Capital Allocators – Inside the Institutional Investment Industry Alex Sloane & Matt Perelman – Buy-and-Build Playbook in the Core Economy at GSP (EP.499)
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Apr 27, 2026 
Alex Sloane, co-founder of Garnett Station Partners and former Burger King operator, and Matt Perelman, his co-founder with deep roll-up experience, walk through their buy-and-build playbook. They discuss scaling a franchise to national scale, finding lighthouse businesses, moving fast in fragmented markets, integration systems, disciplined capital allocation, and when to layer on debt to grow platforms.
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IPO High Then COVID Low And Recovery
- The public listing felt brilliant one day and catastrophic months later during COVID, with shares falling from $8.35 to $0.98.
- They navigated liquidity stress, lender pressure, then recovered the company through new leadership and operational fixes before exit.
Buy Founder Businesses With Proven Cycles
- Do invest in founder-owned, multi-cycle businesses and prioritize founder integrity as part of your quality bar.
- GSP will buy single-unit businesses (as small as $1m EBITDA) if the founder, track record through cycles, and margins meet their heuristics.
Use A Lighthouse Business To Standardize Diligence
- A lighthouse business defines quality metrics for a consolidation theme so you can rapidly signal buy/no-buy and price.
- Once you map three critical industry numbers, you can move quickly and make fast IOIs across fragmented targets.
