M&A Science
When Integration Beats Roll-Ups with Tim Hall
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Tim Hall - Managing Partner and Founder, Brenton Point Capital
Tim Hall buys small companies at five to six times EBITDA and has typically sold the platforms he builds at 12 to 14 times. He calls that gap "earned arbitrage," and it only shows up when the add-ons are actually integrated.
After 29 years in private equity and 200+ add-ons, Tim explains why he doesn't think in roll-ups at all, and how Brenton Point's independent sponsor model raises capital deal by deal. He walks through his hub, spoke, and route criteria for add-ons, why a 15% management equity pool beats owning 90% of a smaller outcome, and the culture test he runs on every site walk.
Tim's team has closed eight acquisitions in 16 months with integrations running on top of each other. Every one runs from a 150-point checklist in DealRoom, so the data room doesn't turn into a filing cabinet at close. See how Easton Select Group closed six deals in the first 5 months: click here.