How We Bought 14 Businesses and Built a $120M HoldCo | Andrea Allegrini of Lindbergh

Andrea Allegrini is one of the key operators behind one of Europe’s most fascinating small-cap acquisition stories.

Lindbergh is building what could become the country’s first national HVAC maintenance platform through a disciplined roll-up strategy focused on fragmented, family-owned businesses.

In this conversation, Andrea explains how Lindbergh evolved from a logistics operator into a serial acquirer, why Italy’s HVAC market is such an attractive hunting ground, how the company structures acquisitions, and why technician retention matters more than financial engineering.

Timestamps:
0:00 Lindbergh’s evolution from logistics to HVAC roll-up
2:51 Building a pan-European logistics platform
6:03 Why Lindbergh exited France and pivoted to HVAC
11:47 The massive opportunity in Italy’s fragmented HVAC market
13:17 Inside Lindbergh’s acquisition strategy and deal structures
18:29 Cross-selling, technician sharing, and operational synergies
20:05 How word-of-mouth became Lindbergh’s sourcing engine
23:22 Acquisition multiples, seller financing, and capital allocation
30:23 “More plumbers, less managers”
31:40 Retaining technicians and building an internal academy
35:24 How Lindbergh attracted long-term U.S. investors

This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.