In this landmark 100th episode, we're joined by Adam Johnson, an American acquisition entrepreneur who transitioned from the startup scene in California to acquiring and operating Water Direct in the UK. Adam takes us through his unique journey into the search fund world, how a Texas blizzard sparked conviction in a niche UK water logistics business, and the realities of running a highly operational, regulation-heavy company. We dive into: The challenges of a COVID-era search process Navigating investor skepticism for a volatile but essential service Building a new leadership team while preserving institutional knowledge Going from paper-based processes to a digitized, scalable business The long-term vision for growth and product expansion If you're in the ETA, SME, or search fund ecosystem—or just curious how someone turns infrastructure failure into a growth business—this one's for you.

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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