24 Add-Ons in 24 Months
Luis Reyes, an exited SaaS founder, is building a fire safety market leader in Spain through full-time focus on operations and rapid M&A with 24+ acquisitions in just 24 months. Assembling a mosaic of micro-targets, the platform now generates €8m in EBITDA, with industry-leading efficiency stemming from Luis' consulting background and AI-first mindset. Fun fact (or maybe not so fun...): Luis grew up in rural Mexico and got his first pair of shoes at age 5.
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.
Keep reading
A Portfolio Marked Up at 10x MOIC
Stenning Schueppert, based in Austin, leads Evolution Strategy Partners, one of the most transparent and high-performing independent sponsors west of the Mississippi. A private equity veteran and zinger machine, Stenning shares refreshing insights on why the independent sponsor model beats traditional funds, how radical alignment drives better outcomes, and the simple math behind his portfolio's 10x MOIC markup.
Combining 2 Platforms to Reach $20m EBITDA
Zack Miller and his high school friend Johnny Lieberman combined their distinct backgrounds to launch Worklyn Partners, a dual platform marrying the VC-style upside of cybersecurity with the proven PE roll-up playbook in managed service providers (MSPs). Backed by $50m in committed capital, they have executed 7 acquisitions, keeping their IT services and cybersecurity businesses operationally separate, preserving the flexibility to merge or exit individually.
Behind The Scenes at Minds Capital: Building an Equity Fund for Independent Sponsors
Celebrating 25 episodes, the founders of Minds Capital pull back the curtain on lessons from deploying Fund 1 capital, why they're bullish on US private equity, how they evaluate deals and sponsors, and the strategy taking shape for their upcoming Flagship 2 fund.
