$15M rev/$6.23M EBITDA biz with 80%+ ownership

It was a big week in the investing world…

And here’s why:

Everyone’s talking about a16z acquiring Turpentine.

Most private equity investors: “Cool, podcast network, but nothing to do with me.”

Me: This is young Kravis energy.

This is BlackRock-before-BlackRock type of move.

And if you’re building a Holdco, PE firm, or family office focused on $5M–$50M EBITDA businesses…

You should be paying VERY close attention.

Let me explain:

1. a16z = $45B aum venture capital firm

2. Turpentine = podcasts + newsletters + YouTube → deal flow + talent + LPs

• Not just content

• Not just media

Most like distribution, mindshare, audience, trust. All under one roof.

a16z didn’t buy a media company…

They bought the future of GP leverage.

Erik Torenberg built Turpentine from scratch.

No ads. No fluff. No “10 productivity hacks.”

Just conversations with people who do things.

Then the real innovation:

— Podcasts → deal flow

 — Guests → partners

 — Listeners → LPs

He built a funnel, and a company which could be doing $5-50M in EBITDA itself.

a16z saw it — and bought in.

What does this have to do with a typical old-school PE firm or a family office that invests in traditional businesses?

Everything.

In traditional private equity firms, family offices, holding companies — media is still underused.

Imagine if one could add one of these media arms to their portfolio:

• A podcast for folks acquiring companies

• A video interview where operators who sold their businesses share what they wish they'd known

• A YouTube series called “$2-5M EBITDA — owner interviews, walk-throughs, and day-in-the-life operations

A content hub teaching business owners how to prep for an exit (building trust early)

It becomes the top of funnel. The credibility layer.

It attracts talent, deals, and capital.

If you’re building the next PE firm, Family Office or HoldCo, skip the cold calls.

Build (OR add) the media. Or hire someone to do it.

(Remember, a16z thinks the media and Erik with his podcast is so valuable that they made him a general partner.)

This is how the next generation of private capital wins.

Not with more cold outreach.

But with gravity.

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How to spot private equity firms you do NOT want to work for (practical guide)

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I know this is a wild example, but there's no need to make it too complicated:

• David Rubenstein from The Carlyle Group

• Henry Kravis from KKR

• Orlando Bravo from Thoma Bravo

• Robert F. Smith from Vista Equity Partners

It all started with a single deal... even for them.

And one good outcome led to another — they just kept showing up.

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Building holding company in the US vs. Europe

(With a brutal example)

I spoke to a European investor, entrepreneur, and now holdco builder who has experience operating in both markets.

He said something that stuck with me: “European operators give up too early. Americans push harder, optimize better, and extract more value.”

Here’s one example that blew my mind:

A US-based holdco owner bought a company and realized nobody had SOPs. Instead of asking nicely or waiting for the team to write things down (which would never happen), he:

1. Had employees wear body cams or record their screens with Loom

2. Collected 1–2 days of work recordings

3. Fed it all into an AI system

4. Got back:

- Fully written SOPs based on what people actually do

- Productivity reports showing where time was wasted

Europe: “We can’t.”

USA: “Just do it.”

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How has been the week in the small holding company world?

Traditional company

Again, you don't need to start a firm. You can buy one.

Just got back from a meeting with a guy who bought a SaaS firm.

He did it a little over a decade ago.

Best part? He didn’t have any money—and the seller was willing to finance 100% of the deal.

The first 1–2 years were brutal.

It got a little easier in years 3 and 4.

He said it all would’ve been impossible without his wife, who kept supporting the family throughout this 3-4 year period.

Today, he owns almost 100% of the company.

It does $15M in revenue... and it’s very profitable ($6.23M EBITDA and $2.56M in net profit).

If you understand acquisition multiples for profitable, growing SaaS businesses...

You can do the math on the returns for this gentleman.

It gets even better…

This same gentleman suggested that I go all in on building Private Equity Guy as a media company for future opportunities.

He said he would be willing to invest if I’m interested.

Either way, I will keep you posted.

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Things are moving forward with the heavy equipment rental company.

Their broker is actively involved and helping us put together a proper structure and financing plan. Connected me with a fund capable of providing a mezzanine loan.

I'll update you next week as things evolve.

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This week’s podcast:

In this episode, I share transformative insights on the power of networks, heavily inspired by the wisdom of Alix Pasquet, a Managing Partner at Prime Macaya Capital Management.

I dive into his framework for understanding how your network acts as both a critical competitive moat and a vital margin of safety in investing and business.

5 lessons from the Alix Pasquet episode:

1. Your network is both a moat… and an alarm system.

2. You just need to become important to a few of the right people.

3. If you’re into learning, and they’re into learning — now we’re cooking.

4. You stop calling and emailing when they file a restraining order.

5. Triads are a form of network effects.

Here are the links to Spotify, Apple Podcasts and YouTube.

And it's now also available on every podcast platform (I updated the RSS feed).

That’s all for today.

Thanks for reading and talk to you again next week.

Take care,

PrivateEquityGuy / Mikk Markus