alignedpartners.co.uk
    Nadim Kapadia on LinkedIn → https://linkedin.com/in/nadim-kapadia
    Care Quality Commission (CQC) reports → https://cqc.org.uk
    Ofsted inspection reports → https://reports.ofsted.gov.uk
    BizCrunch searcher tools & community → https://www.bizcrunch.co

    About M&A Zing
    Host: Gareth Hawkins – CEO & Co-Founder, BizCrunch (exited founder & M&A investor).
    Each week we dive into real-world SMB M&A across the UK & Europe.

    Join the BizCrunch Community
    Early-access episodes, live Q&A and networking for acquisition entrepreneurs & investors.
    Sign up → https://www.bizcrunch.co/community

    Featured News
    Microsoft chooses a boutique London venue for Satya Nadella’s EU product launch – the inside story of an events business rebuilt after COVID

    BGF doubles down on UK tech after its nine-figure exit from Rock Technologies

    UK Start-Up Loans: £25 k per founder at 6 % – why Sam Simpson still says “no PG debt”

    Thanks for watching! Please like, subscribe and drop questions below—better yet, join our community for the private AMA.
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    41 分
  • 17: M&A Zing (Ep. 17) – Partnered Search, Proven Playbook – Andrew Napier & Evani Mannur

    17: M&A Zing (Ep. 17) – Partnered Search, Proven Playbook – Andrew Napier & Evani Mannur
    2025/06/12
    Today’s guests are Andrew Napier and Evani Mannur, founding partners of the brand-new UK search fund 22 Capital Partners. Andrew brings a deep finance and transformation background, while Evani is a serial entrepreneur who has already bought and scaled companies with her own capital. We talk about why they chose “entrepreneurship through acquisition,” what they learned on Cambridge Judge’s MBA, how they are raising their search capital, the digital-transformation playbook they plan to use post-acquisition and the realities of partnering versus going solo.

    Timestamps
    [00:00] Intro and welcome
    [00:20] Who are Andrew and Evani?
    [01:10] Why ETA beats a ground-up start-up for them
    [04:30] How a Cambridge Judge MBA elective sparked the fund
    [10:05] Their investment thesis: manufacturing, infrastructure services and FMCG
    [15:00] Digital transformation as a value-creation lever
    [22:00] Inside the fundraising tour and the UK investor climate
    [30:15] First hundred days: divide-and-conquer operating plan
    [36:30] Biggest challenges and how they stay resilient
    [41:10]Advice for would-be searchers: start, keep going, know it’s all-consuming
    [42:30 ] Links, resources and closing

    Guests
    • Andrew Napier – LinkedIn: https://www.linkedin.com/in/andrew-p-napier/
    • Evani Mannur – LinkedIn: https://www.linkedin.com/in/evanimannur/
    • 22 Capital Partners – https://twentytwocapitalpartners.co.uk/

    Free resources mentioned
    • Stanford Search Fund Primer (PDF)
    • Cambridge Judge MBA information – https://www.jbs.cam.ac.uk
    • BizCrunch community – https://www.bizcrunch.co/community

    If you enjoyed the episode, hit subscribe, drop a question below and share it with someone who is dreaming of buying a business.

    #SearchFunds #EntrepreneurshipThroughAcquisition #SMBM&A #BizCrunch
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    44 分
  • 16: M&A Zing (Ep. 16)– Kill Messy Books - Before They Kill Your Cash Flow: Tom Griffiths

    16: M&A Zing (Ep. 16)– Kill Messy Books - Before They Kill Your Cash Flow: Tom Griffiths
    2025/05/28
    Running the company from the bank balance might feel quick, but it’s why 82 % of small firms die of “self-inflicted” cash-flow wounds.

    Former JP Morgan banker Tom Griffiths now parachutes into owner-managed businesses as a fractional CFO. He walks us through:

    - The 16 financial drivers every SME should track (revenue → gross → net → cash)
    - Spotting and fixing “messy books” before a buyer’s DD team does
    - Preparing for an earn-out without being taken for a ride
    - Why doubling revenue can leave profit flat, and when to say no to debt
    - His playbook for selling an IT-services business (and keeping the deal alive)

    If you’re growing, buying or aiming to sell within the next few years, this one’s for you.

    ⏱ Timestamps
    [00:00] Welcome back & episode outline
    [00:24] Meet Tom Griffiths—JP Morgan to Synergy CFO Solutions
    [01:32] Why he left high-finance for SMEs
    [02:56] “Cash in the bank ≠ strategy”—common owner blind spots
    [05:33] VAT, CT & other hidden cashflow traps
    [08:18] Tom’s 16-driver finance pyramid
    [12:40] Real-world messy books & quick fixes
    [14:45] Exit prep case study: cleaning the numbers before marketing
    [18:15] Forecasts, customer concentration & DD red flags
    [22:10] Earn-outs, deferred consideration & deal psychology
    [26:05] When it’s time for a fractional CFO
    [30:03] What makes a great client (and a terrible one)
    [33:00] Free 16-driver worksheet & on-demand training
    [34:05] Take-aways & how to reach Tom

    Resources & Links
    Free training + 16-Driver Worksheet
    https://synergycfosolutions.co/workshop-registration/

    Connect with Tom on LinkedIn
    https://www.linkedin.com/in/tomgriffiths8/

    BizCrunch Community (early episodes, live Q&A, networking)
    https://www.bizcrunch.co/community

    About M&A-Zing
    Host Gareth Hawkins—exited founder & M&A investor—dives into real UK & European SMB deals: search funds, holdcos and bootstrapped buy-outs.

    Featured News
    • UK Start-Up Loans top £1 bn (6 % fixed, £25 k per director)
    • HMRC targets disguised remuneration schemes across 1 000+ SMEs
    • Searchfunder Q1-2025: 20 ETA deals, 45 % in Europe (Spain leads)


    Thanks for watching! Like, subscribe and drop questions below - or join the BizCrunch community for the private AMA.

    #SearchFunds #EntrepreneurshipThroughAcquisition #FractionalCFO #SMBFinance #BizCrunch #Dealmakers
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    37 分
  • 15: M&A Zing (Ep. 15)– Debt Nightmares, SEIS Wins & The Barbell Economy with Sam Simpson

    15: M&A Zing (Ep. 15)– Debt Nightmares, SEIS Wins & The Barbell Economy with Sam Simpson
    2025/05/21
    Modern polymath Sam Simpson (CEO @ Founder Catalyst & Co-Founder @ Forge Technologies) has worn every hat: quantum physicist, £450 m buy-and-build survivor, SEIS-powered founder, angel in 30+ start-ups.
    In this episode he breaks down:

    Why an 18 % loan-note stack killed 2e2 overnight, and how that shaped his “no-debt” rule

    Turning a £20 k SEIS cheque into a 30×, tax-free exit (and what most founders miss)

    Growth-at-all-costs is dead; profitability, AI-driven efficiency & the “barbell economy” are in

    Angel vs buy-out returns, optionality, focus, and building Forge Technologies without bank debt

    ⏱️ TIMESTAMPS
    0:00 Intro & welcome
    1:12 The 3 Cs – Customer, Colleague, Commercial
    5:32 2e2 collapse & debt lessons learned
    10:18 COVID wipes out an events venture
    15:04 Rock Technologies – SEIS to £100 m exit
    23:18 Founder Catalyst – powering funding rounds
    27:30 Forge Technologies – buy-and-build, no leverage
    34:00 Angel vs buy-out returns (+ SEIS/EMI tips)
    38:12 AI, profitability & the barbell economy
    44:40 Personal milestones, focus & future plans
    46:50 Key take-aways & wrap-up

    🔗 RESOURCES MENTIONED
    • Founder Catalyst – SEIS/EIS & EMI platform → https://foundercatalyst.co.uk
    • Forge Technologies → https://forgetech.co.uk
    • SEIS & EMI Guides (UK Gov) → https://gov.uk
    • BGF (Business Growth Fund) → https://bgf.co.uk


    *About M&A Zing*
    Host: Gareth Hawkins – CEO & Co-Founder, BizCrunch (exited founder & M&A investor). Each week we dive into real-world SMB M&A across the UK & Europe.

    *Join the BizCrunch Community*
    Early-access episodes, live Q&A and networking for acquisition entrepreneurs & investors. Sign up → https://www.bizcrunch.co/community

    Featured News
    • Microsoft chooses a boutique London venue for Satya Nadella’s EU product launch – the inside story of an events business wiped out by COVID
    • BGF doubles down on UK tech after its nine-figure exit from Rock Technologies
    • UK Startup Loans: £25 k per founder at 6 % – why Sam Simpson still says “no PG debt”

    Thanks for watching! Please *like*, *subscribe* and drop questions below—or better yet, join our community for the private AMA.



    #SearchFunds #EntrepreneurshipThroughAcquisition #FounderCatalyst #ForgeTechnologies #BizCrunch #Dealmakers
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    48 分
  • 14: M&A Zing (Ep. 14)– From Bain to Botanical Walls: Sebastiaan Willen’s Self-Funded Buy-Out

    14: M&A Zing (Ep. 14)– From Bain to Botanical Walls: Sebastiaan Willen’s Self-Funded Buy-Out
    2025/05/15
    Welcome to *M&A Zing*, the weekly show for acquisition entrepreneurs, search funders and hold-co builders in the UK & Europe.

    Fresh back from a 400-strong ETA weekend at INSEAD, host Gareth Hawkins sits down with *Sebastiaan Willen*, ex-Bain consultant turned self-funded searcher, to unpack how he acquired premium artificial-green-wall maker *Vistafolia* (and why he skipped bank debt entirely).

    *Episode Timestamps*
    [00:00] Intro & INSEAD 2025 recap
    [00:56] This Week’s M&A News – Monarch Healthcare buy-out, Treasia Capital search launch, Searchfunder Q1 report
    [02:41] Meet Sebastiaan Willen (Perfectus Capital ➜ Vistafolia)
    [04:41] Ten years of deliberate skill-building at IWG (Regus) & Shopee
    [10:06] Launching a solo, self-funded search while still in Malaysia
    [13:06] Spotting Vistafolia, structuring an all-equity + seller-note deal
    [20:26] Tariff shocks, global supply-chains & keeping US sales alive
    [24:54] First 90 days as MD—culture, cloud tools & steady hands
    [30:00] Advice for new owner-operators: listen first, change slowly
    [32:20] The five-year vision: doubling Vistafolia and paying the note early
    [35:00] Upcoming Serial Acquirer Symposium (18 June, London) & wrap-up

    Guest Bio – *Sebastiaan Willen*
    Sebastiaan is Managing Director of *Vistafolia* and founder of *Perfectus Capital*. A Belgian native, he spent seven years in Asia leading BD, marketing and 1,000-person ops teams at IWG/Regus and Shopee after starting at Bain. In Feb 2025 he closed his first acquisition, funded with personal capital and a seller note, to take Vistafolia’s award-winning artificial green-wall system worldwide.

    *About M&A Zing*
    Host: Gareth Hawkins – CEO & Co-Founder, BizCrunch (exited founder & M&A investor). Each week we dive into real-world SMB M&A across the UK & Europe.

    *Join the BizCrunch Community*
    Early-access episodes, live Q&A and networking for acquisition entrepreneurs & investors. Sign up → https://www.bizcrunch.co/community

    Featured News
    • Odyssey Capital adds 13-home *Monarch Healthcare* to its care portfolio
    • *Treasia Capital* (Spain) launches €1–3.5 m EBIT search led by Luis Díaz Rodríguez-Arias
    • *Searchfunder News* Q1-2025 report: 20 ETA deals, 45 % in Europe (mostly Spain; UK, DE & NL follow)

    Thanks for watching! Please *like*, *subscribe* and drop questions below—or better yet, join our community for the private AMA.

    #SearchFunds #EntrepreneurshipThroughAcquisition #Vistafolia #BizCrunch #Dealmakers
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    47 分
  • 13: M&A Zing (Ep. 12) – Searching the Gulf: Adam Giansiracusa on UAE’s Untapped SME Goldmine

    13: M&A Zing (Ep. 12) – Searching the Gulf: Adam Giansiracusa on UAE’s Untapped SME Goldmine
    2025/05/09
    Welcome to Episode 13 of M&A Zing - the weekly show for acquisition entrepreneurs, search-funders and hold-co builders in the UK, Europe *and beyond*.

    This week we head to the United Arab Emirates to meet Adam Giansiracusa, founder of *Oryx Legacy* and one of the first traditional searchers dedicated to acquiring SMEs in the GCC.

    Adam explains why Dubai’s 4-5 % GDP growth, low taxes and 90 % expat population create first-mover conditions for deal-makers—plus how he’s navigating sparse data, WhatsApp sourcing and multi-national workforce cultures to find the right company before year-end.

    Episode Timestamps*
    [00:00] Intro & Search-Fund News
     * Frontier Development Capital launches £80 m Regional SME Debt Fund (UK)
     * Ithaca Capital returns 40 % of its fund inside Year 1 (EU)

    [00:40] Why the UAE? A £600 bn “Greater-London-sized” economy
    [02:02] Meet Adam Giansiracusa—from Monitor Deloitte to BCG Dubai
    [05:24] Five years inside a family-office PE firm: lessons in ops & strategy
    [10:00] Self-funded vs. backed search: proof-of-funds & bank-lending realities
    [14:10] Oryx Legacy thesis—education, healthcare, B2B services & tourism
    [18:35] Macro tailwinds: 1,000 newcomers/day, flight-to-safety capital flows
    [23:16] Fund-raise recap (⅔ global LPs, ⅓ GCC family offices)
    [28:05] Intermediated deal flow: only *three* active brokers in the UAE
    [31:30] Proprietary hacks—Apollo, Google Maps & gov-licence scraping
    [38:55] Diligence hurdles: pre-tax books, multi-entity structures & culture
    [44:10] Geopolitics, oil prices & why Dubai often *benefits* from instability
    [47:30] 12-month goal: identify target, enter diligence, close inside Year 2
    [49:55] Adam’s advice: secure a local anchor early & embrace emerging markets
    [52:40] Contact Adam (adam@oryxlegacy.com) & wrap-up

    *Guest Bio: Adam Giansiracusa*
    Adam is the founder of Oryx Legacy, one of the first search funds focused on buying a single SME in the United Arab Emirates. After Monitor Deloitte and an MBA at Harvard, he joined BCG in Dubai, then spent five years as Chief-of-Staff at Safanad, a global family-office PE firm with major investments in schools, healthcare and real estate. He’s now leveraging that toolkit to pioneer ETA in the Gulf.

    ---

    About M&A Zing
    *Host* – Gareth Hawkins (CEO & Co-Founder, BizCrunch; exited founder & M&A investor)
    Every week we tackle real-world SMB-M&A challenges—especially for UK, European and now GCC deal-makers.

    Join the BizCrunch Community
    Early-access to livestreams * Live post-show Q&A * Networking with other buyers & investors
    https://www.bizcrunch.co/community

    Featured News
    * Frontier Development Capital closes £80 m Regional SME Debt Fund to target succession deals under £10 m EV.
    * Ithaca Capital Partners distributes 40 % of Fund I within 12 months of closing.

    Thanks for Watching / Listening!
    If you enjoyed this episode please *like*, *subscribe* and turn on notifications. Questions? Drop them below—or join our private community for the AMA.

    #MergersAndAcquisitions #SearchFunds #GCC #SME #BizCrunch
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    55 分
  • 12: M&A Zing (Ep. 12) – From McKinsey to Machine Shops: Amit Rai’s Permanent-Capital Playbook

    12: M&A Zing (Ep. 12) – From McKinsey to Machine Shops: Amit Rai’s Permanent-Capital Playbook
    2025/04/30
    Welcome to Episode 12 of M&A Zing - the weekly show for acquisition entrepreneurs, search-funders, and hold-co builders across the UK & Europe. This week Gareth Hawkins sits down with Amit Rai*, co-founder & CEO of *Astra Holdings*. After strategy gigs at McKinsey, senior roles at Microsoft & Nokia, and a venture exit to Shell, Amit is now on a mission to give UK industrial SMEs a *permanent home. In just 18 months he’s closed two acquisitions (IntoDoor & Acorn Engineering) and is racing toward a 30-company, IPO-bound platform, borrowing pages from Constellation Software and the Nordic serial-acquirer model. --- #### Episode Timestamps [00:00] Introduction & Welcome [00:44] Community shout-out → Sofware (new Polish search fund) [02:00] Amit’s Career Arc – McKinsey, Microsoft, Nokia, Machine Max exit to Shell [03:55] Personal driver: watching his father’s SME close for lack of succession [04:55] Deal #1 – IntoDoor (industrial door maintenance, East Midlands) [05:55] Deal #2 – Acorn Engineerin* (hospital pipe-refurb, North-East) [07:56] Digitising the basics: websites, CRM & monthly dashboards most SMEs lack [08:52] “Professionalising Ops” – forcing 1-, 3- & 5-year planning conversations [09:59] Astra Thesis – asset-light engineering services, outside London, 6× EBITDA sweet-spot [12:10] Seller psychology: legacy → headline price, why permanent capital wins [12:58] Nordic inspiration (Indutrade, Lifco, Lagercrantz) & decentralised culture [14:55] AI on the factory floor – the intern who built a workload app with ChatGPT [26:55] Deal-flow engine: brokers, accountants, BizCrunch & word-of-mouth “good-home” rep [30:37] Ten-Year Vision – 30–40 companies, bi-monthly acquisitions, London IPO target [31:59] Fund-raising realities & why UK industrial deal-competition is still years away [38:58] Wrap-up + Serial Acquirer Symposium (18 June, London) – join us! --- Guest Bio: Amit Rai Amit Rai is Co-Founder & CEO of Astra Holdings*, a permanent-capital hold-co acquiring UK industrial service SMEs. He previously led product strategy at Microsoft & Nokia, consulted at McKinsey, and founded *Machine Max (industrial IoT telematics), which Shell acquired in 2021. Amit’s mission is to solve the UK succession gap while layering simple tech & IoT on “unsexy” engineering firms to unlock step-change productivity. --- About M&A Zing Host Gareth Hawkins – CEO & Co-Founder of BizCrunch (exited founder, M&A investor) Each week we dive into the real-world challenges of small- & mid-market acquisitions—especially in the UK & EU. --- Join the BizCrunch Community Want early access to new episodes & a private AMA with guests? Sign up here → https://www.bizcrunch.co/community Member perks • Early episode drops • Live Q&A with hosts & guests • Networking with acquirers, investors & operators --- Featured News • Sofware launches—new Poland-focused ETA search fund. • Astra Holdings completes 2nd deal (Acorn Engineering) after IntoDoor UK. • Serial Acquirer Symposium set for *18 June (London)*—tickets live now: https://lu.ma/9ijq4sw9 --- Thanks for Watching! If you enjoyed this episode, please *like*, *subscribe*, and hit the bell. Got questions? Drop them in the comments—or join our community for the private AMA. #MergersAndAcquisitions #SearchFunds #SerialAcquirer #IndustrialTech #BizCrunch
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    42 分
  • 11: M&A Zing (Ep. 11) – Buy-Side Breakdown: 3 Freehold Nurseries in North-West England

    11: M&A Zing (Ep. 11) – Buy-Side Breakdown: 3 Freehold Nurseries in North-West England
    2025/04/23
    Welcome to M&A Zing - the weekly show for acquisition entrepreneurs, search-funders, and hold-co builders across the UK & Europe. In this episode, Alfie Lambert and *Gareth Hawkins* debut our second ever Buy-Side Breakdown*: a trio of freehold nurseries in North-West England (turnover £1.26 m, EBITDA £284 k, capacity 320). We dig into Ofsted ratings, valuation maths, platform-building strategy, and ultimately decide… would *you buy or pass?

    Timestamps*
    [00:00:12] Introduction & Welcome
    [00:00:30] Co-host Banter & Show Format
    [00:01:29] This Week’s News – Spanish search-fund deals, Moonbase’s Search Fund Squared
    [00:04:08] Deal Overview – 3 freehold nurseries, key financials & capacity
    [00:04:40] UK Nursery Roll-up Landscape – Busy Bees, Kids Planet, Bright Stars
    [00:07:54] Listing Fundamentals – Revenue, EBITDA, Ofsted “Good”, staff count
    [00:10:47] Location Deep-Dive – Manchester, Wythenshawe & Hartford catchments
    [00:13:06] Freehold vs. OpCo Valuation – PropCo carve-out possibilities
    [00:15:27] Growth Levers – Premium tiers, holiday clubs, 4th-site rollout
    [00:21:00] Due-Diligence Watch-lis* – Staffing ratios, Ofsted cycles, property surveys
    [00:24:40] Deal Structures – Vendor pension leases & commercial mortgages
    [00:27:00] Buy or Pass? – Both hosts vote BUY
    [00:32:00] Next Week & Symposium Plug
    [00:34:00] Wrap-Up: “Keep on Crunching!”

    ---

    3. Episode Highlights / Quick Takeaways
    Roll-up Ready – Freehold assets + professional management = perfect nursery platform.
    PropCo-OpCo Split – Buying the operations and leasing the properties can lower entry cost.
    Growth Upside – Capacity expansion, premium “Scandi-style” tiers, and holiday clubs.
    Due-Diligence Musts – Fresh Ofsted reports, staff-tenure liabilities, deferred maintenance.
    Both Hosts Say BUY – But will you? Drop your verdict in the comments!
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    36 分