The Private Equity Podcast, by Raw Selection

Guest: David Williams, CEO, Advantage Services Group (ASG)
Host: Alex Rawlings
David Williams joins Alex to share how he transitioned from consulting into entrepreneurship through acquisition — and scaled a home services platform to $100m+ in revenue in just five years.
Since acquiring his first HVAC business in Oregon during COVID, David has completed 10 acquisitions, expanded into three states, and grown organically at ~20% annually. His focus? Building one fully integrated company — not a loose roll-up of brands.
🕒 Timestamps
00:00 – Introduction & David’s background
01:57 – Choosing entrepreneurship through acquisition
02:51 – Why HVAC, plumbing & electrical?
03:48 – Moving to Oregon & first acquisition
04:16 – Growth to $100m+ revenue
07:57 – From small business to scalable platform
08:54 – Pillar 1: Infrastructure
09:50 – Pillar 2: Systems & integration
11:19 – Pillar 3: Building strong GMs
12:16 – Pillar 4: Culture as a CEO responsibility
15:08 – Core belief: Operating with urgency
17:56 – Why integration is about people, not spreadsheets
21:42 – Earning trust post-acquisition
24:05 – Book & podcast recommendations
Key Takeaways
Durable industry thesis: Large, fragmented, non-discretionary market.
Integration focus: ASG builds one company with shared systems and culture.
Leadership bench: Strong GMs drive performance.
Culture is deliberate: Clear beliefs — not designed for everyone.
Urgency wins: Speed in customer service and decision-making is core.
M&A is emotional: Time on the ground builds trust and long-term alignment.
Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.
🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/

🌐 Visit Raw Selection www.raw-selection.com

Looking to grow your team? Check out our Hiring Guides
for proven strategies, templates, and best practices to make smarter hires.

In this episode, Alex Rawlings speaks with Andrew Sachs, Founder of Mauloa, about why he believes the traditional private equity model is fundamentally flawed — and what a long-term alternative looks like.
After starting his career at Morgan Stanley Capital Partners, Andrew built Mauloa around a simple philosophy: no excessive leverage, no forced exits, and a focus on compounding cash flow over decades.
Mauloa takes minority stakes (30–40%) in family and multi-generational businesses, avoids debt, and prioritises culture, balance sheet strength, and long-term alignment.
⏱️ Timestamps
00:00 – Andrew’s background and founding Mauloa
01:10 – Why private equity’s model is flawed
03:02 – Investing without debt or exit pressure
06:18 – Fund structure without institutional capital
07:44 – Incentivising management long-term
10:49 – Free cash flow freedom vs leverage pressure
12:14 – “Piles of money” vs chasing IRR
16:54 – The Middle Market Accelerator
19:16 – What Andrew reads and recommends
Key Themes
Over-leverage and short hold periods distort decision-making
Long-term compounding beats short-term IRR optimisation
Culture and leadership matter more than financial engineering
Supporting “boring” small and middle-market businesses builds real wealth
If you're questioning whether traditional PE is the only model, this episode offers a thoughtful, long-term alternative.
Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.
🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

Looking to grow your team? Check out our Hiring Guides
for proven strategies, templates, and best practices to make smarter hires.

In this episode, Alex sits down with Peter Rossi, a UK-based CTO with 25+ years in technology and 15 years in commercial leadership. From running trackside IT at McLaren to leading 22 acquisitions in a PE-backed group, Peter shares hard-earned lessons on growth, integration, and operating under pressure.
⏱️ Timestamps
00:00 – Introduction & career overview
00:28 – Life at McLaren & high-performance environments
01:23 – VC due diligence & scaling tech businesses
02:24 – Building and exiting a SaaS company
03:50 – The biggest PE mistake: rigid M&A planning
07:25 – Lessons from Formula One
10:21 – Why professionalising leadership can slow growth
14:23 – How to double EBITDA in a PE cycle
18:56 – Integration lessons from 22 acquisitions
20:19 – Resources & how to connect
🔑 Key Takeaways
Plan for ambiguity. You can only acquire what exists in the market.
Not all revenue is equal. Cutting “non-core” products can damage the core.
Protect speed. Over-professionalising leadership reduces risk tolerance and slows execution.
Simplify to scale. Focus on core products and commercial outcomes to grow EBITDA.
Integration is human. Success comes from winning hearts and minds — not just aligning systems.
Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.
🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/

🌐 Visit Raw Selection www.raw-selection.com

Looking to grow your team? Check out our Hiring Guides
for proven strategies, templates, and best practices to make smarter hires.

In this episode, host Alex Rawlings welcomes James Carver, a seasoned CFO with two private equity-backed exits under his belt. James shares his unique journey from the trading desk to executive leadership, and unpacks valuable lessons from navigating complex M&A deals, ESOP sales, and private equity integrations.
⏱️ Episode Highlights
00:00 – Intro & Background
James shares his career path from stock analysis to FP&A and investment banking before stepping into CFO roles.
05:22 – Transition to Corporate Finance & First Exit
How James helped scale a medical distributor from $30M to $65M, leading to a PE-backed strategic sale.
08:47 – Second Exit in Charlotte
Turning around a struggling portfolio company and leading it through a successful 2024 exit.
09:51 – Common CFO Hiring Mistakes in PE
The importance of SOPs, process infrastructure, and cross-functional alignment.
12:13 – Strategic Focus: Quote-to-Cash & Customer Experience
Mapping key processes to maximize customer lifetime value and ROI.
13:35 – Value Creation Before Exit
Driving growth through territory expansion, sales team optimization, inventory efficiency, and acquisitions.
17:26 – Exit Lessons
Why having no advisor in his first sale was a challenge—and how having one in the second made a big difference.
21:17 – Acquiring Smaller Businesses
James’ playbook for building trust with founders, being transparent, and respecting their culture post-acquisition.
25:37 – Final Advice
Embrace best practices from acquired companies—don’t force your way if theirs is better.
26:32 – Resources
James recommends the Wall Street Journal and CNBC to stay sharp on market trends.
27:28 – Contact
📧 Reach James: [email protected]

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.
🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/

🌐 Visit Raw Selection: www.raw-selection.com

Looking to grow your team? Check out our Hiring Guides
for proven strategies, templates, and best practices to make smarter hires.

Episode Overview:
In this episode, Alex Rawlings speaks with Richard Fitzgerald of CapitalSpring, a private equity firm specializing in foodservice and multi-location consumer businesses. Richard shares insights into CapitalSpring’s differentiated, sector-focused approach, how they’ve scaled over 20 years, and the recent $1B+ exit to Bain Capital. He also unpacks their latest fundraising success in a tough market and the importance of specialization in today's crowded PE landscape.
Timestamps & Key Topics:
00:00 – Introduction
Overview of CapitalSpring’s focus and two key topics: fundraising success and a $1B+ exit.
00:54 – Richard’s Background
From investment banking to founding CapitalSpring in 2005 with a sector-specialist mindset.
03:19 – Why Multi-Location Businesses?
Opportunities found on Main Street—resilient, everyday consumer services often overlooked in PE.
04:43 – Starting Small, Scaling Big
CapitalSpring began with $3M; now 300 investments and $4B deployed across 100+ brands.
06:30 – Specialization as a Differentiator
Why generalist firms struggle, and how deep focus wins deals without being the highest bidder.
08:55 – $1B+ Exit: Sizzling Platter to Bain Capital
Growth from 400 to 800+ locations across multiple brands and markets, despite COVID headwinds.
14:03 – Key Learning: Labor-Light Models
Pandemic emphasized the value of operational efficiency and low labor reliance in QSR investments.
15:27 – Fund VII: First Close Success
How CapitalSpring raised in a tough market by showcasing portfolio resilience and a hybrid debt/equity model.
17:44 – Hybrid Capital Strategy
Flexibility to invest via debt, equity, or both—offering solutions to founders and mitigating risk for LPs.
20:04 – Book Recommendation: Give and Take by Adam Grant
The power of relationships in PE—not just financial modeling.
21:57 – Connect with Richard
Email: [email protected]
| LinkedIn & website via CapitalSpring.
Top Takeaways:
Specialization is key in today’s competitive PE environment.
Hybrid investing (debt + equity) offers flexibility and downside protection.
Operationally light, multi-unit businesses prove resilient—even in crises.
Long-term success in PE depends on relationships, not just technical skills.
Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.
🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/

🌐 Visit Raw Selection: www.raw-selection.com

Looking to grow your team? Check out our Hiring Guides
for proven strategies, templates, and best practices to make smarter hires.