M&A Roll-Up Playbook: How Zayo Did 45 Acquisitions and Sold for $14B | Dan Caruso (Part 1)
Dan Caruso, Managing Director, Caruso Ventures; Founding CEO of Zayo Group
About $1 billion of equity went into Zayo across roughly 45 deals. When it sold, that equity was worth $8.5 billion, at a middle-of-the-road 12 times EBITDA. Dan Caruso calls that authentic value creation, and he watched the other kind in the WorldCom era.
In Part 1, Dan breaks down the Zayo thesis: "fiber orphans" run by "accidental owners" that no banker was calling. He explains why about 80% of his deals were proprietary, how a fully financed offer in a sealed envelope won AboveNet, and why boards that track each…
The skinny
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