Latest / The Acquisition Talk with Fexingo: Mergers, Buyouts, and Business Sales for Operators
How Club Deals Are Reshaping Middle-Market Buyouts
Lucas and Luna break down the rise of club deals in middle-market M&A—where multiple private equity firms pool capital to acquire larger targets. Using the 2025 acquisition of a $2.1 billion industrial coatings company by a three-firm consortium as a case study, they explore why clubs form, how they split governance and carry, and the hidden risks of co-investor conflict. Lucas explains the mechanics of 'tag-along' rights and 'drag-along' provisions in club agreements, while Luna questions whether these structures really deliver better returns or just dilute…
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