Flor Kassai, Managing Partner and Head of Buyout at Inflexion, joins Ross Butler to discuss European mid-market private equity, talent, origination and repeatable value creation.
Flor argues that private equity is more of a talent business than an investment business. In her view, getting the right management team into a company is the central variable in whether a deal can scale, adapt and create value.
This episode explores how Inflexion thinks about dealmaking in 2026, including the importance of pricing power, margin quality, sub-sector expertise and repeatable playbooks. Flor explains how Inflexion has built depth in areas such as testing, inspection, certification and compliance, veterinary roll-ups, fund administration, corporate services, skincare, wealth management and even darts.
The discussion also covers direct origination in the European mid-market. Flor explains why trust is built over years, not meetings, and why local presence still matters in a world increasingly shaped by AI and data-led sourcing. The conversation includes Inflexion’s relationship with Easyfairs founder Eric Everard, its expansion beyond the UK into Benelux, the Nordics and DACH, and its use of continuation funds to extend ownership of high-quality assets.
Also discussed:
- Why 2026 is a tricky but attractive environment for disciplined private equity investors
- How Inflexion repeats sub-sector playbooks across strategies and geographies
- Why management teams and talent are central to private equity value creation
- How direct origination works in founder-led and relationship-driven markets
- When buy-and-build works, and when organic growth is the better answer
- Why continuation funds can be a good structure when the next phase of value creation is clear
- What Nodor reveals about finding value in unexpected mid-market niches
- Flor’s career journey from Argentina to JP Morgan, Wharton, Bain, Hg and Inflexion
Watch the full episode and explore more private markets insights at Fund Shack.
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About our guest
Flor Kassai is Managing Partner and Head of Buyout at Inflexion. She leads Inflexion’s buyout strategy and has been closely involved in the firm’s growth across the UK and Northern Europe.
🔗https://www.linkedin.com/in/florencia-kassai-a711b2/
🌐 https://www.inflexion.com/people/flor-kassai/
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About our host
Ross Butler
🔗 CONNECT on LinkedIn https://www.linkedin.com/in/rossbutler1/
🌐 www.fund-shack.com
📘 Order Ross Butler’s book: Invest Like a Barbarian: Share in the spoils of the Private Markets revolution
♾️ http://q-r.to/Invest-Like-A-Barbarian
#investlikeabarbarian
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