Majesty of Truth
1.4K posts
The Royals need to win this series against the Vegas/Sacramento/Oakland A’s. Series win (or sweep) salvages a terrible April, and keeps them somewhat alive. Albeit with almost no margin for error the rest of the season.
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The Chiefs are evolving into a run the ball and play defense type team.
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@Arrowhead_Adam Would you shut up about the WR and tight end already
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The Chiefs picking Jadon Canady, best suited to play in the slot, doesn’t make you feel great about Chris Roland-Wallace’s future or the Kader Kohou signing! Fine player, but was this necessary for a team that could DESPERATELY use another long-term pass catcher at TE or WR?
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Them: “I want to get into M&A”
Me: “Sure. What experience do you have?”
Them: “None. Sounds fun. Been searching.”
Me: “Get a job with a firm.”
Them: “Can’t, won’t hire me.”
Me: “Start something.”
Them: “Can’t, too hard. Cushy job and can’t take an income hit. Plus it’s risky.”
Me: “Yeah. That’s the thing. You’ll get crushed for 2-5 years. Cycles are long, business is unforgiving. ETA clients are broke. PE clients are sharks.”
Them: “So what is your advice?”
Me: “Take risk, provide value, work 60 hours a week, and don’t expect to get paid for a while.”
Them: “Sounds too hard.”
Me: “Apply your last answer to your first question.” 🫡
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@ClintFiore Horrible business model. Will only attract dumb sellers.
Seller cares about finding best buyer and max purchase price, adding a constraint to that because you want recurring revenue is moronic.
Hope all sellers categorically reject this. As they should.
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@MajestyOfTruth you don't need it. we get two waves of interest 10 days apart. anyone can see it in about a week from now.
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New Deal Alert!
Landscaping Business in DFW, TX.
$949K SDE in 2025
Revenue $3.2-4M
Dialed in systems and processes. Clean books. High end brand.
Mostly Commercial Contracts and some Higher-End Residential (no residential mowing, just design/install and maintenance of beds)
Available now on Dealonomy for our Premium Members (a $99/mo membership that gives you early access to new deals and other benefits), so you can go get the details today with a free trial of Premium, or wait until 4/20 to see it if you're a free Member.
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Hear it directly from me. These allegations are flat false. And I will fight them.
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@adamfjester @CNBC @PeteButtigieg Detonate is certainly a take. If you believe the ‘partisan hackery’ of puny Pete, I feel sorry for you.
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When will @CNBC send Kernan to Fox News, where he clearly wants to be. A lot of us watch CNBC to escape partisan hackery. Watching @PeteButtigieg detonate him with simple math right now is satisfying, but also shouldn't be necessary in order to get the news of the day.
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$5.8 million revenue
$1.5 million EBITDA
95%+ Residential
1) What do think private equity will pay for this residential HVAC company?
2) What do you think the seller expects to receive for his residential HVAC company?
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Mowing lawns is the worst recurring revenue service you can offer.
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This is how the healthiest steaks in America roll. So juicy, so tasty. Grass fed, sprout finished and no hormones or shots. $25 off order of $199 or more with promo code KKHI. Plainviewbeef.com. You’ll love them.
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@Okie_Rancher @WaspyJuan @scottwestacre @CRichter738888 He said they have 5% of the market. That is tiny…. Your narrative sucks
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@WaspyJuan @scottwestacre @CRichter738888 No woe is me here; my life is good.
But those who want to consolidate all, own all, control all,
threaten the good that I have…
This way is the different way and it doesn’t require some massive scale or movement — it just requires consumers to pay attention. And choose.
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This isn’t a rancher. This isn’t a cowboy.
This is a profiteering hedge fund manager who trades cattle instead of stocks.
This is Big Ag at its worst, pretending to be “rural.”
He proudly dons a cowboy hat as though he gives a damn about any of the millions of cattle he puts through his crammed, manure filled feedlots where none touch grass and they live their lives miserably shoulder to shoulder on concrete.
The circle of life is a profit source, not a thing of beauty to be respected and cared for.
And the little podcaster nods and claps. Sickening.
Chris Powers@fortworthchris
Today I sat down with Jordan Levi, the Kosher Cowboy - a Jewish kid from the Chicago suburbs who became the largest cattle feeder in America. Jordan runs Five Rivers Cattle Feeding with a capacity of nearly a million head. He started as a runner on the Chicago Board of Trade at 13 and found his way to cattle through a hedge fund that sent him to a feedlot in Amarillo. He showed up in Gucci loafers and never left the industry. We go deep on how he trades the curve instead of making binary bets, why the cattle supply is the tightest since the 1950s, and what it takes to manage risk on nearly a million animals across 13 feedlots. I hope you enjoy this episode as much as I did. 02:16 - The Belted Galloway 03:51 - The Kosher Cowboy 08:05 - Pulling value of the futures forward 11:43 - Learning Cattle trading 16:48 - Daily average gain in cattle 18:20 - Jordan’s Eureka moment in the cattle industry 21:08 - What does trading in animals actually look like? 27:05 - How Jordan defines his ROI in trading cattle 31:17 - The Cattle curve 33:37 - The state of the cattle market 42:10 - Buying the largest cattle feeder in the world 46:09 - Grass vs. grain fed cattle 49:15 - Predictions for the cattle supply over the next 10 years 50:54 - The international market 53:17 - Trading frequencies and macro thesis 01:00:27 - USA beef vs. international beef 01:05:21 - The cattle supply chain 01:07:32 - The future of auction yards and ranchers 01:09:40 - AI in AgTech 01:12:52 - The biggest problem facing the industry 01:14:42 - Livestock as a commodity that dies and how that impacts trading theory 01:20:51 - Is there a market for new entrants into cattle? 01:21:41 - Beef prices and the impact of a closed border on the industry 01:24:39 - Jordan’s biggest ideas for the industry 01:26:49 - Philanthropic efforts 01:31:24 - a day in the life of Jordan 01:26:42 - Risk management in cattle 01:41:17 - Does what you do show a leading indicator to the broader health of the American economy?
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@blueprintsmb22 Makes sense, with PE coming down market it feels like 3-4 is a floor for sellers
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Healthy multiple. Most of us that have closed now realize how hard these deals r to diligence so 3-4x is pretty full. I look at tuck ins every once in a while and had an oppty to buy a biz last summer but passed after looking at invoices and seeing a good part of the book was money losing. Now I’m getting some of that businesss and paying the retired seller a commission
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3-4x for 750k EBITDA just made me take up my made up equity valuation in my business. As some pple say, it’s always a sellers market in micro PE 💪
x.com/EndresenHeathe…
Heather Endresen@EndresenHeather
@blueprintsmb22 Thank you! Average loan size is just under $3 million, average EBITDA is around $750k
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@M_Vernon @kansas__sports Mike’s “hits”=
‘sources say KU is wearing white uniforms tonight’
Total clown.
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@kansas__sports Last time I tracked over a year's worth of scoops, it was a hit rate well over 90%
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I think everyone is a little tired of the term “hearings” you are batting at like a 25% average and most of your scoops come from people who have already leaked info to numerous people
Mike Vernon@M_Vernon
@evanphillips45 Shots at @BShark5 ?
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@blueprintsmb22 @Glavin_ID That’s a ~$2M Rev solopreneur operation. Nets $200k if competent
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i'm in a small industrial park close to about 5-6 commercial landscape companies so it's pretty competitive. this shop is probably 20 pple, maybe 4-5 trucks/trailers? gmail address. they are probably a fax machine removal and 4x higher pricing from going from losing money to breaking even but i'm just guessing
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Commercial lawn maintenance. I just renewed with the local commercial guys near me at $90 per mow twice a month. Probably 2 hours of work each mow. 2 guys. Seems like a tough business to scale.
I just make bags so what the fak do I know?
GIF
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At least 4 more private equity-backed residential HVAC platforms will trade this year
>$20 million EBITDA platforms
Bookmark it
Will Schryver@Will_Schryver
Blackstone taps Private Credit to finance its $2.5 billion buyout of HVAC services provider Champions Group $1 billion private credit loan priced at SOFR + 450 bps, considered the tightest spread private credit will go 6.5x leverage on the asset post close Despite the considerable amount of debt used to finance the transaction, that is still quite the equity check ($1.5 billion) Source: Bloomberg
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Blackstone has agreed to acquire Champions Group, a residential HVAC, plumbing, & electrical services platform, for $2.5 billion
Odyssey Investment Partners originally invested in Champions in 2021
Odyssey and management are retaining a significant minority investment
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@Riley_Gates @MedcalfByESPN Riley got big league by all the serious non “on3” reporters. Tough scene.
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They are saying that you cannot tank the program into the ground, change your message in the media constantly, go after media members, cross the line on being critical of players and, overall, fail massively at your job.
How much K-State have you followed this year before firing that tweet off?
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That is not what K-State is saying with this move. It is not even remotely close to what they are saying.
Myron Medcalf@MedcalfByESPN
Why would you want the Kansas State job after this? Can't get upset and go off on your team? Team was losing. Jerome Tang knew how bad it was. And it was bad. But taking his buyout over a heated press conference should make every viable candidate tell their agents to think twice.
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