The $2.2B Aerospace Roll-Up Nobody Talks About | Bryan Perkins and Novaria Group

In this 5 Minutes in the Lower Middle Market episode, we explore Novaria Group, which has completed 27 acquisitions since 2011 across niche aerospace and defense manufacturing.The broader lesson has little to do with aerospace itself. It’s about how great lower middle market businesses avoid commoditization, build layered moats, compound through disciplined acquisitions and create proprietary deal flow through long-term relationships.0:00 “We are not a product business, we are a business model business”1:40 Avoiding commoditization and building layered moats2:40 Why simple-looking businesses are often extremely difficult3:23 The danger of underwriting heroic operational turnarounds3:50 How Novaria built mostly proprietary deal flow4:13 Centralized controls, decentralized operations4:44 The bigger lesson: boring niches compound quietly