The M&A Zing

S3 Ep4: M&A Zing (S3EP4) – The UK Search Fund Playbook with Thomas Fry & Luke Grob (LT Heritage Partners)

In this episode of M&A Zing, Gareth Hawkins sits down with Thomas Fry and Luke Grob, co-founders of LT Heritage Partners, to break down what it actually looks like to build a UK search fund from scratch. They cover the unglamorous reality (rejection, long lead times, and keeping momentum), the strategic bits (what makes a great target, how to think about “defensibility” in an SME), and the practical mechanics (how you build a proprietary sourcing engine, sharpen your outreach, and build conviction before you ever get to diligence). What you’ll learn: · How LT Heritage Partners are approaching the UK ETA/search fund path · What their “ideal business” looks like and how they filter opportunities early · Why sourcing is a process, not a moment (and how they’re building a repeatable engine) · The real-world response rates, follow-up loops, and staying power required · How they think about value creation post-acquisition (people, positioning, process) Timestamps [00.11] Welcome + why this episode (building a UK search fund in practice) [02.21] Luke’s path into deals, investing, and why ETA [06.12] Tom’s route from engineering/consulting into the search journey [11.28] Why a two-partner search model and how they think about operator-led execution [19.14] Building the team early: interns, leverage, and “doing the reps” [25.33] Investor mindset and constructing a support base that actually helps [38.16] What they’re looking for in a target business (and what’s a red flag fast) [42.38] Proprietary sourcing: how they’re building their outreach machine [49.02] Search realities: response rates, persistence, and what “good” looks like [56.50] Reputation, trust, and how to approach owners properly (without being weird) [63.20] Final advice for aspiring searchers [65.18] Wrap-up + where to find LT Heritage Partners About LT Heritage Partners: LT Heritage Partners is a UK-focused acquisition vehicle looking to acquire and grow a high-quality SME with a long-term, operator-led approach. LT Heritage Partners: https://ltheritagepartners.co.uk/ [https://ltheritagepartners.co.uk/] BizCrunch: https://www.bizcrunch.co/ [https://www.bizcrunch.co/]

S3 Ep3: M&A Zing (S3EP3) – Mowers & Multiples: Inside the UK Landscaping Roll-Up Wave

UK landscaping is consolidating fast. We unpack the roll-up playbook, size up the big platforms, and then get practical with two real listings: a London front-garden specialist and a Midlands grounds-maintenance and arboriculture firm. Expect ARR dynamics, founder-dependence risk, accreditations, margins, and whether either deal makes sense as a platform. Highlights include Nurture Group and idverde context, why arboriculture commands premiums, what “second-tier management” does to risk, and where multiple arbitrage shows up for acquirers. T Timestamps: [00.00] Intro and shout-outs in the searcher community [02.05] Theme of the episode: UK and EU landscaping consolidation [03.20] Nurture Group story and acquisition cadence [04.35] Nurture numbers: revenue, losses, financing, adjusted EBITDA [05.41] idverde, TCL and Green Landscaping Group across Europe [07.02] Recurring revenue logic and arboriculture as a stabiliser [09.26] Why we’re doing two deals instead of one [12.24] Deal 1: London front-garden design/restoration specialist [14.03] Deal 1 financials and profitability profile [16.18] Deal 1 scalability limits and niche constraints [17.39] Deal 1 founder-dependence and transition risk [21.01] Deal 1 verdict [23.00] Deal 2: Midlands grounds-maintenance and arboriculture firm [24.22] Deal 2 margins: ~£450k EBITDA on ~£1.26m turnover [25.09] Accreditations (CHAS, SMAS) and why they matter for tenders [27.02] Second-tier management and saleability de-risking [29.25] Platform potential and regional bolt-on strategy [31.29] Multiple arbitrage at scale [32.18] Deal 2 verdict [33.27] Wrap-up and what’s next Listings discussed: • https://www.intelligent.co.uk/businesses-for-sale/leading-specialist-in-front-garden-design-restoration-and-creation-for-period-properties-based-in-south-east-england-int3528 [https://www.intelligent.co.uk/businesses-for-sale/leading-specialist-in-front-garden-design-restoration-and-creation-for-period-properties-based-in-south-east-england-int3528] • https://uk.businessesforsale.com/uk/specialist-grounds-maintenance-arboriculture-and-landscaping-service-provider.aspx [https://uk.businessesforsale.com/uk/specialist-grounds-maintenance-arboriculture-and-landscaping-service-provider.aspx] Want the company-level numbers we reference? Check performance summaries updated weekly from Companies House via BizCrunch: https://www.bizcrunch.co [https://www.bizcrunch.co]

S3 Ep2: M&A Zing (S3 Ep. 2) –Culture and Cash Discipline: Craig Brennan on Buying 60 Nurseries,

Gareth sits down with Craig Brennan to unpack how he’s grown a 60-site nursery group through patient dealmaking, strong operating cadence and a people-first culture. We get into deal structures (including vendor terms), what really moves EBITDA in childcare, how to integrate without breaking quality, and the mistakes that taught the biggest lessons. If you’re eyeing roll-ups in regulated services, this one’s a blueprint. What you’ll learn: how to source and negotiate owner-led acquisitions, the KPIs that matter (occupancy, wage ratios, fee strategy), when to centralise vs leave local, handling staffing headwinds, and why sellers care about continuity as much as price. Highlights include: the first “lightbulb” acquisition, spinning up a nurseries platform during Covid, six deals last year, keeping Ofsted-grade standards tight during integrations, the hardest lesson about outgrowing people, and three mistakes new buyers make.  Timestamps [00.12] Intro and Craig’s background [02.11] Ask For Group today [04.47] From organic growth to first acquisition [06.14] Professionalising the business [10.47] Covid, regulation and safeguarding realities [13.50] Demand, occupancy and parent expectations [17.13] Leadership: letting go and building the team [20.09] Debt, cash management and growth pace [21.30] Valuations, deal flow and multiples [24.22] Sourcing: direct to owner vs brokers [28.49] What sellers care about beyond price [31.14] Turnaround case study and bounce-back loans [35.08] Headwinds: staffing, wages, ratios [40.11] Quality and safeguarding as non-negotiables [44.07] KPIs that move the needle [45.19] Advice to first-time acquirers [47.09] Wage choices, pricing and the employer brand [48.56] Operating cadence and systems [53.08] Closing and thanks Guest: Craig Brennan - Chairman, SK4 Holdings; CEO & Founder, LSC; CEO & Founder, Nurtured Childcare; Owner, Cheadle Town FC.  https://www.linkedin.com/in/craigbrennanlsc [https://www.linkedin.com/in/craigbrennanlsc] BizCrunch - the turnkey solution for peer-to-peer succession M&A www.bizcrunch.co [http://www.bizcrunch.co]

S3 Ep1: M&A Zing (S3EP01) - AI for Due Diligence: Reccy’s Andrew Stace on Faster, Smarter Deals

Can AI cut due diligence time from weeks to days without missing red flags? For the first episode of Season 3, Gareth talks to Andrew Stace, CEO and co-founder of Reccy, about using AI to review data rooms, surface risks quickly, and help mid-market buyers reach conviction faster. We cover where AI genuinely helps, where guardrails matter, and how deal behaviour is shifting when bandwidth and fees are tight. Chapters built directly from the episode transcript.  You’ll learn: • What Reccy actually does vs traditional data rooms • How the “Insights Report” works and what it covers • Privacy, hallucination control and accuracy trade-offs • Why funds ration questions and slow-walk in hot markets • How AI compresses the whole deal timeline and changes seller strategy  Chapters [00.12] Andrew & Reccy [09.45] The diligence pain AI can fix [16.23] What Reccy actually does (pillars & workflow) [20.24] Inside the Insights Report [21.42] Privacy, guardrails, accuracy [26.23] How funds triage questions now [31.21] Reaching conviction faster with AI [36.02] Compressed deal timelines [40.08] Why build in the UK [46.22] Pricing for the mid-market [50.14] Where models and ROI are headed [51.54] One due diligence tip you can use today Links Reccy AI: https://reccy.ai [https://reccy.ai] Andrew Stace: https://www.linkedin.com/in/andrew-stace/ [https://www.linkedin.com/in/andrew-stace/] BizCrunch: www.bizcrunch.co [http://www.bizcrunch.co] #MandA #DueDiligence #AI #SearchFunds #ETA #DealMaking

S2 Ep20: M&A Zing (S2EP20) - Buy-Side Breakdown: AI Music Creation Platform at ~3.5x Revenue

AI Music SaaS: 3M+ Users, 80% Margins, ~£560k Profit — smart bet or burning platform?  In this Buy-Side Breakdown, we analyse a consumer-led AI music tool listed on Acquire. It reports ~3m users, c.3,700 subscribers, ~$700k TTM revenue and ~80% margins, but growth has stalled around 2% and churn raises questions. We dig into valuation, unit economics, platform risk, and who should actually buy this. What you’ll learn: • Why a low revenue multiple can be rational for fast-moving AI products • How freemium novelty skews funnel metrics and inflates “users” • The big risk: owning the model vs being an API skin (and why it matters) • LTV/CAC reality with $14 ARPU and ~$95 LTV • The credible playbook to shift from DTC novelty to sticky B2B use-cases • Who the natural buyer is, and how we’d structure a sensible offer Chapters [00:13] Welcome + what this episode covers [00:45] Today’s target: AI music SaaS on Acquire [02:00] Valuation surprise: low revenue multiple [02:20] Spotting the company and competitor set [02:42] Users, revenue, margins: headline numbers [03:19] Why is the multiple so low? Growth has stalled [03:41] Plateau, novelty and the freemium trap [04:29] Replacing churned users: the DTC treadmill [05:15] Novelty vs durable users (App Store déjà vu) [07:26] Funding arms race and retention quality [08:23] Why sell now? “New venture” and a well-funded rival [09:39] Ads, seasonality, and compute tweaks [11:15] Do they own the model or rent an API? [12:11] Moat signals and the frontend tells [13:42] Churn: what does “10% and ↓” actually mean? [14:48] Making it stickier: monetising UGC, tightening freemium [15:22] B2B niches with real longevity [17:30] AI artists, detection, and industry reality [19:13] Streaming economics: what plays pay [22:28] Touring vs streams when costs fall [22:50] Listing “growth levers”: read between the lines [24:05] LTV/CAC sanity: beware the averages [25:32] Key metrics revealed: subs, ARPU, LTV [26:58] Unit economics: gross margin vs cost to serve [27:25] Who buys this? Strategic tuck-in [28:12] Why a tuck-in makes more sense than solo [29:34] If they owned the model, different story [30:21] Why sell vs keep: operator incentives [30:45] Multiple vs effort: haggling stance [31:21] How we’d price and structure it [32:00] Vote: Alfie [32:53] Vote: Co-host [33:39] What would change our minds [34:26] Process status on Acquire [35:32] Wrap-up and listener CTA [35:59] Outro Have experience in AI music generation, or B2C SaaS? Leave your thoughts and comments below!