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Staying small is working out big time for Shore Capital. Their average internal rate of return on its 14 exits, all in health care, is 53%, net of fees. That’s nearly triple the average net IRR of U.S. buyout funds raised since 2009, according to data from Cambridge Associates. After Shore took its 20% to 30% cut of profits, its exits multiplied investors’ money by 5.5 times on average, also nearly triple the average total value to paid-in capital multiple of U.S. buyout funds raised during that period. Shore has never unloaded a company for less than three times cost before fees, nor, it says, has it ever suffered a loss. “Those are top 1% returns in private equity,” marvels one investor who asked not to be identified, citing his organization’s press policy. “That’s rarefied air, right? That’s more like venture capital than a traditional buyout firm.”<br/><br/>Ishbia and his team have acquired more than 1,000 mom-and-pop shops across the country (average cost: $15 million) since Shore’s 2009 founding and rolled them up into 61 larger chains of things inclu­ding autism treatment clinics, bakeries and exterminators. “We’re buying businesses in Akron, Ohio, and Pittsburgh, and Birmingham, Alabama,” Ishbia says. “There’s more low-hanging fruit for me. It’s Joe Schmo on Main Street.”<br/><br/>Shore then invests in computer systems and equipment, stacks the businesses’ boards with industry veterans and hunts for complementary companies in adjacent markets. “We’re just buying and buying and buying,” says Ishbia, who insists Shore doesn’t take on as much debt as other private equity firms and doesn’t cut servi­ces or head count. “The private equity world gets a bad rap for ‘buy this, slash that.’ We are growth—we have almost 35,000 employees and hire thousands per year.”<br/><br/>Read the full story on Forbes: https://www.forbes.com/sites/mattdurot/2024/04/08/this-main-street-billionaire-bought-over-a-thousand-small-businesses-and-never-lost-a-dime-justin-ishbia/?sh=3140aa9e39ee<br/><br/>Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1<br/><br/>Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:<br/><br/>https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript<br/><br/>Stay Connected<br/>Forbes newsletters: https://newsletters.editorial.forbes.com<br/>Forbes on Facebook: http://fb.com/forbes<br/>Forbes Video on Twitter: http://www.twitter.com/forbes<br/>Forbes Video on Instagram: http://instagram.com/forbes<br/>More From Forbes:http://forbes.com<br/><br/>Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.
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Love enters the top 5 highest-grossing musician biopics of all time. The Bob Marley biopic debuted on February 14 and has now grossed $96.6 million in box offices across the US and Canada. Only 4 other music biopics have surpassed this, including 2005's Walk the Line , 2022's Elvis , 2015's Straight Outta Compton , and 2018's Bohemian Rhapsody . Smash Mouth to release new music for the first time since frontman Steve Harwell's passing. The band will be commemorating their 30th anniversary with a new single titled 'Ride On' which will be released on April 12. This marks their first track since the passing of former vocalist Steve Harwell, who died in September 2023 of acute liver failure. Luke Combs leads in Academy of Country Music Awards nominations with 8 nods. Combs is nominated for 8 awards including entertainer of the year, album of the year, and song of the year. The artist is trailed by singers Megan Moroney and Morgan Wallen, who each received 6 nominations. The award show will take place on May 16. In today's birthday news: actor Dennis Quaid turns 70, designer Marc Jacobs 61, model Paulina Porizkova 59, actress Cynthia Nixon 58, The Strokes guitarist Albert Hammond Jr. 44, actor Jay Baruchel 42, actress Leighton Meester 38, actress Kristen Stewart 34, actress Elle Fanning 26, and rapper Lil Nas X 25.
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There are major movie stars, and then there’s Tom Cruise. The 61 year-old A-lister is showing no signs of slowing down. <br/>Cruise recently commented on the “weirdest” rumor about his behavior on the set of \
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