Justin Ishbia

It's much easier to be playing ball in the industry that's growing than going the other direction.

But now talking about the perfect type of deal for us, done 59 platforms in the firm's history.

Average revenue, about $18.5 million, $19 million of revenue.

Average EBITDA, $3.5 million.

paying about seven and a half times.

That's what we've done, levering it two times.

So under-lever, over-equitize, and usually about 80 to 100 employees.

This is Main Street, not Wall Street.

And we're buying businesses, but it's in a sector we believe that you create value by consolidation and scale.

And so back to the veterinary industry as an example, value is created by hiring and partnering with the best veterinarians.

We love investing in industries where there's much more demand than there is supply.

So what do we do?

Try and become the supplier of choices.

By supply, that means be a place where veterinarians and vet techs want to work.

If you have great people who want to work with you and demand where it is, then you have a chance to grow it quickly.

So we're buying businesses that I think are in a part of the market that have a price point that is different than what they do at scale for a lot of reasons.

Imagine teams have not been developed.

They don't have multiple geographies.

They oftentimes have customer concentration.

But we're okay with that.