loader from loading.io

Cultural Fit Over EBITDA: How Salas O'Brien Built a 30-Merger Program Without a Single Failure

M&A Science

Release Date: 03/12/2026

CPG Due Diligence: The Operator Framework Behind a $1B Exit | Keith Levy Part 1 show art CPG Due Diligence: The Operator Framework Behind a $1B Exit | Keith Levy Part 1

M&A Science

Keith Levy backed an exit of just under $1B  and a $400M exit using the same five-pillar framework, and he starts with the founder every time. Finance comes last. As Operating Partner at Sonoma Brands Capital, Keith has spent six years evaluating consumer brands across food, beverage, pet food, snacks, and cosmetics. Before that he was CMO at Anheuser-Busch through the $52B InBev deal, president of Royal Canin USA for Mars, and the strategic acquirer who led the Kind acquisition at Mars Wrigley. He knows what the data room doesn't show you, and this conversation is built around that gap....

info_outline 400 Acquisitions and a Failed Process: What Happens When You Don't Integrate show art 400 Acquisitions and a Failed Process: What Happens When You Don't Integrate

M&A Science

Roll-up platforms that skipped real integration are getting exposed when they go to market. Buyers want proof of organic growth, clean data, and a platform that actually functions as one. A lot of processes are breaking down because those proof points aren't there. Matt James co-founded Oakbridge Insurance in 2020 and has since closed 60+ acquisitions, integrating 100% from day of close. This conversation covers how he built that system, what went wrong with billion-dollar competitors, and what he would fix first if he walked into a revenue-aggregating roll-up right now.  What You'll...

info_outline M&A Roll-Up Playbook: The IRR Framework That Replaced Budgets at Zayo | Dan Caruso (Part 2) show art M&A Roll-Up Playbook: The IRR Framework That Replaced Budgets at Zayo | Dan Caruso (Part 2)

M&A Science

This is Part 2 of our conversation with Dan Caruso, founder and former CEO of Zayo Group. Be sure to start with Part 1. It covers the Zayo thesis, deal sourcing, structure, and the negotiation playbook, whereas this episode picks up at the execution. Part 2 is about the equity value-creation framework Dan built at Zayo, applying the same IRR math PE firms use for their portfolio companies to daily operating decisions. It replaced budgets and tied every compensation decision to a single equation. It ends with the exit and how Dan put together a competing bid after a buyer consortium locked up...

info_outline M&A Roll-Up Playbook: How Zayo Did 45 Acquisitions and Sold for $14B | Dan Caruso (Part 1) show art M&A Roll-Up Playbook: How Zayo Did 45 Acquisitions and Sold for $14B | Dan Caruso (Part 1)

M&A Science

Dan Caruso built Zayo from a startup into a $14B+ bandwidth infrastructure platform through 45 acquisitions. In Part 1, he walks through the full buyer-led playbook: how the thesis was built on a contrarian bet that everyone else got wrong, how proprietary deals were sourced through early relationship-building, and why fast integration wasn't a reputation problem — it was a competitive advantage.  He also breaks down the metric trap most roll-up operators fall into: mistaking EBITDA growth for true value creation. If your board is tracking acquisitions individually or your deal...

info_outline Cross-Border M&A: Doing Deals in Latin America show art Cross-Border M&A: Doing Deals in Latin America

M&A Science

Most US buyers approach Latin America M&A the same way they do a domestic deal — optimize the process, close fast, move on. That approach gets deals killed. Rodrigo Dominguez Sotomayor, Partner at White & Case LLP, has spent 25 years closing transactions across every major Latin America market. In this episode, he walks through what actually determines outcomes: antitrust consent timelines, labor regimes that make post-close restructuring expensive, and the relationship dynamics that can unwind a billion-dollar deal a week before signing. What You’ll Learn In This Episode:  ...

info_outline Partnering Before Purchasing: How Booz Allen Wins Proprietary Deals Early show art Partnering Before Purchasing: How Booz Allen Wins Proprietary Deals Early

M&A Science

​​Booz Allen Hamilton didn't build one of the most active acquisition programs in federal tech by waiting for banker inbounds. They built it by showing up years before anyone else. Chrissy Cox has built Booz Allen's corporate development function from scratch and done it twice. Her team was named Deal Team of the Year by the Association for Corporate Growth, and under her leadership, roughly 80% of their acquisitions come from companies they already have a relationship with. That's not luck, it's a system. In this episode, she breaks down exactly how that system works — from pipeline...

info_outline Cultural Fit Over EBITDA: How Salas O'Brien Built a 30-Merger Program Without a Single Failure show art Cultural Fit Over EBITDA: How Salas O'Brien Built a 30-Merger Program Without a Single Failure

M&A Science

Salas O'Brien has completed 30+ mergers with a 100% success rate and 93% cumulative leadership retention.  That doesn't happen by accident. Nathan Rust, Senior VP of Corp Dev, explains the system behind those numbers. He shares how they screen bad fits on the first call, why their CEO meets every employee from acquired firms, and how a founder-driven sourcing flywheel attracts inbound deals. In this episode: You’ll learn how they screen 200+ opportunities a year down to the ones worth closing, why their initial diligence list is 10 questions, how reverse due diligence works as a real...

info_outline Cross-Border M&A: How to Do Deals in Italy with Mauro Sambati and Donato Romano show art Cross-Border M&A: How to Do Deals in Italy with Mauro Sambati and Donato Romano

M&A Science

Italy remains one of Europe’s most attractive markets for foreign investment. But cross-border deals in Italy are shaped by regulatory scrutiny, strict labor laws, and unique cultural dynamics that many investors underestimate.  In this episode, Mauro Sambati and Donato Romano, Partners at Gianni & Origoni, explain what it truly takes to structure and close successful transactions in Italy. What You’ll Learn in This Episode Why Golden Power must be structured as a condition precedent before closing How strict Italian labor laws impact asset deals and post-closing restructuring...

info_outline Four Questions That Defined a $1 Billion Deal with Robert Lovegrove show art Four Questions That Defined a $1 Billion Deal with Robert Lovegrove

M&A Science

When it comes to billion-dollar deals, success depends less on how much analysis is done and more on how clearly the organization aligns around what truly matters. In this episode of the M&A Science Podcast, Robert Lovegrove, President & CEO of The ChemQuest Group. Previously, as VP of Corporate Strategy at Milliken & Company, shares how one of the company’s largest acquisitions was shaped by focus, discipline, and internal alignment. Rather than overwhelming the process with more diligence, leadership centered the decision around four core questions that clarified risk, built...

info_outline Stop Falling in Love with the Deal: Guardrails for High-Volume Acquisitions with Birgitta and Lars Elfversson show art Stop Falling in Love with the Deal: Guardrails for High-Volume Acquisitions with Birgitta and Lars Elfversson

M&A Science

In fragmented industries, roll-ups are one of the most powerful strategies available. But high-volume acquisition programs come with hidden risks. Without discipline, complexity can quickly overwhelm value creation. In this episode, Birgitta Elfversson, Non-executive director at Netlight Consulting AB, and Lars Elfversson, VP/Co-Founder, Netlight Consulting AB, share hard-won lessons from building and governing multiple roll-up platforms. Drawing on their experience as operators, board members, and investors, they outline the structural guardrails required to execute consolidation strategies...

info_outline
 
More Episodes

Nathan Rust, Senior VP of Corporate Development, Salas O'Brien

Salas O'Brien has completed 30+ mergers with a 100% success rate and 93% cumulative leadership retention. 

That doesn't happen by accident.

Nathan Rust, Senior VP of Corp Dev, explains the system behind those numbers. He shares how they screen bad fits on the first call, why their CEO meets every employee from acquired firms, and how a founder-driven sourcing flywheel attracts inbound deals.

In this episode: You’ll learn how they screen 200+ opportunities a year down to the ones worth closing, why their initial diligence list is 10 questions, how reverse due diligence works as a real screening tool, and what CEO-led integration meetings mean for retention.

The core argument: Cultural fit isn't a soft metric. Believe it or not, it's the primary filter for deals. EBITDA tells you what you're buying, but people tell you whether it survives. 

If you run corp dev at a people-intensive business and wonder why your post-close retention doesn't match your pre-close promises, this episode is for you.

What You’ll Learn in This Episode

  • Why retention is one of the most overlooked risks in M&A
  • How cultural compatibility is assessed during early conversations
  • Why many buyers damage their reputation by retrading deals
  • How equity rollovers align incentives between buyers and sellers
  • Why simplicity in diligence often produces better results
  • How direct outreach and referrals drive proprietary deal flow
  • The role of reverse diligence in evaluating buyer credibility

This episode is sponsored by M&A Science

If you're struggling to retain founder-led leadership teams post-close, the Hub has frameworks for cultural integration and leadership retention to help you actually deliver on what you promised at signing. Get access at www.mascience.com/membership

_____________________

This episode is also sponsored by DealRoom

The best M&A teams close deals faster...not because they work harder, but because they have better systems. DealRoom helps you manage your entire deal lifecycle from target identification through close. No more hunting for documents or wondering what's blocking progress.

Request a Demo today: https://hubs.ly/Q03ZMvQX0 

____________________

Episode Chapters 

[00:04:40] Nathan's Background & How It Shaped His M&A Philosophy

[00:09:25] Why People Are the Primary Deal Filter

[00:11:23] The Three Screening Criteria on Every First Call

[00:16:51] Earnouts, Equity Rollover, and Employee Ownership

[00:21:21] Deal Sourcing: Employee Referrals, Buy-Side Reps, Direct Outreach

[00:33:37] How Introductory Calls Actually Run (And Why They're 90% Personal)

[00:42:10] The 10-Question Diligence List & Reverse Due Diligence  

[00:47:50] Valuation Philosophy — Fair Offers, No Retrading

[00:51:10] ESOP Deal Complexity & The Charlotte Deal Story

[00:55:00] Integration: Why the CEO Meets Every Employee

[00:57:44] The Craziest Thing in M&A