Buyers and Builders 38 Acquisitions Generating $2 Billion in Revenue | Eric Wiklendt Interview
Mar 10, 2026
Eric Wiklendt, a private equity operator and partner at Speyside Equity focused on lower-middle-market manufacturing buy-and-builds. He dives into messy manufacturing turnarounds, the fix-and-build two-phase playbook, fundraising and continuation vehicle decisions, and how operational value creation beats pure financial engineering. Short, tactical stories about transforming underloved industrials and scaling acquisitive platforms.
AI Snips
Chapters
Books
Transcript
Episode notes
Reduce Customer Concentration By Growing The Pie
- To reduce a valuation discount from customer concentration, grow other customers or top-line revenue so the large customer becomes a smaller share.
- Doubling total revenue can cut a 25% customer share down to ~12.5% without divesting the customer.
Fix First Then Build With A Six-Segment Portco Wheel
- Spaceside’s Portco Value Creation System has a two-phase Fix and Build wheel: phase one fixes operations across four areas; phase two drives commercial growth.
- The phase-one 80/20 focus is aligning and incentivizing management, rationalizing revenue, and optimizing operational footprint.
Align Management With Meaningful But Voluntary Equity
- Incentivize management with meaningful equity (typically 5–10% diluted) but don't force co-investment; offer voluntary co-invest options for alignment.
- Use TIPs and clear alignment so everyone rows the boat the same way.
