Do sponsorless rollups stand a chance against PE-backed rivals? And other insights from our biggest-ever Serial Acquirers Summit

Disclaimer: Unless noted otherwise, views and analysis expressed here are the author's own and based on public sources. The article is intended for informational and entertainment purposes only. This is not financial advice. Please consult a professional for investment decisions.

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On Tuesday, 25 November in London we gathered nearly 200 serial acquirers, investors and advisors. The venue this time was the Institute of Mechanical Engineering - a stately mansion that backs directly onto St James’s Park, steps away from Buckingham Palace and 10 Downing Street.

Many thanks to everyone who came - we had people flying in from all over Europe and as far afield as Brazil - and of course to our longtime supporters Grata (private markets intelligence), Pavleta from PPH Financial (Fractional CFO), Linus from TechCredit Partners, and Reef Pass (long-term investors in serial acquirers).      

Despite the Summit’s location at the nexus of the British imperial power, the topics of centralisation and synergies received scant mention in the first 2 out of 3 sessions: 

1. Panel “From founders to investors: insights from Simago and Arsipa” with Charles-Henry Beglin, Co-founder - Simago; and Felix Jander, Co-founder - Arsipa 

2. Fireside chat with Marc Maurer, COO - Chapters Group

3. Panel “Accountancy rollups: beyond the hype” with David Alonso Martinez, co-founder - Zinco AI; and Sylvie Coudene, Group Head of M&A People - Azets

My key takeaway from the Summit was that for anyone aggregating with a 3-5 year exit horizon, success ultimately comes down to two things: choosing the right industry and executing M&A well. Not necessarily investing a ton of money and effort into a “platform”.

Depending on who you talk to, the magic number that unlocks buy-side interest, and therefore multiple arbitrage, sits between €10M and €25M in EBITDA. 

Please note that this writeup is a mashup of the live transcript and the speakers’ preparatory notes. Obviously, nothing beats being in the audience!

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