Private Equity

Weekly Multiple

Sep 18, 2026

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6 min read

Buying Chelsea. Again.

Majority owned. Not fully controlled. Plus a travel business selling renewals and 76 potential buyers who didn't bid.

Nick McClish

Private Equity

Deal File No. 008: What if the AI company bought the customer?

Sep 16, 2026

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5 min read

Deal File No. 008: What if the AI company bought the customer?

Baldwin, Sequence and the difference between saving time and earning a return.

Nick McClish

Weekly Multiple

Sep 12, 2026

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5 min read

The $11.75 billion customer

GE buys its supplier. Miro sellers buy into the buyer. Porsche puts supercar proceeds into pensions.

Nick McClish

Business Services

Deal File No. 007: KKR is back on the other side of the garage door

Sep 9, 2026

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4 min read

Deal File No. 007: KKR is back on the other side of the garage door

A1 Garage Door Service and the operating case behind a reported $2 billion deal.

Nick McClish

Business Services

Deal File No. 006: The $17 Billion Integration Paradox

Sep 2, 2026

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6 min read

Deal File No. 006: The $17 Billion Integration Paradox

The most important number in Aon's USI deal may not be $17 billion. It may be the $173 million expense that separates cost cutting from cutting growth.

Nick McClish

M&A

Deal File No. 005: The Deal Is the Split

Aug 28, 2026

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4 min read

Deal File No. 005: The Deal Is the Split

One buyer wants the products. Two others want the distribution. The deal works only if neither side destroys the other.

Nick McClish

Private Equity

Deal File No. 004: ATG and the Business That Remembers

Aug 19, 2026

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4 min read

Deal File No. 004: ATG and the Business That Remembers

Providence spent thirteen years building what survives when the curtain falls. A reported $6 billion valuation now puts that system to the test.

Nick McClish

M&A

Deal File No. 002: Airtable and the Optionality Tax

Aug 5, 2026

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5 min read

Deal File No. 002: Airtable and the Optionality Tax

What happens when software built to preserve choice meets an owner built to impose focus.

Nick McClish

Weekly Multiple

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

Private Equity

Buying Chelsea. Again.

Deal File No. 008: What if the AI company bought the customer?

The $11.75 billion customer

Deal File No. 007: KKR is back on the other side of the garage door

Deal File No. 006: The $17 Billion Integration Paradox

Deal File No. 005: The Deal Is the Split

Deal File No. 004: ATG and the Business That Remembers

Deal File No. 002: Airtable and the Optionality Tax

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

the multiple