Usually there's legal or regulatory reasons for that. And then your biggest customers, financial services, need to consult those boxes with some frequency. So they can't be that far away.
Acquiring Minds
The Searchers Building a $10m EBITDA Powerhouse
Excerpts · 361 segments · ~1:07:58 long
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So this creates kind of a hyperlocal effect where all of these guys are subscale because they're X market within Ecuador or X market within Bolivia. So you don't have kind of regional, global players. There's very few of those.
So subscale, I can pay a lower price. And we're there. We have capital. We bought six of these things. Me and my two partners, we, we've been in private equity.
It's been our career. That's the one thing we do know how to do is buying and selling companies. It's not like we knew anything about storing records or running a business or any of those things.
So we are the buyer of choice for them because they're so much smaller for an access, for an Iron Mountain, for For a company like VRC based out of Memphis, you know, they're, they're too big to look at some of these. It doesn't move the needle. You know, you got to kind of put in the same amount almost of legal accounting, the resources internally.
It really doesn't make sense for them to be buying a million EBITDA or 500k or even 100k. We're willing to buy whatever, you know, we've bought businesses do a couple hundred thousand dollars in sales or have 10,000 boxes, you know, price is good, we'll get it done. We have people that do that.
We'll move the boxes and you move to the next thing. For those big guys, they're just not, it's not like it's wrong. It doesn't make sense really for them to be doing those deals.
Iron Mountain is the global behemoth in your industry. How likely is it that you will exit to them one day?
Yeah, well, I'm not sure if their CFO is tuned into this podcast, but our valuation expectations would be quite high if he is. Yeah, I mean, look, it's possible. I mean, we're a financial owner.
Very subtle.
Yeah, exactly. Say, put it all on the table. Yeah, look, Iron Mound's the biggest. You know, they're buildings of sales.
Then you've got access, then you've got vrc, you've got Oasis in Europe. You know, you've got a few of these businesses that are good size. There's not tons, there's not dozens of these very large record businesses.
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