$10m EBITDA After COVID Killed the Business | Nicolás Lulli of Colca Capital

Nicolas Lulli "grew up" at Relay Investments, a well-known fund in the traditional search fund world in the Prudential Tower in Boston. With their backing, he later acquired a $1m EBITDA business in Peru shortly before the pandemic. Peru was hard hit by the pandemic, not the least due to draconian government policies. So $1m EBITDA dropped to $0, before heavy-lifting turned it around to $10m and climbing. More on Nicolás Lulli:   / nicolaslulli   More on Polysistemas: https://polysistemas.com/ More on Colca Capital: https://www.colcacapital.com/ 00:00 Minds Capital Partners React to Interview with Nicolás Lulli 08:22 Interview with Nicolás Lulli Begins 09:19 Searcher to Sponsor Journey 12:17 Winning Big Contracts and Funding Growth 15:35 Submarine Ops Discipline 15:48 Building Performance Culture 21:26 Scaling Team and Regional Leadership 23:01 Rollup Strategy and Buyer of Choice 24:28 Exit Paths and Buyer Types 28:10 Real Estate Like Economics 30:12 Maximizing Value vs Narrative 34:16 One Stop Shop Differentiation 35:46 Bundling Services Strategy 36:14 Pandemic Forced Revenue Cuts 37:48 Brands Across Countries 38:33 Relay Apprenticeship Origins 39:46 Investing In Other Searchers 42:22 Building Andean Ecosystem 45:15 Culture And Cross Border Search 47:12 Latam Markets Versus US 51:44 Why US Capital Wins 55:02 2023 Recap And Liquidity 58:37 Pricing The Secondary 01:01:12 Returns Debate In Search 01:03:07 RIM Mafia Investor Network 01:04:26 Investor Support And Wrap Up ❤️ Enjoy this interview? SUBSCRIBE for more: ‪@mindscapital‬ CONNECT with the Minds Capital team: 👉 Minds Capital, where the hosts are partners: https://mindscapital.co 👉 Sign up for info on future fundraises: https://www.mindscapital.co/investors 👉 Connect with host Will Smith: https://linktr.ee/acquiringminds 👉 Connect with host Niklas James: https://linktr.ee/niklasjames 🎧 Podcast on Spotify: https://open.spotify.com/show/32K3aO9... 🎧 Podcast on Apple: https://podcasts.apple.com/us/podcast... ABOUT the Minds Capital Podcast: MCP is a podcast about the growing world of independent sponsors & deal-by-deal private equity. Hosts Will Smith and Niklas James are partners in Minds Capital, a fund that invests in independent sponsor deals. New episodes every week. Credits: Edited by Anton Rohozov