Rob Finn

A fantastic discussion with Glenn Oken, Dan Herr and Matt Rooney on the evolution of a dedicated BD team in private equity. The conversation explores how deal sourcing has transformed over his 30+ year career, examining what truly drives credibility in the market, the importance of empowering genuine decision-makers, and his journey to co-founding one of the first operationally focused private equity funds in the lower middle market. #DealSourceryPodcast

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Is QXO’s $2.25B Kodiak deal actually accretive? Brad Jacobs says the acquisition is “highly accretive to 2026 earnings.” The stock jumped ~18% following the announcement. Here’s what we know — and what we don’t. Confirmed: • ~$2.25B purchase price (cash + 13.2M shares) • ~$2.4B in revenue • ~1x revenue multiple • Significant vendor overlap with Beacon • Strong exposure to high-growth Sun Belt markets Not disclosed: • Kodiak standalone EBITDA • Pro forma EPS impact • Specific synergy targets • Integration costs or timeline Without EBITDA and financing details, no outsider can definitively calculate accretion. So instead of pretending we can, here’s the real lens. The Strategic Logic This isn’t financial engineering. It’s platform construction. Vendor overlap = procurement leverage. Geographic density = operating efficiency. Cross-sell across roofing, lumber, windows, trusses = customer consolidation power. Countercyclical timing = buy when others hesitate. That’s industrial strategy. The Execution Risk • Beacon integration is still fresh. • Housing cycle visibility remains limited. • Synergy capture speed will determine whether “highly accretive” becomes reality. Accretion is earned in execution — not announced in press releases. The Second Lens: The Jacobs Factor There’s another angle here. Brad Jacobs is a generational roll-up architect. He built: XPO Logistics from ~$150M into an ~$18B revenue platform through acquisitions Spun out GXO and RXO into multi-billion-dollar standalone businesses Created tens of billions in enterprise value across cycles He’s extremely methodical. Extremely disciplined. Relentless about culture and operator density. He understands that scaling platforms isn’t just about spreadsheets — it’s about people, incentives, integration tempo, and capital markets psychology. In that sense, he’s similar to other generational builders: you don’t reflexively bet against operators who repeatedly compound at scale. If you’ve read How to Make a Few Billion Dollars, you understand where conviction beyond raw numbers comes from. His framework around capital allocation, timing, and integration discipline isn’t theoretical — it’s battle-tested. My Take Could execution stumble? Always. Could housing weaken further? Absolutely. But when a disciplined capital allocator buys scale at ~1x revenue during cyclical softness — with vendor leverage embedded — I pay attention. The numbers matter. Track record matters more. I’m confident in Brad and the team — and I expect more strategic activity this year. The real question isn’t “Is this instantly accretive?” It’s: Do you trust the operator running the playbook? #qxo #howtomakeafewbillon #bradjacobs

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What does the "new era" of private equity look like? This week at PEI NEXUS, Bain & Company's Chairman of Global Private Equity Practice Hugh MacArthur recapped the firm's latest Global Private Equity Report. Hugh noted that firms will need to focus on what they do well in a “new era” for private equity. These sentiments echoed much of what Private Wealth Forum speakers, including Arax Investment Partners Founder and CEO Haig Ariyan, Laird Norton Wetherby CIO Ron Albahary, CFA, Ardian Managing Director, US Private Wealth Solutions Ava Mallin, and Citi Wealth Head of Private Equity and Real Estate Jeffrey Locke, shared on stage at PEI. This week's AGM Alts Weekly dives into what a "new era" in private equity might look like, connecting dots and data points from Bain & Company and McKinsey & Company's 2026 reports on the state of the private equity industry. Some key themes defined the takeaways from both reports: ➡️ Returns will not be a dime a dozen: Bain's punchline? "12 is the new 5." ➡️ Megadeals, big questions: 2025 witnessed an increase in global buyout deal value. However, just 13 deals of $10B or more contributed 69% of the growth in 2025, accounting for $274B of the global gain. ➡️ A K-shaped industry: Private equity appears to turning into a K-shaped industry, with “a subset of elite funds [being] on the upswing while everyone else muddles through.” ➡️ No fun in fundraising: McKinsey noted that core, closed-end fundraising has “become more competitive, selective, and time consuming.” ➡️ Continuation nation: There’s been a marked rise in continuation vehicle activity, but only represents less than 10% of exit value. ➡️ Mid-sized deals not so mid: Megadeal activity grabbed the headlines. But deal sizes $1-5B deals grew 29%. Growth in the $1-5B deal size segment could be encouraging for specialist buyout funds. There are some key questions for allocators to grapple with as they think about what private equity might look like in the future. 1️⃣ Do allocators believe public markets will continue to outperform private markets? 2️⃣ Will fundraising bounce back? 3️⃣ Can firms kick value creation into motion? 4️⃣ Are both GPs and LPs ready to handle how investors might look to exit evergreen vehicles? 5️⃣ For LPs, are they finding managers that have an edge? Read on for more👇 This week's Alt Goes Mainstream's AGM Alts Weekly, brought to you by DealsPlus, covers: 🗂️ AGM Index, an index that tracks the leading publicly traded alternative asset managers. 💻 Who is hiring: Senior-level positions from companies Blackstone, KKR, Apollo Global Management, Inc., Ares Management, EQT Group, Blue Owl Capital, Franklin Templeton, Fortress Investment Group, iCapital, Goldman Sachs, Ultimus Fund Solutions, Krilogy, MSCI Inc. Subscribe👇 to see the latest trends & navigate this rapidly changing landscape as alts go mainstream. https://lnkd.in/eRKN25jy

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3 Comments

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