Latest / The Acquisition Talk with Fexingo: Mergers, Buyouts, and Business Sales for Operators
Why Strategic Buyers Pay Less Than Financial Buyers
Episode 11 of The Acquisition Talk breaks down the surprising math behind strategic vs. financial buyers in M&A. Lucas and Luna walk through a real 2023 case: how a family-owned industrial coatings company sold to a strategic buyer for 6.5x EBITDA when private equity firms were offering 8x. They explain buyer motivations, synergy math, deal certainty, and why a lower headline price can mean a better outcome for the seller. The episode also covers earnout structuring, working capital traps, and the growing role of preferred equity in mid-market deals. A concrete look at how operators navigate…
The skinny
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