How We Bought 15 Companies Worth $270M in Just 24 Months | Yuen Yung Interview

My guest today is Yuen Yung, Founding Partner at HalBar Partners, a firm focused on operator-led acquisitions. In just two years, HalBar and NCA ETA have closed 15 acquisitions totaling $270M in enterprise value, hitting their goal of 10 deals per year.We discuss:Yuen’s journey from immigrant roots to building HalBarThe firm’s investment thesis, fund structure, and capital strategyHow they source operators and deals, and drive post-acquisition valueLessons from wins and misses in ETAHalBar’s playbook for growing EBITDA and scaling portfolio companiesWhether you're an investor, operator, or just curious about ETA and private equity, this episode is packed with insights.I hope you enjoy this conversation with Yuen Yung.----------------------------------------------Timestamps:00:00:00 - Intro00:00:14 - Immigrating from China to the USA00:05:07 - The Shark Tank TV show story00:12:39 - Why you should never fall in love with your business00:14:00 - ETA, search funds, and the thesis behind HalBar Partners00:20:41 - How Yuen met Nate, his co-founder00:25:22 - Deal structures and partnership dynamics with Nate; early investors00:27:21 - How someone with capital can replicate HalBar’s model00:29:42 - Why they chose this specific investment model00:34:12 - 50% of deals are in Europe, 50% in North America00:37:03 - Typical deal structure explained (percentages shared)00:45:12 - Key differences between the U.S. and European markets00:50:35 - How they find the best operators00:53:25 - Selling a company in December 2024 with a 45% IRR01:00:16 - Getting serious about understanding human psychology----------------------------------------------Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy⁠⁠Yuen on Linkedin: https://www.linkedin.com/in/yuenyung/⁠⁠This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.