03 Jul Acquiring Minds: Scaling a Tiny Acquisition to a PE-Backed Exit
Phil Miller had a nose for value. He saw that the store had a ton of underutilized space that could be monetized with pet boarding, pet grooming. He also understood that being zoned for pet boarding was precious, and this business was so zoned. He jumped in and bought it. 18 years later, in 2024, Phil had grown to 11 locations, 2 of them pet hospitals, and Pawville was an established regional brand. Private equity came knocking, and Pawville became the platform for PE-backed WagWay. Now, 18 years is a long time, yes. But note, while it took 14 years to get to 3 locations, the next 8 locations came in only 4 years, from 2020 to 2024. Listen for how Phil unlocked growth when he shifted from owner of the physical locations to tenant. This is a lesson in capital allocation. OK, please enjoy this conversation with Phil Miller, founder & CEO of Pawville.
