M&A Science

Birgitta Elfversson, Non-executive director at Netlight Consulting AB
Lars Elfversson, VP/Co-Founder, Netlight Consulting AB
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 successfully.
The conversation goes beyond sourcing and valuation to issues that determine long-term success.
What you'll learn:
Why small pipelines create dangerous decision pressure
How subtle drift reshapes portfolios over time
The importance of defining and defending an acquisition framework
Why most roll-ups fail because of people, not numbers
How inconsistent integration across acquisitions compounds complexity
Why clarity (whether full, partial, or no integration) must be defined early and communicated clearly
They also discuss governance discipline, board oversight, founder psychology, and the realities of market timing and exit decisions.
If you're building or advising a roll-up platform, this episode is a practical guide to avoiding deal fever and installing the guardrails that protect strategy.
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This episode is sponsored by DealRoom
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Become an M&A Scientist: www.mascience.com/membership - $995/year for full access to the Intelligence Hub
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Episode Chapters 
[00:02:38] From Organic Builder to PE Rollups – Lars and Birgitta contrast building companies 100% organically vs. scaling through programmatic M&A.
[00:10:07] Validating the Rollup Thesis – How PE firms test market fundamentals, recruit operators, and pressure-test early industry hypotheses.
[00:13:02] Defining the Acquisition Framework – Setting guardrails on size, profitability, services, and integration logic before chasing deals.
[00:15:46] Avoiding Deal Fever with Massive Pipelines – Why long target lists prevent desperation, strategy drift, and "must-win" mistakes.
[00:21:07] Saving Your Silver Bullets – How board members influence management without overplaying authority or derailing alignment.
[00:23:43] Why Deals Go Off the Rails – How incentives, scarcity, and human bias quietly nudge teams away from original criteria.
[00:29:10] Picking the Right Companies to Buy – The three core filters: business model, size compatibility, and profitability profile.
[00:46:06] Integration Depth Drives Exit Value – Why partial integration destroys valuation and how buyers now scrutinize ERP, systems, and operational cohesion.
[01:01:56] Signing 27 Deals in One Day – A firsthand look at high-velocity rollups and the operational intensity behind scaling platforms.
[01:02:37] The Craziest Thing in M&A – Accounting "creativity," forward-recognized revenue, and a deal so distorted it forced a divestiture and loss.
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Questions, comments, concerns?Follow Kison Patel for behind-the-scenes insights on modern M&A.

No guest today. No interview. Just Kison talking directly to you.
After 400 episodes and nearly 100 founding members, Kison wanted to give you a real update - where M&A Science has been, what we're building, and where this is going.
In this episode:
Why episodes are moving to Thursdays
How the Intelligence Hub actually works (and why it's better for M&A than ChatGPT)
What's coming next: Buyer-Led M&A Certification and Enterprise Intelligence Hub
Ways to get involved: Membership and the Deal Leader program
If you've been part of this journey, this one's for you.
Ready to join? Become an M&A Scientist: www.mascience.com/membership - $995/year for full access to the Intelligence Hub, live sessions, and practitioner community.
Limited time: Become a member by March 1st, get $100 to the M&A Science shop. 
Want to contribute? Become a Deal Leader (20+ deals required): Email [email protected]

Ciprian Stan, M&A Integration Manager at SALESIANER Gruppe
Too many deals fail not because the strategy was wrong, but because execution realities surfaced too late.
Ciprian Stan, M&A Integration Manager at SALESIANER Gruppe, is back for part 2. In this portion of the interview, he shares a practitioner's perspective on why integration must inform strategy before a deal is signed, never after.
The conversation explores why cultural non-negotiables rarely surface through checklists, how trust shapes execution outcomes, and why early commitments must survive post-close reality. Ciprian explains why integration leaders need to ask smarter questions, and how technology (including AI) should support judgment rather than replace it.
This episode is for corp dev leaders, integration managers, and executives who want fewer surprises after close and more durable deal outcomes. If you missed part 1, make sure to catch that first, where we talk about building preliminary integration plans during diligence and why customization beats templates. Then come back for the trust and execution reality in part 2.  

Things You'll Learn
Why execution constraints should shape deal strategy early
How cultural non-negotiables actually surface in diligence
The role of trust in integration success
Why earnouts often fail when execution reality changes
How AI can support integration thinking—if used responsibly
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Hitting pipeline or execution challenges?
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Episode Chapters 
[00:04:29] Knowing When to Kill a Deal – Why smart executives walk away when sunk costs, ego, and reputation start driving bad decisions. 
[00:05:12] Integration Non-Negotiables – The critical role of a "red team" and trusted challengers in stress-testing deal assumptions early.  
[00:05:50] Custom Diligence, Not Checkbox M&A – How tailoring diligence to the deal thesis prevents wasted effort and missed risks.  
[00:06:25] The Thousand-Checklist Trap – Why dumping massive integration plans on teams backfires—and how to narrow focus without losing rigor.  
[00:07:28] Diligence Should Shape Integration – Aligning integration plans directly to value drivers uncovered during diligence.  
[00:10:17] Pre-Signing Integration Plans – Why having a preliminary integration roadmap before signing is essential to execution and accountability.  
[00:11:55] Trust Is the Real Integration Currency – How trust matters more after close than before—and how it's easily damaged.
[00:15:18] Earn-Outs That Blow Up Trust – How overlapping acquisitions can quietly sabotage earn-outs and poison seller relationships.
[00:19:29] When Culture and Ops Both Fail – The red-line rule: why deals with both operational and cultural issues should not get done.  
[00:23:03] AI, IP, and the Future of M&A Work – Why technology is becoming commoditized and experience-driven judgment is the real differentiator.  
[00:33:58] Defining IP in the Tech Era – Debating whether intellectual property lies in the technology itself or in unique, qualitative content and human insight.  I have a question like what IP 
[00:47:10] The Craziest Thing in M&A – A deal dies after buyers are forbidden from entering one room during diligence—raising irreversible trust red flags.
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Questions, comments, concerns? Follow Kison Patel for behind-the-scenes insights on modern M&A.

Ciprian Stan, M&A Integration Manager at SALESIANER Gruppe
Most M&A deals fail because integration was "something to figure out later". By the time execution realities, cultural risks, and people impacts surface, the deal is locked, and teams must work around untested assumptions.
In this episode of the M&A Science podcast, Ciprian Stan, M&A Integration Manager at SALESIANER Gruppe, explains that integration must be a strategic input to increase chances of success. 

Things You'll Learn
The importance of involving Integration early in the process
Pre LOI preparations and expectations
Cultural Diligence and what to look for
How to communicate the deal the right way
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Want to know what 100+ deal professionals learned in 2025?
The State of M&A 2026 Report by DealRoom breaks down the real challenges, trends, and priorities shaping M&A this year.  Download your copy now: https://hubs.ly/Q03ZxRvD0
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Episode Chapters 
[00:03:38] From Computer Science to M&A Integration – How an engineering background shaped Ciprian's integration mindset.
[00:07:41] First Exposure to M&A by Accident – Learning integration the hard way through a CBRE–Johnson Controls acquisition.
[00:10:18] Systems Thinking in Integration – Why no single workstream (IT, culture, ops) should dominate integration.
[00:13:54] Proactive vs. Reactive Buyers – How deliberate M&A strategy outperforms impulse and competitive-response deals.
[00:16:08] What "Good Strategy" Actually Looks Like – Using geographic and capability gaps to drive successful acquisitions.
[00:21:40] Why Integration Must Be Involved Early – How late involvement leads to unexecutable deal strategies.
[00:23:47] LOI Reality Check – Managing uncertainty, pricing flexibility, and risk before committing to a deal.
[00:33:19] Three Schools of Thought on Culture – Ignoring culture, adapting to it, or using it as a value-creation lever.
[00:43:53] The Case for Time Between Sign and Close – Why integration planning works best with a deliberate gap before closing.
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Questions, comments, concerns? Follow Kison Patel for behind-the-scenes insights on modern M&A.

Carlos Cesta, Partner at Makanta Services
M&A isn't just about closing deals, it's about making the deal actually work. 
Carlos Cesta, M&A advisor and founder of his own boutique advisory practice, spent 30 years on the buy-side at Verizon, Dentsu, Presidio, and NP Digital. He's worked 125+ deals across telecom, advertising, and digital marketing. Now he's flipped to advisory, bringing that buy-side operator mindset to entrepreneurs preparing for exit.
In this episode of the M&A Science Podcast, Carlos Cesta, Partner at Makanta Services, breaks down how seasoned buyers really think about M&A. Not as a linear process, but as a series of decisions that constantly reshape one another.
Carlos shares why strategy is as much about what not to pursue, and he also explains why one-size-fits-all deal templates fail, how earnouts are often misused, and what experienced buyers do differently to protect value after closing.
Things You'll Learn:
Why M&A strategy also means defining what you WON'T buy 
The deal spiral model experienced buyers use
How to start integration planning before LOI
How to structure earnouts that actually work
Using deal structure earnouts as a risk management tool
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Episode Chapters 
[00:03:34] Carlos Cesta Background – 30 years in corporate development across Verizon, Dentsu, Presidio, and NP Digital with 125+ deals executed.
[00:05:27] Standing Up M&A from Zero – What it really takes to build an M&A function when no corporate development muscle exists.
[00:09:32] Strategy Before Transactions – Why defining what NOT to buy is more important than chasing opportunistic deals.
[00:11:05] Programmatic M&A Through Cycles – How repeatable, strategy-led M&A creates value across economic and technology shifts.
[00:14:21] Blending Venture and M&A Thinking – Using VC-style investments to manage disruption and future-proof acquisition strategy.
[00:17:23] The Deal Spiral Framework – Why deal structure, diligence, and integration must evolve together, not linearly.
[00:21:57] Designing the End State First – Starting with culture, leadership, and go-to-market alignment before signing an LOI.
[00:30:21] Creative Earnout Engineering – Structuring earnouts to de-risk deals while aligning seller incentives.
[00:36:39] Optimizing for Outcome, Not Closing – Why long-term performance matters more than deal certainty or headline price.
[00:59:14] Craziest M&A Story – A cautionary tale about diligence failures involving a meth lab explosion.
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Questions, comments, concerns?Follow Kison Patel for behind-the-scenes insights on modern M&A.