Anyone else seen this?
(I'll leave the name out for now...)
"Hi Greg,
We don't know each other, but I’m a serial entrepreneur about to start my next company. I have a strong thesis around your category and came across UpStar while doing some research. Thought I’d reach out to see if you would consider selling all (or a majority of) your business at this point.
To be clear, I’m not a private equity fund looking to fire your team and strip out all value from what you have clearly worked so hard to create. Quite the opposite: I’m trying to buy a business that I can be grown into a massive company in a space I believe in. If you have those ambitions for UpStar, let’s connect and see if there is a fit. "
hmm
Does this strike anyone else?
Not strange at all. It is called a Search Fund. Likely he will acquire the business, pump EBITDA and flip it to a PE or Strategic in 3-5 years.
https://en.wikipedia.org/wiki/Search_fund