The LAB: Value Creation in Private Equity

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Jun 2026

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About the show

Go behind the scenes with Nick Creasey and Scott Estill as they sit down with the business executives that are operating on the front lines for private equity's value creation operational goals. Lessons learned and key takeaways from those driving transformational change in world-class organizations.

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30 recent

June 8, 202623 min

Episode #29: Building Durable Businesses in the Lower Middle Market w/Maxim Tcherner

Maxim Tcherner of Fengate joins The LAB to discuss lower middle market private equity, founder alignment, durable value creation, and what it takes to build businesses that can scale.Institutional quality can create an edge in the lower middle market.Maxim explains how Fengate brings experience from larger-cap investing into smaller, founder-led businesses without losing the hands-on partnership required at that stage.Alignment has to go beyond incentives.Financial alignment matters, but Maxim emphasizes that alignment around the business plan, value creation strategy, and growth thesis is just as important.Value creation is about accelerating growth, not just optimizing structure.For Fengate, the most compelling opportunities are businesses that can grow faster than their markets, gain share, and use M&A to reinforce what already makes them special.Integration matters more than accumulation.Maxim cautions against simply stacking EBITDA through acquisitions. Fengate looks for industrial logic, commercial fit, and true integration across platforms.Momentum is powerful, but timing the market is not the strategy.The goal is to build enduring, durable businesses while recognizing when windows of opportunity require urgency.

May 13, 2026Episode 2827 min

Episode #28: The People Problem in Private Equity Value Creation w/Meg Poag

Two-thirds of M&A transactions destroy value. Not because of bad models—but because of people.In this episode, Meg Poag (Founder, Mission Squared) breaks down the real reasons deals fail after close: misaligned expectations, unclear authority, cultural friction, and the psychological blind spots of founders and investors alike.From “dating before marriage” to the neuroscience of decision-making, Meg explains why emotion clouds judgment, why founders resist feedback, and how small gaps in alignment turn into full-scale value destruction.If you’re involved in buying, selling, or operating businesses, this episode is a masterclass in the human side of value creation.

March 9, 202626 min

Episode #27 - Value Creation Through GTM Systems w/Rachel Lawler

In this episode of #TheLAB Podcast, Scott and Nick sit down with Rachel Lawler, Founder of Aperture Growth, to discuss what actually drives value creation inside private equity-backed businesses.Rachel shares her structured approach to diagnosing operating model friction across enterprise value creation, operations, tech stack, and integration. From technical debt and brittle systems to management alignment and automation, she explains why growth often exposes weaknesses instead of creating value.They cover:Why technical debt is often a Day One billHow to stress test an operating model before scalingWhy two-thirds of CEOs don’t survive a hold periodThe difference between a go-to-market function and a go-to-market systemWhy labor often substitutes for poor system designWhen PE firms should walk away during diligenceIf you care about repeatable growth, clean data, operational visibility, and building businesses that can exit without the founder — this episode is for you.

January 27, 202630 min

Episode #26 – Founder-Led Scale in a PE-Backed World w/ Chuck Canton

Chuck Canton is a founder-operator who has lived every stage of the entrepreneurial journey — from running a deck-staining business in college to helping scale and sell a $70M+ communications company to Vonage, and ultimately to founding SourcePass, now a $100M+ managed services platform.In this episode, Chuck breaks down what it actually takes to scale a services business in a fragmented market. He shares hard-earned lessons on capital strategy, M&A execution, founder-led culture, and why most entrepreneurs underestimate the cost of time, distraction, and misaligned investors.This conversation is a masterclass for founders, operators, and private equity professionals navigating growth, capital, and scale in IT services and beyond.

January 5, 202625 min

Episode #25: The Pre-Middle Market Advantage - Finding Value Others Miss w/ Mason Myers

In this episode of The LAB Podcast, we sit down with Mason Myers, Founder of Greybull Stewardship, to explore how his firm consistently generates outsized returns in the pre-middle market—companies below $25M enterprise value and under $5M EBITDA.Where most investors see risk, Greybull sees opportunity: strong business models with proven product–market fit, but lacking the execution muscle to scale. Mason walks us through their business-model-first investment strategy, their differentiated sourcing approach, and the operating frameworks that help small companies become true mid-market platforms.We explore Greybull’s eight-step strategy process, how they reduce development risk during diligence, why their hold periods extend 7–10 years, and how they bring functional expertise to companies too small to build that capability internally.Mason also shares a standout case study: a continuing-education business they helped transform from $1.4M to $6M EBITDA, shifting from in-person workshops to online subscriptions, expanding recurring revenue from 0% to 90%.This is a masterclass in value creation for small companies with big potential.------The opinions referenced are as of the date of the publication and are subject to change without notice. This material is for informational use only and should not be considered investment advice. This is not an offer to sell, or a solicitation of an offer to purchase any fund managed by Greybull. Such an offer will be made only by an Offering Memorandum, a copy of which is available to qualifying potential investors upon request. Greybull is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about Greybull's investment advisory services can be found in its Form ADV Part 2 which is available upon request. The opinion expressed are those of Greybull.

November 20, 2025Episode 2426 min

Episode #24: Building Healthcare Platforms That Scale w/ Mark Gormley of Lee Equity Partners

In this episode of The LAB: Value Creation in Private Equity, Scott and Nick sit down with Mark Gormley, Founding Partner at Lee Equity Partners, to discuss how private equity can build lasting value in healthcare services.Mark walks through his background in financial services and his 25+ years investing in healthcare, offering an inside look at how Lee Equity approaches physician practice management (PPM) and healthcare roll-ups. The conversation dives into Solaris Health, one of Lee Equity’s standout success stories, exploring what made it work when so many PPM deals fail to scale.The episode breaks down:Why PPM roll-ups are among the hardest in private equityHow Lee Equity built Solaris into a national urology leader with 800+ providersThe balance between integration and physician autonomyLessons from cross-pollinating leaders and best practices across portfolio companiesIt’s a masterclass in how to build a real business, not just aggregate EBITDA.

November 6, 202527 min

Episode #23: Building Fintech Infrastructure for the Future w/ Rob Heyvaert of Motive Partners

In this episode of #TheLAB, Scott Estill and Nick Creasey sit down with Rob Heyvaert, Founder and Managing Partner at Motive Partners.Rob shares the arc of his career, from engineering the algorithm that powered the Euro’s clearing and settlement system, to building and scaling CAPCO, to founding Motive Partners, and the philosophy behind his firm’s success: combining investors, operators, and innovators to drive alpha in fintech.They discuss:How deep operational experience differentiates investors in financial technology.Why WealthTech, particularly in private market infrastructure, is ripe for disruption.The concept of a “frictionless network” connecting private markets, and why wealth advisors, investors, and entrepreneurs alike aren’t ready for the shift ahead.Rob’s take on staying curious, the future of AI in financial services, and the discipline of knowing when not to act first.

October 22, 202524 min

Episode #22: Lessons from the Edge: Special Situations & Value Creation w/ Ari Lefkovits from Delos Capital

Ari Lefkovits from Delos Capital joins #TheLAB to unpack how his firm merges restructuring expertise with private equity investing to unlock value in complex situations.From his time at Lazard to his current role at Delos, Ari explains how early preparation, coalition-building, and cultural alignment can turn distressed assets into success stories.We cover:How and when to act when “yellow lights” start flashingWhy culture often matters more than capital structureCommon mistakes sponsors make in special situationsHow Delos balances advisory work and investment rolesA candid look at the intersection of capital solutions, partnership, and transformation in today’s private markets.

October 7, 202523 min

Episode #21: The Oxymoron of Liquid Private Equity w/ Jean-Louis Lelogeais & Randy Cohen

On this episode of The LAB Podcast: Value Creation in Private Equity, we sit down with Jean-Louis and Randy; two longtime friends and industry veterans who are redefining how investors access private equity.Jean-Louis, co-founder of SVP, and Randy, a professor with deep roots in alternative investing, share how their journey led to building a business around what some call an oxymoron: liquid private equity.We cover:Why private equity has historically outperformed public marketsThe challenge of liquidity and the innovation behind “liquid PE”How CIOs, institutions, and even retail investors can integrate this modelThe democratization of access to PE-type returnsThis conversation explores the future of portfolio construction and why liquid private equity may be the next major innovation in the industry.

September 22, 202529 min

Episode #20: From CEO to Operating Partner: Lessons Across 30+ Companies w/ John Ioannou

In this episode of The LAB Podcast, we sit down with John Ioannou, a rare executive who has worn nearly every hat in the private equity ecosystem: CEO, chairman, operating partner, and investor.John shares how his dual perspective as both operator and partner shaped his approach to building trust with management teams, why culture and leadership are just as critical as financial diligence, and how AI is reshaping competitive moats across industries.We cover:The evolving role of operating partners in private equityLessons from leading three roll-ups across different industriesWhy integration, culture, and leadership can make or break enterprise valueThe importance of mentorship as a force multiplier for talentWhether you’re an investor, operator, or board member, John’s insights provide a roadmap for creating sustainable enterprise value in today’s market.