2 Years to $40m: The Anatomy of a High-Velocity Roll-up

August 11, 2025
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oday's guest has traveled a long way to get where he is.

Luis Reyes grew up in the Mexican countryside and didn't get his first pair of shoes until age 5.

Today, he's leading one of the most active roll-ups I've seen:

$8m of EBITDA in 2 years.

Luis and his team are building Iberian Ventures, or IBV, a consolidation of fire safety businesses across Spain.

They're blanketing the country, dispatching young, hungry former consultants to meet owners and find targets.

It is high-volume and high-velocity; they've acquired 24 businesses in as many months. Aggregate revenue stands at almost $40m.

And they want to double that in the next year and a half. They've raised capital from a German family office to do so.

So you're going to get a look inside an aggressive, entrepreneurial roll-up.

I say “entrepreneurial” — listen for the origin story of this business. Luis and his partners raised just about $1m for their first acquisition, a poultry distribution business.

It wasn't initially clear exactly what they would build. They just knew they wanted to buy a platform and go from there.

Only later did the thesis around fire safety emerge, at which point they became super focused and highly acquisitive.

Also note the conversation around operations and AI. Luis, exposing his background as a developer, talks about being "AI first", and we get into how they are leveraging the technology.

If you are drawn to this style of rolling up an industry, also see episode 308 with Jordan Dubin, who's doing something similar stateside in garage door service.

Finally, you'll hear my co-host Niklas James in this interview. That's because this was actually published first on the Minds Capital Podcast, where we feature stories of entrepreneurial private equity like this one with Luis. For more such stories, check it out: The Minds Capital Podcast.

OK, here is Luis Reyes, founder and managing partner of IBV.

Read MoreStories

2 Years to $40m: The Anatomy of a High-Velocity Roll-up

When Luis Reyes bought a small fire safety business, he saw an opportunity. 24 acquisitions later, he's at $8m EBITDA.

Key Takeaways

Introduction

Listen to the introduction from the host
T

oday's guest has traveled a long way to get where he is.

Luis Reyes grew up in the Mexican countryside and didn't get his first pair of shoes until age 5.

Today, he's leading one of the most active roll-ups I've seen:

$8m of EBITDA in 2 years.

Luis and his team are building Iberian Ventures, or IBV, a consolidation of fire safety businesses across Spain.

They're blanketing the country, dispatching young, hungry former consultants to meet owners and find targets.

It is high-volume and high-velocity; they've acquired 24 businesses in as many months. Aggregate revenue stands at almost $40m.

And they want to double that in the next year and a half. They've raised capital from a German family office to do so.

So you're going to get a look inside an aggressive, entrepreneurial roll-up.

I say “entrepreneurial” — listen for the origin story of this business. Luis and his partners raised just about $1m for their first acquisition, a poultry distribution business.

It wasn't initially clear exactly what they would build. They just knew they wanted to buy a platform and go from there.

Only later did the thesis around fire safety emerge, at which point they became super focused and highly acquisitive.

Also note the conversation around operations and AI. Luis, exposing his background as a developer, talks about being "AI first", and we get into how they are leveraging the technology.

If you are drawn to this style of rolling up an industry, also see episode 308 with Jordan Dubin, who's doing something similar stateside in garage door service.

Finally, you'll hear my co-host Niklas James in this interview. That's because this was actually published first on the Minds Capital Podcast, where we feature stories of entrepreneurial private equity like this one with Luis. For more such stories, check it out: The Minds Capital Podcast.

OK, here is Luis Reyes, founder and managing partner of IBV.

About

Luis Reyes

Luis Reyes
Luis Reyes

Show Notes

Episode Transcript

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