Explore every episode of the podcast Minds Capital Podcast
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| 20x a $10m investment in 2.5 years | 17 Feb 2025 | 01:03:35 | |
Michael Sutton, founder of Guideboat Capital Partners, discusses how he took a restaurant chain from $5m to $25m in EBITDA and then 40x'd the enterprise value of Buff City, a soap retailer. References and how to contact Michael: For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Minds Capital invests equity into deals by independent sponsors and searchers. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| From Searcher to Independent Sponsor to $225m Fund | 05 Mar 2025 | 01:15:33 | |
Alex de Pfyffer and Ross Porter of Heritage Holdings share their journey from searchers (bringing a $45m revenue company to $140m) to sponsors (achieving 99% gross IRR (68% net IRR) across 5 platforms) to fund managers (closing a $225m fund closed in 2024). They engage in a vivid debate about the pros and cons of the fund model versus deal-by-deal private equity. References and how to contact Alex and Ross: For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Minds Capital invests equity into deals by independent sponsors and searchers. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| Buying an 800-Unit Hair Salon during Covid | 26 Feb 2025 | 01:10:09 | |
Azhar Quader of Queens Court Capital specializes on special situations and walks us through how he used his large-cap Wall Street experience to take Hair Cuttery out of bankruptcy to become a huge success story. References and how to contact Azhar: For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Minds Capital invests equity into deals by independent sponsors and searchers. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| How to Build an Indy Sponsor Team Before Chasing Deals | 12 Mar 2025 | 00:57:54 | |
Where many newly established independent sponsors "fake it 'till they make it", Shreveport-native Edward Crawford used his "Mission & Margin" principles to raise working capital for real infrastructure and a team at Coltala Holdings before chasing deals. He shares about their monthly newsletter that reaches 30,000 stakeholders and generates 14-15 deals, Coltala's relationship-based scoring system for deal flow, and Coltala Enterprise Systems for driving operational efficiency in PortCos. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Minds Capital invests equity into deals by independent sponsors and searchers. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| "I Care More About Moats Than Multiples" | 09 Apr 2025 | 01:11:22 | |
Serial entrepreneur and independent sponsor, Jory Caulkins, gives a tactical masterclass on how to build trust with sellers, partners, investors, and team members - and why this is so important. He also deep-dives into his company's three deal criteria: moat, longevity, and asymmetry. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Minds Capital invests equity into deals by independent sponsors and searchers. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| Buying at <5x by Mastering Deal Flow | 02 Apr 2025 | 01:16:50 | |
Benjamin Graham-inspired value investor, Matt Bodnar, views deal flow and valuation discipline, specifically 4-5x, as the two mission-critical components in creating long-term alpha. He is also a believer in permanent holdings, where annual cash flows, rather than exit proceeds, are a source of evergreen capital for future acquisitions. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Minds Capital invests equity into deals by independent sponsors and searchers. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| From UEFA Champions League to Deal-By-Deal PE | 26 Mar 2025 | 01:16:24 | |
From playing against FC Barcelona at Nou Camp to negotiating with chain-smoking veterinarians, Nikolay Dimitrov at Unity Investment Partnership is trailblazing the path of independent sponsor firms in Eastern Europe. References and how to contact today's guest: For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Minds Capital invests equity into deals by independent sponsors and searchers. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| How to Build an Investor Database of 4,000 HNWIs | 19 Mar 2025 | 01:08:51 | |
Zinger-machine Jay Fuquay is an EVP at Trinity Investors. Trinity was formerly an independent sponsor and is now a private equity and alternative investments powerhouse. They've curated an active investor database of 4,000 high net worth individuals, which has propelled Trinity into a leading capital partner for independent sponsors. References and how to contact today's guest: For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Minds Capital invests equity into deals by independent sponsors and searchers. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| Engineering 40% Carry | 23 Apr 2025 | 01:13:48 | |
Straddling the line between independent sponsor and self-funded searcher, MIT-educated operator Nick Haschka breaks down how to go beyond market terms and engineer a carried interest well north of 20%. He outlines 12 factors that can tilt negotiations in the sponsor’s favor such as raising from retail, prioritizing quick paybacks, backloading sponsor economics, and more. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Minds Capital invests equity into deals by independent sponsors and searchers. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| $100m Deployed in 2+ Years — Thanks to Industry Focus | 16 Apr 2025 | 01:03:46 | |
In less than 3 years, Ben Hughes and Blue Ridge Construction Capital have acquired 4 platform companies in the building products industry, deploying over $100 million of equity. Their pace is the result of more than a decade spent in industry-focused investment banking. Due to their industry focus, Blue Ridge delivers value through deep vertical expertise and superior access to deal flow, strategic capital, and key relationships. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Minds Capital invests equity into deals by independent sponsors and searchers. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| From Minority Stake to Double EBITDA in 2 Years | 07 May 2025 | 00:55:19 | |
New York-based Neel Bhargava breaks down how a minority investment into a Crunch Fitness franchisee turned into a home run, scaling from 10 to 74 locations with multiple recapitalizations along the way. Neel explains the value of thematic focus, outlines the opportunity of franchises, and spotlights the importance of strong management teams. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| Why Committed LPs Beat Committed Capital | 30 Apr 2025 | 01:25:54 | |
“Eat infrequently, eat well,” says Ramiro Alfaro, whose Paltus Capital goes slow, strikes big, and is pioneering deal-by-deal private equity in Central America. They have had to overcome stigma, educate market participants, and obtain creative financing to close deals. As a first mover, however, they enjoy favorable market dynamics (e.g., good valuations, inbound deal flow, cold outreach success) and ample whitespace for continued growth, while customizing a long-term hold strategy to solve for the lackluster exit opportunities in the region. References and how to contact today's guest: Ramiro Alfaro | LinkedIn
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| Borgman: 500 LPs Across 10 Platforms | 14 May 2025 | 01:06:32 | |
Formerly a CPA, Sequoya Borgman realized his dealmaking clients were having more fun. In 2017, he hustled to raise the capital for his first platform in 2017. Since then, Borgman Capital has built a network of 500 HNWIs and been oversubscribed for each of its next 9 platforms. He shares how second-tier geographies, retail fundraising, and disciplined execution are critical to his firm’s sustained success. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| Expand Multiple by Zone-Skipping EBITDA | 28 May 2025 | 01:12:36 | |
In just 4 years, Bobby Sheth has closed 10 platform deals, a rare pace for an independent sponsor. He focuses not on perfect companies, but on those with fixable issues like supply chain or people risks. Bobby explains how skipping EBITDA zones expands the buyer universe and how conservative deal structures create room to navigate surprises. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| The State of SaaS in 2025 | 21 May 2025 | 01:10:21 | |
Robert Koven discusses his journey from a SaaS-focused independent sponsor to founding a 100-man strong investment bank on Wall Street. Suit & tie, Bob provides experience and nuance on the state of SaaS in 2025 as well as the evolution of our cherished independent sponsor space, which he has observed both from the driver seat (via his direct deals) and the banker perspective. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| Solo Sponsor: 5 Deals & 2 Exits | 04 Jun 2025 | 01:01:34 | |
Steven McGrath went from closing deals at billion-dollar family offices to becoming a solo independent sponsor headquartered in a LEGO-strewn basement. He proudly calls his first platform "Apollo 13", a near-impossible mission where he delivered 1x+ MOIC despite 3 Black Swans. Now, after 5 deals and 2 exits, he reflects on his journey as a lean, entrepreneurial, and disciplined sponsor. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| $16m Buyout to $55m Exit in 18 Months | 11 Jun 2025 | 01:04:29 | |
Kevin Ramsier's bought his first company for $60,000 and exited it for $77 million - growing EV by more than 1,000x! He also shares the story about a $55m exit, only 18 months after acquiring it for $16m. With a silky voice and sharp insights, Kevin explains how hiring strong operators drives scale and protects his family from constant relocations. A proud evangelist of the deal-by-deal model, he candidly reflects on striking out on 18 consecutive LOIs over the past year. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| Nick Huber: From 400k Followers to $52m Deal | 18 Jun 2025 | 01:47:03 | |
Serial entrepreneur Nick Huber turned a grueling college moving startup into a self-storage real estate empire. By mastering remote work and offshore labor, he cut payroll costs by 70%, lifted sales conversion rates by 35%, and built a defensible operating moat. Chronicling his playbook on Twitter earned him 400,000 followers, and he used that influence to acquire and grow Somewhere.com for $52m. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| Buying 9-Figure Deals | 25 Jun 2025 | 01:16:02 | |
Renaud Besançon is the founder of Ceres Industries Capital, one of Europe's leading independent sponsor firms. Free from the constraints of traditional funds, Renaud's team targets "non-vanilla" mid-market acquisitions (€20m-€75m EBITDA), often closing them at 30-40% discounts. After 20 years as a sponsor, with a 30-year WIP investor database, Renaud details how he blends "back-to-basics" PE centered on operational value creation with deal-by-deal pioneership in France. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| Carving Out an 8x MOIC in 3 Years | 16 Jul 2025 | 00:59:36 | |
Doug Song reflects on 25 years of experience as an independent sponsor, having co-founded Prodos Capital in 2003. He explains how Prodos views co-sponsoring as a strategic path to scale, enabling experienced sponsors to take on more deals while supporting emerging talent. Doug also discusses the growing role of capital placement agents and family offices, and emphasizes why getting the first deal right is the single most important step in building a lasting independent sponsor career. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| Quadruple EBITDA in 3.5 Years, Then Exit at 14x | 09 Jul 2025 | 01:13:24 | |
Former theater director Cory Sandrock explains how independent sponsorship is just stagecraft in a different suit: cast great people, raise funds for each production, and deliver standout performances. Cory shares how he struck gold in home services, why he avoids herd behavior in crowded sectors, and how leaning in on terms like turning off fees or yielding economics attracts the right partners and builds long-term value. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| Pushed Out by Anchor Investor | 02 Jul 2025 | 01:04:10 | |
When Neal Doshi got within inches of closing a $40m+ transaction, his anchor investor rewrote the deal. Management fees and carry were stripped. Neal was left with a consolation closing fee, cashed out. This episode is a raw look at what happens when power shifts at the final hour, and what independent sponsors can do to protect themselves. Neal eventually used the closing fee to propel his subsequent successful career as an independent sponsor. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| Buy Small ($1m EBITDA at 4x), Keep Winning | 05 Nov 2025 | 01:05:54 | |
Ryan Sullivan's fully-baked & winning concept at North Park Group: buy $1m EBITDA firms at 4x, add the real estate, finance half with SBA debt, and never sell. Voila, today they have 5 operating companies, 6 acquisitions, 25% annual returns, and an investor waitlist. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| $100m Fund? No, Thanks! | 29 Oct 2025 | 01:00:42 | |
Quinten Griffiths, based in Calgary, Canada, shares his journey from an empty-handed traditional searcher who walked away from 6 LOIs to a highly successful independent sponsor and co-founder of GoodCapital. Today, he leads Sportball as CEO, one of several portfolio companies that they own outright, with a 4th platform set to close imminently. Their success prompted a Family Office to offer them the opportunity to lead & run a dedicated $100m fund, but Quinten and his partner preferred the autonomy & flexibility of staying an independent sponsor. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| A Portfolio Marked Up at 10x MOIC | 20 Aug 2025 | 01:12:19 | |
Stenning Schueppert, based in Austin, leads Evolution Strategy Partners, one of the most transparent and high-performing independent sponsors west of the Mississippi. A private equity veteran and zinger machine, Stenning shares refreshing insights on why the independent sponsor model beats traditional funds, how radical alignment drives better outcomes, and the simple math behind his portfolio’s 10x MOIC markup. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| Combining 2 Platforms to Reach $20m EBITDA | 13 Aug 2025 | 01:09:58 | |
Zack Miller and his high school friend Johnny Lieberman combined their distinct backgrounds to launch Worklyn Partners, a dual platform marrying the VC-style upside of cybersecurity with the proven PE roll-up playbook in managed service providers (MSPs). Backed by $50m in committed capital, they have executed 7 acquisitions, keeping their IT services and cybersecurity businesses operationally separate, preserving the flexibility to merge or exit individually. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| Behind The Scenes at Minds Capital: Building an Equity Fund for Independent Sponsors | 06 Aug 2025 | 00:57:37 | |
Celebrating 25 episodes, the founders of Minds Capital pull back the curtain on lessons from deploying Fund 1 capital, why they’re bullish on US private equity, how they evaluate deals and sponsors, and the strategy taking shape for their upcoming Flagship 2 fund. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| 24 Add-Ons in 24 Months | 30 Jul 2025 | 01:14:10 | |
Luis Reyes, an exited SaaS founder, is building a fire safety market leader in Spain through full-time focus on operations and rapid M&A with 24+ acquisitions in just 24 months. Assembling a mosaic of micro-targets, the platform now generates €8m in EBITDA, with industry-leading efficiency stemming from Luis' consulting background and AI-first mindset. Fun fact (or maybe not so fun...): Luis grew up in rural Mexico and got his first pair of shoes at age 5. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| 20x MOIC After Decade-Long Hold | 23 Jul 2025 | 01:07:39 | |
David Acharya has been an independent sponsor since the great financial recession His most notable deal, a 9.5-year investment in experiential marketing firm Impact XM, delivered an extraordinary 20x MOIC. Along the way he navigated a smooth separation from former partners, and today he chairs the Independent Sponsor Alliance, a 55-member peer network shaping best practices in the industry. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| 8 Years, 8 Portcos Since Starting as a Searcher | 22 Oct 2025 | 01:21:32 | |
Ian Reynolds, based in Houston, founded Thesis Capital Partner, recently ranked as a Top 20 independent sponsor. Thesis recruits Executives in Residence, who run their portcos, shares in the GP, and gets involved at the Thesis-level for shared learnings and ecosystem-building. Minds Capital invested in one of Thesis' deals in 2024. 8 years after completing his first deal as a self-funded searcher, Ian reflects on a journey that now counts 8 portfolio companies and a team of handpicked partners. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| On the ground at the McGuireWoods Conference | 15 Oct 2025 | 00:53:18 | |
Join the team at Minds Capital as they debrief the first day of the McGuireWoods Independent Sponsor Conference at the Fairmont in Dallas. The MWIS Conference is the premier meeting point of independent sponsors and capital providers (such as Minds Capital, an equity fund). On the first day, Max, Will, and Niklas had 1-on-1 speed dating sessions with more than 30 independent sponsors, many of whom will appear on this podcast in the coming months. | |||
| Aggregating SMBs Inside a Public Company | 08 Oct 2025 | 01:16:30 | |
After an early search that didn't close and a decade in PE (incl. Alpine), former Marine Rob Casper found his stride inside a public company. Today he leads skilled trades at Kingsway Financial, a public company that transformed from an insurance underwriter to a public company compounder of small business acquisitions. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| 4 of 4 Exits Above 10x MOIC | 01 Oct 2025 | 01:31:33 | |
Marc Cabrera, based in Telluride, worked as a healthcare-focused investment banker from 1988 until his retirement last year. As a side gig to being a banker, he has acquired 5 companies, of which 4 have exited, all north of 10x MOIC. One returned a whopping 40x MOIC, where Marc was the largest investor. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| The Journey to 7 Platforms | 24 Sep 2025 | 01:16:45 | |
Outspoken Nathan Chandrasekaran of Columbia River Partners, based in Seattle, Washington, has built a track record around carve-outs, portfolio synergies, and hard work, creating a firm with a clear identity and 7 platforms. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| From Public Company CEO to Independent Sponsor | 17 Sep 2025 | 01:08:49 | |
Jeff Goldstein is an independent sponsor at Breakwater Management, formerly a private credit fund. Earlier this year they closed their first independent sponsor transaction of a marketing company called Chemistry Communications, which Minds Capital invested in. Jeff's career path has taken him from law and investment banking into senior leadership roles at media & marketing companies like IAC, Experian, and PriceGrabber, before stepping in as CEO of United Online, which was a public company at the time. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| To Exit or Not to Exit: 2x MOIC in 2 Years | 03 Sep 2025 | 01:06:25 | |
Sarkaw Aziz acquired a $5 million EBITDA vacation rental platform in Colorado, structured it with a 50% seller rollover and a 3x EBITDA seller note, and exited just two years later with 2x MOIC and a 41% IRR. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| The 3-5-7x MOIC Underwriting Framework | 27 Aug 2025 | 01:17:58 | |
Rick Apple built Upside Growth Partners out of Nashville after starting his career in the finance grind of New York. A Princeton grad turned entrepreneur, he has scaled 12 platforms while raising 5 kids at home. From a breakout children’s clothing brand to roofing and beyond, Rick has proven that smart sourcing, deliberate underwriting, and rolled-up sleeves can compound into lasting success. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| Skipping $2m EBITDA Deals ("The Messy Middle") | 17 Dec 2025 | 00:59:41 | |
Dan Tamkin, based in California and co-founder of Resurgent Capital Partners, is an operator, technologist, and turnaround investor, in that order. After a career revolving around tech turnarounds and challenged VC portcos, he has found the lower-middle market to be a better channel for value creation, especially when done via the deal-by-deal model of independent sponsorship. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| Financing Add-Ons Without New Equity | 10 Dec 2025 | 01:05:32 | |
UK-based Sam Turner overcame a challenged first deal by pivoting the business model and eventually built a thriving facilities maintenance roll-up that targets market leadership in its space. He points to capital stack discipline as key when self-funding add-on acquisitions. Beyond work, Sam volunteers one full mentorship day per month to founders and prospective business buyers. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| “Partner Equity, Not Private Equity” | 03 Dec 2025 | 01:03:02 | |
Craig Dupper, based in Park City, Utah, founded Elan Growth Partners after years of seeing how the traditional fund model fails to optimize stakeholder alignment and investment periods. At Elan, they prioritize high rollover equity to cement a true partnership mindset in each deal. On the LP side, they have built a tech-enabled, institution-grade back office that extends the flexibility of the independent sponsor model to the capital providers as well. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| $233m For and By Independent Sponsors | 26 Nov 2025 | 01:07:15 | |
Independent sponsor royalty Michael Kornman details how he built NCK Capital out of Dallas with his brother Grant, acquiring 5 platforms in 10 years. In 2024 they partnered with Align Capital Partners to form Align Collaborate, changing sides of the table to deploy a $233m sponsor-friendly fund that backs buyouts and buy & builds. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| 33 PortCos in 6 Years | 19 Nov 2025 | 01:20:27 | |
Robert Graham, based in Dallas, graduated from HBS in 2018 and acquired his first company the year after as a self-funded searcher using SBA7a financing. After a turbulent start, this healthcare platform exploded to $30m of EBITDA and now "hemorrhages cash." That early breakout win became the engine behind SIG Partners, recently named a Top 20 independent sponsor by Axial, which has since assembled an extraordinary 33 platforms in just 6 years. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| Platform + Key Competitor = Multiple Expansion | 12 Nov 2025 | 01:05:41 | |
Willistown Capital’s journey offers a window into how independent sponsors can execute complex, high-stakes transactions with institutional precision. William Boffa and Darren Fultz walk through the anatomy of their award-winning related acquisitions of Quiltcraft and Fabtex. From stakeholder alignment to >$1m of legal fees, they detail their journey through complexity & risk to the promised land of “zone skipping". References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| Axial’s Lessons From 10,000 Lower-Middle Market Deals | 07 Jan 2026 | 01:07:38 | |
Peter Lehrman founded Axial in 2009, the leading deal origination platform for lower-middle-market M&A. Today, roughly 10,000 attempted transactions are launched on Axial each year, with approximately 25% closing, making it one of the most active M&A marketplaces in the U.S. lower middle market, and independent sponsors are the single most active buyer type by closed-deal volume. In this episode, Peter shares unmatched market intelligence and highly tactical insights on how independent sponsors source, win, and fund deals. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| Working Under an Independent Sponsor Who Suddenly Passed Away | 31 Dec 2025 | 01:03:33 | |
G.R. Kearney, a former inner-city Chicago teacher, was thrust into leadership when his senior partner tragically passed away. He navigated the emotional and legal complexities of sustaining the firm and ultimately rebranded it as Stacker Holdings, reshaping the platform into an employee-centric, EOS-driven, long-term investment firm. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| A Family Office's View From 27 Platforms | 04 Feb 2026 | 00:55:43 | |
Kevin Wong is the Chief Investment Officer at Lang Partners, a family office based in Dallas. With 15 years on the investment side of the lower-middle market, Kevin has built a reputation as one of the most active and respected LPs in the independent sponsor ecosystem, backing 27 platforms since 2020. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| A 9-Deal Rollup Without Losing 1 Customer | 28 Jan 2026 | 01:14:40 | |
Alan Baca and Dana Robinson explain how Verde Equity Partners is buy-and-building a scaled commercial landscaping platform using an operator-led playbook. Drawing from prior home services roll-ups, Verde warehoused their early deals and operates by moving fast on M&A and slow on integration. In 2.5 years, the team has completed 9 acquisitions while retaining 100% of customers and employees. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| Family Offices + Independent Sponsors = Strong Match | 21 Jan 2026 | 01:09:35 | |
NYC-based James Bohannon works at Belzberg & Co, a multi-family office with a keen eye to the independent sponsor asset class. Drawing on years of conference repetition and real world deal experience, James explains how family offices truly think about backing independent sponsors. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| The 16-Year Path to a $175m Revenue Portfolio | 14 Jan 2026 | 01:08:42 | |
Based in New York, Michael ("Mike") Healy began his career as an attorney before deciding the real fun and action were on the deal side. After a stint in PE, he founded Gardner Standard in 2010. The early years were rocky, marked by failed deals and long stretches of uncertainty. Momentum finally arrived when a sizable closing fee on a deal he sourced and sold to a PE fund provided the liquidity needed to persevere. Today, Mike is an accomplished independent sponsor with a clearly defined strategy built around sourcing deals with legal complexity. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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| 11x MOIC by Scaling Revenue from $15m to $100m | 18 Feb 2026 | 01:02:36 | |
Justin Turner and Traction Capital Partners just exited a 7-year hold in the specialty fire equipment distributor space, where they grew revenue from $15m to nearly $100m. Traction Capital proved that a semi-long-term hold allows real value creation, leading to an 11x MOIC and 44% IRR outcome. References and how to contact today's guest: Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds:
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