24 Add-Ons in 24 Months

Before launching his Spanish fire safety roll-up, Luis Reyes had a broad career, ranging from SaaS founder to consulting at McKinsey & Bain (where he specialized on post-merger integration work). Bain relocated him from the US to Spain, where Luis later spotted another opportunity for entrepreneurship, in the overlooked SMB landscape.

While still working full-time, Luis and two partners hired an analyst to explore fragmented sectors not yet overcrowded by PE. Fire safety was identified as a prime industry: highly recurring revenue, limited competition from PE, small unsophisticated operators, and regulated service requirements that make customer churn unlikely. Their first acquisition, based in Ibiza, had gross margins over 80% and a surprisingly well-oiled operating model, which became their foundation for expansion.

Two years later, they have executed 24+ acquisitions ranging in size from €150K to €8m in revenue. All of them are in Spain, often clustered regionally for operational leverage. The combined group now generates €8m in EBITDA. Luis credits their speed and efficiency to a few non-negotiables: high revenue-per-technician benchmarks, lean back offices, and aggressive use of AI (e.g., routing, call center automation). The result is a highly integrated, modernized take on a legacy industry

Capital isn't always abundant (at least outside the US!). Luis raised roughly €1m from friends & family to launch the platform, then went on to raise €20m from Spanish family offices, most of whom were new to backing this kind of operator-led, small-cap consolidation.