YouSaid · the spoken record

Kyle Grieve

lines on the record: 68
first: 2026-05-31
most recent: 2026-05-31
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Thai decade period of success. Subsidiaries can tap into Lyft From get expertise on certain issues that they've maybe had problems with. See is bigger and bigger Pool of different people with different expertise to draw from. Solve Than maybe just an Could on their own”
2026-05-31 · We Study Billionaires · TIP819: Lifco AB (LIFCO-B.ST): The Serial Acquirer Building an Unstoppable Compounding Engine w/ Kyle Grieve & Shawn O'Malley · IDENTIFIED FROM THE TRANSCRIPT
“The segment has 23% margins, so again, very high. Now, I want to just pause here to note that actually since the system solution segment continues to grow, management just announced during their Q1 2026 earnings call that they're actually going to be separating the environmental technology and the transportation products division into their own segment going into future earnings releases.”
2026-05-31 · We Study Billionaires · TIP819: Lifco AB (LIFCO-B.ST): The Serial Acquirer Building an Unstoppable Compounding Engine w/ Kyle Grieve & Shawn O'Malley · IDENTIFIED FROM THE TRANSCRIPT
“Renovating, and lining removal. The crane and excavator attachments allow a single piece of machinery to be used for multiple purposes. Now the applications for this division are in things like construction, earthwork, snow clearing, demolition, pipe and cable laying, and even forestry work. This segment has very nice and high margins at about 24%. Now the final segment is a system solutions, which is the largest segment by revenue at about 54% of total sales. So it has five divisions versus contract manufacturing. Then you have environmental technology, infrastructure products, special products, and transportation products. So the system solution segment pretty much focuses on business-to-business companies and other very niche areas. Products and services include things like specialized manufacturing and pharmaceutical equipment, recycling machinery, electrical installation equipment, niche manufacturing, specialization, and then products for vehicle interior.”
2026-05-31 · We Study Billionaires · TIP819: Lifco AB (LIFCO-B.ST): The Serial Acquirer Building an Unstoppable Compounding Engine w/ Kyle Grieve & Shawn O'Malley · IDENTIFIED FROM THE TRANSCRIPT
“Systems records in Europe. So this segment is attractive because it tends to be non cyclical and allows for very steady demand regardless of what's happening in the world or what kind of macroeconomic conditions we're in. Now this segment sports about 21.6% margins. Next is a demolition and tools segment. So this is the segment that I referred to earlier that Brock is a part of. So it develops and manufactures and sells specialized equipment for the reconstruction, demolition, and infrastructure industries. It's comprised of about three divisions. You got the remote control demolition robots, which are sold under the Brock Group, which makes them about 24% of sales. You got Crane and Excavator attachments, which make about 59% of sales. And then finally, you just got other niche machineries, which is about 16% of sales. Now, the remote-controlled robots basically allow machines to go places that humans can't. They can handle really incredibly hot and stressful conditions. So the robot's use case are for things like demo.”
2026-05-31 · We Study Billionaires · TIP819: Lifco AB (LIFCO-B.ST): The Serial Acquirer Building an Unstoppable Compounding Engine w/ Kyle Grieve & Shawn O'Malley · IDENTIFIED FROM THE TRANSCRIPT
“Absolutely. So the dental segment basically does things such as delivering consumables, equipment, and technical services to dentists primarily in Europe, but they have some operations outside mainly in the US as well. Now, even though I said LyftCo was not like constellation, they actually do have a very small IT software segment inside of the dental segment, but it's only 5% of the revenue. The other segments are distribution at about 54%, manufacturing at 25%, and dental technology at 16%. Now, companies in the dental segment manufacture and or sell specialized dental products. So these are things like dentures, disinfectants, saliva injectors, bite registration materials, and dental impression materials. I know that's a lot of stuff, but you know, when you go to a dentist and they use all these small instruments on you, they have to come from somewhere and LyftCo would be one of the suppliers of those materials. Now they also provide dental technology solutions and meta.”
2026-05-31 · We Study Billionaires · TIP819: Lifco AB (LIFCO-B.ST): The Serial Acquirer Building an Unstoppable Compounding Engine w/ Kyle Grieve & Shawn O'Malley · IDENTIFIED FROM THE TRANSCRIPT
“With Lyfto as well, taking margins from 2% to 8% in just four years. Now, I think Carlson was just as important as Bennett because he really helped instill a lot of the decentralization that I think Liftco still exudes today. Now I'll end this history lesson by mentioning a very few fascinating things about Frederick Carlson. So he ended up leaving Lifco in 2019 after a dispute regarding his bonus. Now, on the day that he was actually fired, Liftgold's shares went down 10% once they found out about the firing. And at this time, Carlson picked up his phone. He called his broker and he actually bought more Lyftgo shares. So this is generally, you know, unheard of for a CEO who's just removed by the board to do, but he had just so much conviction in the business and in LyftCoe's new CEO, Pair Waldemarson, that he just couldn't help himself. But, you know, his track record was incredible, I would say. I mean, I don't know what other word you can really use when you look at the types of earnings growth that he had while in command. So he compounded earnings at 25%.”
2026-05-31 · We Study Billionaires · TIP819: Lifco AB (LIFCO-B.ST): The Serial Acquirer Building an Unstoppable Compounding Engine w/ Kyle Grieve & Shawn O'Malley · IDENTIFIED FROM THE TRANSCRIPT
“Quite simple, just raise prices. So the business had actually not raised prices in 10 years. So they viewed that as kind of just a low hanging fruit that was available to them to just increase margins and increase profits. Now, Gating eventually went public, and in 1995, they purchased a business called Lick Care AB. And that was a business that specialized in purchasing metal equipment and services. Now, initially, the thought process was that Lick Care would complement Gating's product offerings, but that never ended up actually materializing. Instead, Bennett decided to keep both businesses, but run them separately. So in 1998, Lit Care was actually spun out and became Lyftgo. Now Lyftgo's infancy, it basically focused primarily on selling dental products. Now, at this time, LyftCo had single-digit margins, and Bennett realized that he needed help getting those margins up. So he found this gentleman named Frederick Carlson, who had taken another business from 0% to 10% margins in less than five years. Now Carlson ended up working in a very similar magic.”
2026-05-31 · We Study Billionaires · TIP819: Lifco AB (LIFCO-B.ST): The Serial Acquirer Building an Unstoppable Compounding Engine w/ Kyle Grieve & Shawn O'Malley · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so it's been a very, very successful business, both privately and publicly. So since 2014, which was when it IPO'd, it's grown earnings by about 14% per annum with a total return including dividends of about 15%. So very, very good returns. Now, one key person in the history of LyftCo is a man named Carl Bennett, who is still the chairman of LyftCoe's board. So I think his story really matters because Lifco has largely followed the DNA, which Bennett instilled into the business back in its early days. So what happened here was Bennett basically started with serial choirs all the way back in the 1980s with this business called Getting. Now, this was a carve-out of one of Electro Lux's divisions. Now, Getting was run in a very unique way. So they practiced very, very disciplined capital allocation. And within the first year, they already brought to actually turn Gatinj around, I think, from probably kind of an unprofitable business into improving its margins quite drastically. Now, one of their primary strategies was...”
2026-05-31 · We Study Billionaires · TIP819: Lifco AB (LIFCO-B.ST): The Serial Acquirer Building an Unstoppable Compounding Engine w/ Kyle Grieve & Shawn O'Malley · IDENTIFIED FROM THE TRANSCRIPT
“I don't get too carried away because we have a ton to unpack with Lifco. So I'll rein myself in. But I did just want to reflect a little bit on the serial acquirer model generally. But how about we get started by examining the history?”
2026-05-31 · We Study Billionaires · TIP819: Lifco AB (LIFCO-B.ST): The Serial Acquirer Building an Unstoppable Compounding Engine w/ Kyle Grieve & Shawn O'Malley · IDENTIFIED FROM THE TRANSCRIPT
“It is, but it's really not. We've seen this across so many different geographies and market types and so many different companies that are running this acquirer playbook. And we've seen a ton of serial acquirers just do this playbook very well for many years. And actually, for whatever reason, there's a very large concentration of them in Sweden in particular, which is where Lyftko is from. And so the reason the model can be sustainable, I think, is that you often have founders who are looking to cash out as they age because they have no heirs to hand the business off to and maybe their kids are interested in doing something else. And if you've owned some dental practice for three decades, if you want to retire, then you need to sell your stake in it. You have to cash out. And so that's where the serial acquires can come in and typically buy businesses for cheaper multiples than you see in public markets while providing the liquidity that a business owner really needs.”
2026-05-31 · We Study Billionaires · TIP819: Lifco AB (LIFCO-B.ST): The Serial Acquirer Building an Unstoppable Compounding Engine w/ Kyle Grieve & Shawn O'Malley · IDENTIFIED FROM THE TRANSCRIPT
“Up front. And so that's why I say. Business model in an intuitive sense feels like it shouldn't exist or shouldn't exist with the degree of success That so many serial acquirers have had because you have to consistently find these win win deals for both sides. And yeah, you would think it would be rarer.”
2026-05-31 · We Study Billionaires · TIP819: Lifco AB (LIFCO-B.ST): The Serial Acquirer Building an Unstoppable Compounding Engine w/ Kyle Grieve & Shawn O'Malley · IDENTIFIED FROM THE TRANSCRIPT
“Entering into direct negotiations with often the founder. The business. And for this model to work well, you've got to convince them to sell probably their life's work at a very reasonable price. You. Otherwise, as the acquirer, you're going to put yourself in a tough position to earn. Satisfactory returns over time if you overpay”
2026-05-31 · We Study Billionaires · TIP819: Lifco AB (LIFCO-B.ST): The Serial Acquirer Building an Unstoppable Compounding Engine w/ Kyle Grieve & Shawn O'Malley · IDENTIFIED FROM THE TRANSCRIPT
“And the thing is, these private Bus To sell themselves to a serial acquirer, right It's not like you can just Accumulate shares in the public market”
2026-05-31 · We Study Billionaires · TIP819: Lifco AB (LIFCO-B.ST): The Serial Acquirer Building an Unstoppable Compounding Engine w/ Kyle Grieve & Shawn O'Malley · IDENTIFIED FROM THE TRANSCRIPT
“This is a super, super niche business in an even more niche market. So Brock claims have about 70% market share in the global small demolition robot market. The market is valued at only $250 million, but the business while under LyftGo has grown its margins past 30%. Now, one interesting part about serial choirs to really understand is just how powerful organic growth is. Generally, what happens with cereal acquires is as they scale, organic growth just has a lower and lower impact. And if you can really just eke out 1 to 2% organic growth, you're certainly on the right track. Now Lyftco, luckily, is still small enough that it actually has quite a good amount of organic growth left. So in 2025, they still had 4.2% organic growth, which I think shows that they're able to still buy businesses at the right price and that these businesses still have some really good growth potential left in them to continue growing organically over time as LyftCo owns them.”
2026-05-31 · We Study Billionaires · TIP819: Lifco AB (LIFCO-B.ST): The Serial Acquirer Building an Unstoppable Compounding Engine w/ Kyle Grieve & Shawn O'Malley · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so LyftCo is actually a pretty simple business. If you look at it through the three distinct operating segments, which are dental, demolition, and tools and systems and solutions. Now, what makes LyftCo unique, I think, is a few things. So first, it focuses on acquiring small and medium-sized niche industrial businesses that sell pretty much worldwide. Second, the businesses must be cash flow positive so it can feed the mothership with more and more acquisition capital. Third, they have this very, very long-term focus on all their businesses, whether you're thinking like high term from the mothership level all the way down to each subsidiary. And then unlike your typical PE firm, you know, they're just not interested in acquiring a business, firing half the staff just to increase margins, then flipping it for a profit in a few years' time. They really are in it for the long haul. So one very good example, just so you understand kind of what a LyftCo business is like, is a business called Brock. So it's a company that actually manufactures demolition robots. Now, as you can guess,”
2026-05-31 · We Study Billionaires · TIP819: Lifco AB (LIFCO-B.ST): The Serial Acquirer Building an Unstoppable Compounding Engine w/ Kyle Grieve & Shawn O'Malley · IDENTIFIED FROM THE TRANSCRIPT
“That is correct, Sean. So I began researching LyftCo back in about 2022, and I wrote about it on my sub stack before I ended up joining TIP. And funny story. So I actually remember checking my subscribers back then and seeing that their CEO, Harry Waldemarson, had actually subscribed to my sub stack, which I was quite proud of at the time. But as you alluded to, LyftCo is definitely not what you would consider a traditional software business. So you and Daniel covered constellation software and it's family of spin-offs. But LyftCo is probably about as far away from those types of businesses as you can get. While the businesses themselves are different than a constellation or even a chapters group, LyftCo actually does share quite a few similarities, including things like having these distinct groups within it, the fact that it's a decentralized business structure, very disciplined capital allocation, very high and sustainable capital efficiency metrics, the conservative use of debt, as well as a very strong corporate governance structure.”
2026-05-31 · We Study Billionaires · TIP819: Lifco AB (LIFCO-B.ST): The Serial Acquirer Building an Unstoppable Compounding Engine w/ Kyle Grieve & Shawn O'Malley · IDENTIFIED FROM THE TRANSCRIPT
“And this signals market beating capital efficiency, which they've accomplished and are continuing to expand on. And what really surprised me was that they haven't diluted shareholders at all while scaling this business up and compounding free cash flow well above 20% since going public.”
2026-05-31 · We Study Billionaires · TIP819: Lifco AB (LIFCO-B.ST): The Serial Acquirer Building an Unstoppable Compounding Engine w/ Kyle Grieve & Shawn O'Malley · IDENTIFIED FROM THE TRANSCRIPT
“Today, we discussed one of the Titans of Cyril Choirs, a company with over 275 acquisition under its belt, and no, it's not a vertical market software acquirer. These companies are in niche industrial markets like demolition robotics.”
2026-05-31 · We Study Billionaires · TIP819: Lifco AB (LIFCO-B.ST): The Serial Acquirer Building an Unstoppable Compounding Engine w/ Kyle Grieve & Shawn O'Malley · IDENTIFIED FROM THE TRANSCRIPT