Peter Lacaillade

You made different acquisitions.

You expanded into different markets or built out your sales force, et cetera.

I mean, you did a bunch of things that have made a more stable business.

You don't have as much customer concentration.

Therefore, banks will lend more money to it.

And this is a tale as old as time, something that is very repeatable and something to go after.

When I started this in 2011, most of these emerging firms were people who were spinning out of other shops.

There were a number of them, but yeah, it would usually be mid-market firm gets big, three junior partners decide to go off.

We have to do the same thing.

And that still happens.

But now the rise of these...

independent sponsors, search fund people.

I mean, the lines kind of blur together in what you call these things.

And I think part of what can be different there is that these things are usually focused on very fragmented, aggressive roll-ups.

HVAC is one that everyone talks about.

Love the HVAC roll-ups.

We're seeing things in youth sports.

Accounting is something that's gotten some heat.

We have a landscaping company we're looking to have.

I mean, this goes on and on and on.