Thread Reader
Share this page!
×
Post
Share
Email
Enter URL or ID to Unroll
×
Unroll Thread
You can paste full URL like: https://x.com/threadreaderapp/status/1644127596119195649
or just the ID like: 1644127596119195649
How to get URL link on X (Twitter) App
On the Twitter thread, click on
or
icon on the bottom
Click again on
or
Share Via icon
Click on
Copy Link to Tweet
Paste it above and click "Unroll Thread"!
More info at
Twitter Help
The Icahnist
@TheIcahnist
Private Equity. Exploring the minds behind the biggest buyouts.
5 subscribers
Subscribe
Save as PDF
Jun 21
•
10 tweets
•
2 min read
The Cheapskate Billionaire
German immigrant executed a brutal LBO play:
- Take control.
- Strip it down.
– Extract $4.6B selling what public markets mispriced
Thread
From Immigrant to Empire
John W. Kluge arrived in the U.S. from Germany.
He started in food brokerage and spotted an opportunity:
A tiny TV company, Metropolitan Broadcasting, with 2 radio stations.
He bought control in 1959.
Then came the build-up.
Save as PDF
Jun 17
•
12 tweets
•
2 min read
The best IRR zone in Europe.
🇨🇭🇩🇪🇦🇹 is what the U.S. mid-market was 20 years ago.
Fragmented. Founder-owned.
Here’s how to catch up 🧵
Valuations ≠ US heat.
DACH doesn’t price like the U.S.
You’ll still find:
• 6–8x EBIT for niche leaders
• 2–3x revenue for profitable SaaS
• Sub-5x EBITDA for cash-cow industrials
Boring on paper. Beautiful in IRR.
Save as PDF
Jun 15
•
14 tweets
•
3 min read
The Greatest Private Equity Deal of All Time?
One $8M deal became a $30 BILLION empire.
5275x MOIC
The Power of Boring Industries
Thread
Start with a search fund. End with $30 BILLION
They found a niche roadside assistance biz: Road Rescue.
$5.9M revenue
$1.5M EBITDA
Paid: ~4.5x EBITDA
Save as PDF
Jun 14
•
15 tweets
•
3 min read
The Best Private Equity Model?
$17M turned into $1B+.
Will Thorndike (author of The Outsiders) is building the future of long-term compounding.
A new kind of HoldCo.
Let’s break it down👇
Who is Will Thorndike?
Author of The Outsiders, praised by Warren Buffett as one of the best business books ever written.
– Was an early architect of the search fund model
– Backed the greatest PE deal of all time (5,000x MOIC)
Save as PDF
Jun 11
•
8 tweets
•
2 min read
11.9x MOIC in 24 months
233% IRR
Francisco Partners turned a forgotten medtech unit into $635M.
🧵
The Forgotten Asset
In 2015, Qualcomm bought Capsule Technologies – a med device integration firm.
By 2019, Capsule was buried inside Qualcomm Life, unloved and non-core.
Save as PDF
Jun 10
•
9 tweets
•
2 min read
Private Equity Legend: Silver Lake
They paid $0 for Seagate’s core business.
Then made $ BILLIONS and the IRS got NOTHING!
The deal that built a $100B empire 🧵
A Mispriced Giant
Seagate was the world’s largest disk drive maker ($6.5B rev). It also owned 128M shares of VERITAS Software.
But Seagate’s entire market cap was less than its VERITAS stake.
Investors valued its core business at less than $0.
Silver Lake saw the arbitrage.
Save as PDF
Jun 5
•
10 tweets
•
2 min read
"Private equity has lost its way."
Orlando Bravo just called out the entire industry
Thread 🧵
PE’s identity crisis
Bravo says PE forgot its core principle:
This is not a "buy & hold forever" business.
That’s what the public markets are for.
Firms became obsessed with interest rates, inflation, and Fed signals. Instead of buying, improving, and selling companies.
Save as PDF
Jun 3
•
17 tweets
•
3 min read
Asset management is dead.
Origination is the real alpha.
Apollo cracked the Code.
The $800B playbook🧵
Whoever controls origination controls the future of finance:
→ Originate your own paper
→ Underwrite it in-house
→ Compound it for decades
A full-stack, $800B credit empire.
Save as PDF
May 31
•
12 tweets
•
2 min read
Golden Age of Private Equity Is Over?
> 12,000 companies are stuck in funds.
> Default rates are spiking.
> Secondary markets are flooding.
Thread
In the 2010s, private equity was untouchable.
Every allocator wanted more.
30%+ IRRs, “alpha,” and a sense of exclusivity.
But behind that mystique was a model that relied on two things:
1.
Cheap debt
2.
Constant exits
Now both are broken.
Save as PDF
May 23
•
10 tweets
•
2 min read
The LBO is dead.
The biggest Private Equity Investors are now self-funding their buyouts.
Welcome to the era of Equity-Led Buyouts.
THREAD
The Golden Era of Debt Is Dead.
In the 2010s, cheap money fueled massive LBOs
It was textbook financial engineering:
- Load debt
- Slash costs
- Exit at a higher multiple
- That machine is stalling.
Save as PDF
May 14
•
12 tweets
•
3 min read
Special Forces operator built a $200M+ empire
From Iraq to Harvard to 100 car repair shops.
The insane story of Logan Leslie
🧵
The Opportunity No One Wanted
While searchers chased HVAC, SaaS, and dental clinics…
Logan Leslie went into a gritty niche: car repair.
Why?
→ Non-discretionary revenue
→ Aging sellers (60%+ over age
60)
→ Huge TAM: 100K fragmented shops across the US
→ Nobody competing for these deals
Save as PDF
May 11
•
9 tweets
•
3 min read
Wall Street banker bought a dying popcorn brand for $250K.
Sold it to Hershey for $750M.
The 3000x return playbook: 🧵
Charles Coristine loved Wall Street.
But after nearly 20 years, burnout hit.
He tried everything:
•Vegetarianism
•Meditation
•An MBA
Nothing helped. So he walked away.
Save as PDF
May 8
•
9 tweets
•
4 min read
$1.2 Trillion Opportunity in Private Equity:
Not biotech. Not crypto.
It’s ELECTRICITY INFRASTRUCTURE⚡️
Thread🧵
America is running out of electricity.
America’s electric grid is facing a massive supply-demand mismatch.
1.
Grid must grow +60% by 2030
2.
Electricity consumption is projected to increase by 15% by 2050.
3.
AI, electric vehicles, chip manufacturing and aging buildings are driving energy demand far beyond what our grid can handle.
4.
At the same time, 80% of buildings that will exist in 2050 are already standing and most are terribly inefficient.
Save as PDF
May 1
•
9 tweets
•
2 min read
Venture Capital is dead.
Long live Private Equity.
Lightspeed. Thrive. a16z. Sequoia.
They’re buying and rolling up companies like Private Equity giants.
Silicon Valley is turning into Private Equity Valley🧵👇
Game Changer: Lightspeed becomes an RIA
Lightspeed Venture Partner has officially registered as a Registered Investment Advisor (RIA).
This is not just a legal formality.
It is a tectonic shift.
It means Lightspeed can now invest without limits in:
✔️ Public stocks
✔️ Secondary shares
✔️ Private equity-style buyouts
✔️ Roll-ups
They can now act like Blackstone in a hoodie.
Save as PDF
Apr 27
•
13 tweets
•
4 min read
Bought for $360M.
Sold for $6.1B.
Welcome to the new age of sports private equity.
Here's why Investors are flooding into sports👇
In 2002, Wyc Grousbeck bought the Boston Celtics for $360 million.
In 2025, he sold the team for $6.1 billion, the highest NBA sale ever.
That's a 17x return!
But why are valuations exploding?
Save as PDF
Apr 26
•
10 tweets
•
2 min read
Barbarians at the Sluice Gate
KKR is trying to turn sewage into gold.
They’re betting $4B on rescuing UK's most broken utility.
The boldest move of the year 🧵
The Target: Thames Water
- 16M customers
- £20B debt stack
- Raw sewage dumping into the Thames
- Shareholders walked away
- Political pressure at boiling point
Most investors would run.
KKR doubled down.
Save as PDF
Apr 25
•
11 tweets
•
2 min read
One man vs $50B oil giant
In one hour, he changed everything.
No shouting.
No threats.
Just a cold plan and $2.5B to back it up.
Wall Street’s most ruthless activist:
John Pike doesn’t bluff.
The Elliott Management partner just launched one of the most aggressive proxy fights the energy sector has seen in years
This is how Pike is reshaping the future of oil giants like Phillips 66 and BP:
Save as PDF
Apr 23
•
6 tweets
•
1 min read
Thoma Bravo just pulled off the ultimate $10B deal:
The flight software empire inside Boeing
Thread👇
What was acquired?
Jeppesen (aviation data pioneer since
1934)
AerData (aircraft records, lease mgmt)
OzRunways (pilot app for Australia)
Together = the digital core of commercial flight ops.
Save as PDF
Apr 13
•
9 tweets
•
2 min read
The King of Bankruptcy.
Wilbur Ross made billions buying bankrupt companies.
Here’s his distressed investing playbook🧵👇
Ross Wilbur hunted collapse.
His edge: mastering Chapter 11 and turning chaos into cashflow.
He wasn’t buying companies — he was buying control, leverage, and optionalities others ignored.
Save as PDF
Apr 12
•
9 tweets
•
2 min read
Imagine if forests became more valuable than real estate.
And carbon credits outperformed SaaS.
Here’s how a new wave of PE funds is quietly scaling nature.
Thread 🧵
Nature is no longer just a cause.
It’s becoming a core business strategy — and one of the most underpriced asset class on Earth.
Over 50% of global GDP depends on nature.
But 97% of nature-based projects still lack private capital (EIB, 2023).
That’s not a gap.
That’s a generational opportunity.
Save as PDF
Apr 5
•
15 tweets
•
3 min read
Private Equity’s Worst Nightmare.
Oxford professor Ludovic Phalippou ran the PE numbers.
What he found shocked Parliament.
He’s the reason Norway’s $1.5T fund rejected private equity.
Here’s what he found and why it still matters 🧵
In 1998, Ludovic Phalippou landed in LA with a scholarship and a suitcase.
At USC, he crushed his economics PhD — and was stunned by how open the U.S. system was.
In France, he says, your background limits your future.
In America? "No one cares. You just go."