{"podcast":{"title":"The Buyout Show with Fexingo: Private Equity, Roll-Ups, and Business Acquisitions","slug":"the-buyout-show-with-fexingo-private-equity-roll-ups-and-business-acquisitions-7871630","podcast_index_feed_id":7871630,"rss_url":"https://feeds.fexingo.com/business/the-buyout-show.xml","website_url":"https://www.fexingo.com/","image_url":"https://audio.fexingo.com/business/the-buyout-show/cover.png","author":"Fexingo","episode_count":122,"summary":"Lucas and Luna examine private equity through the lens of actual deals — roll-ups in HVAC, veterinary clinics, and funeral services; buy-and-build strategies; and the mechanics of leveraged buyouts. Each episode dissects a specific transaction, from sourcing to exit, using real numbers, term sheets, and public filings. The show serves founders weighing an offer, analysts building models, and investors tracking the industry. Expect critical discussions on valuation multiples, earnouts, debt covenants, and the cultural friction between PE operators and portfolio-company management. Lucas, a journalist with a decade covering dealmaking, guides the numbers; Luna, an engaged interlocutor, presses on execution risk and founder psychology. Together they ask: What separates a value-destroying roll-up from a platform that compounds for a decade? No hype, no jargon — just the tradecraft of buying and scaling businesses. #PrivateEquity #LBO #RollUp #BuyAndBuild #PE #DueDiligence #Valuation #MergersAndAcquisitions #FamilyBusinessExit #SearchFund #EBITDA #DealSourcing #SMB #BusinessAcquisition #FexingoBusiness #BusinessPodcast #Finance #Podcast Keep every episode free: buymeacoffee.com/fexingo","last_synced_at":"2026-07-19T04:18:12.773861+00:00","page_url":"https://stenobird.com/podcast/the-buyout-show-with-fexingo-private-equity-roll-ups-and-business-acquisitions-7871630"},"episode":{"title":"How Private Equity Is Rolling Up Tour and Travel Operators","slug":"how-private-equity-is-rolling-up-tour-and-travel-operators","published_at":"2026-06-09T16:43:19+00:00","page_url":"https://stenobird.com/podcast/the-buyout-show-with-fexingo-private-equity-roll-ups-and-business-acquisitions-7871630/how-private-equity-is-rolling-up-tour-and-travel-operators","show_page_url":"https://stenobird.com/podcast/the-buyout-show-with-fexingo-private-equity-roll-ups-and-business-acquisitions-7871630","url":"https://audio.fexingo.com/business/the-buyout-show/episode-0041.mp3","audio_url":"https://audio.fexingo.com/business/the-buyout-show/episode-0041.mp3","summary":"Episode 41 of The Buyout Show with Fexingo. Lucas and Luna explore how private equity firms are quietly consolidating the tour and travel operator industry. They focus on the 2021 roll-up of small-group tour companies like Intrepid Travel's partial sale to TPG and the acquisition of Trafalgar by The Travel Corporation. The conversation drills into the specific economics: tour operators typically earn thin margins of 5-8 percent but generate steady cash flow and have low capital expenditure requirements. Lucas explains the roll-up playbook—buying independent operators, centralizing back-office functions, and cross-selling customers across brands. Luna questions whether the model risks diluting the local authenticity that makes these tours valuable. They discuss valuation multiples, typical EBITDA margins, and why the industry is ripe for PE consolidation. The episode includes a brief, organic donation segment supporting the ad-free show. #PrivateEquity #TourOperators #TravelIndustry #RollUp #IntrepidTravel #Traflagar #TPG #TheTravelCorporation #BusinessAcquisitions #Consolidation #EBITDA #CashFlow #SmallGroupTours #TravelBusiness #FexingoBusiness #BusinessPodcast #BuyoutShow #LucasAndLuna Keep every episode free: buymeacoffee.com/fexingo","meta_description":"Episode 41 of The Buyout Show with Fexingo. Lucas and Luna explore how private equity firms are quietly consolidating the tour and travel operator industr…","key_points":[],"chapters":[],"topics":[],"duration_seconds":559,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/the-buyout-show-with-fexingo-private-equity-roll-ups-and-business-acquisitions-7871630/episodes/how-private-equity-is-rolling-up-tour-and-travel-operators/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/the-buyout-show-with-fexingo-private-equity-roll-ups-and-business-acquisitions-7871630/how-private-equity-is-rolling-up-tour-and-travel-operators.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}