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Operating Edge

Analysis of the operating systems, growth levers, and execution patterns behind enterprise value.

Weekly Multiple

+2

The Weekly Multiple #001: The money is hiding in the middle

Jul 31, 2026

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5 min read

The Weekly Multiple #001: The money is hiding in the middle

Private equity loves deleting middlemen. This week, it spent billions buying the ones it can't.

Nick McClish
Nick McClish

the multiple

Private equity outcomes, reconstructed decision by decision: what was bought, what changed during the hold, and what actually created the multiple.

© 2026 The Multiple.
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