2 Years to $40m: The Anatomy of a High-Velocity Roll-up

So that's great. And then at some point, the platform, it will start we will get to the point where we say, okay, most of the capital is deployed. We have a very good executive bench.

We have replaced our work by industry people now that we have the systems in place. And now we actually can stop paying maybe fees and dedicate the team to other opportunities and the investors would appreciate it. Now, when that...

When you went out to start raising for this, what did that look like? Where did you start? What's the lay of the land in Europe for raising capital for a roll-up?

Yeah, I have the advice after having done that, and then I have what we actually did without that much experience. So what we actually did is, you know, we started from friends and family. Those friends and family then recommended people that they knew that were more kind of structured capital providers, maybe small family offices.

And we just went kind of following the trails. It's much better to have warm introductions, obviously, so it's kind of the easy path. to take we were operating a business so we we were refining our thesis so we were not only doing fundraising but it was like eight months of coffee chats getting to meet family offices getting to know uh private equity funds that you know we were very early for…

kind of getting to know more than what you read and you can know from, you know, now asking ChatDPD about the different capital providers, getting to know them, how they think, building relationships. And, you know, out of these relationships, it came an introduction to a German family office that was focused on roll-ups. So it was, after doing a lot of intros and a lot of work, that we found the…

I wouldn't recommend... doing it the same to people that actually just want to raise capital before getting started, right?

Although this is your first venture of maybe many, so many of those introductions and those connections that you made could bear fruit later. So not all lost. And this sort of consolidation play, and particularly with this industry and with these very fragmented, very small platform, how did the capital markets broadly react to it? Obviously, you ultimately did find capital, but can you…

I know you haven't done it in the U.S., but maybe you have a flavor of what it would have been like in the U.S. ?

Yeah, so I have friends that are doing something similar in the U.S., which, you know, number one in the U.S., you have very deep capital markets and operator pool. So that's a good match. It's for a very dynamic market. In Spain and in Europe, roll-ups are still like a nascent...

asset class if you will and in Spain I think that investors are by nature and kind of the social and cultural norms are more risk averse so they love investing in buildings and you know traditional vehicles and again at some point it has to do with the maturity and the cultural norms of the country but also be to be quite honest it's good that they are weary they're not I want to say they're not…