M&A Zing (Ep. 12) – From McKinsey to Machine Shops: Amit Rai’s Permanent-Capital Playbook
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n this episode, host Gareth Hawkins interviews Amit Rai, co-founder of Astra Holdings, a UK serial acquirer that provides “a permanent home” for industrial SMEs. Amit explains how watching his father shutter a profitable Indian factory drove him to solve the succession crisis facing half of Britain’s private-sector GDP. After stints at McKinsey, Microsoft and a venture-backed startup exit to Shell, he’s now rolling up asset-light engineering firms—and layering in cloud tools, IoT and AI to boost productivity.
Amit details Astra’s first two deals—IntoDoor (industrial door maintenance) and Acorn Engineering (hospital pipework refurbishment)—and the simple tech wins that add immediate EBITDA. He contrasts Astra’s perpetual-capital model with private equity’s flip-cycle, shares sourcing tactics, and lays out a 10-year vision: 30–40 companies, bi-monthly acquisitions and an IPO. If you’re curious about UK industrials, Nordic-style serial acquirers or how AI is sneaking onto factory floors,
This week Gareth Hawkins sits down with Amit Rai*, co-founder & CEO of *Astra Holdings*. After strategy gigs at McKinsey, senior roles at Microsoft & Nokia, and a venture exit to Shell, Amit is now on a mission to give UK industrial SMEs a *permanent home. In just 18 months he’s closed two acquisitions (IntoDoor & Acorn Engineering) and is racing toward a 30-company, IPO-bound platform, borrowing pages from Constellation Software and the Nordic serial-acquirer model.
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#### Episode Timestamps
[00:00] Introduction & Welcome
[00:44] Community shout-out → Sofware (new Polish search fund)
[02:00] Amit’s Career Arc – McKinsey, Microsoft, Nokia, Machine Max exit to Shell
[03:55] Personal driver: watching his father’s SME close for lack of succession
[04:55] Deal #1 – IntoDoor (industrial door maintenance, East Midlands)
[05:55] Deal #2 – Acorn Engineerin* (hospital pipe-refurb, North-East)
[07:56] Digitising the basics: websites, CRM & monthly dashboards most SMEs lack
[08:52] “Professionalising Ops” – forcing 1-, 3- & 5-year planning conversations
[09:59] Astra Thesis – asset-light engineering services, outside London, 6× EBITDA sweet-spot
[12:10] Seller psychology: legacy → headline price, why permanent capital wins
[12:58] Nordic inspiration (Indutrade, Lifco, Lagercrantz) & decentralised culture
[14:55] AI on the factory floor – the intern who built a workload app with ChatGPT
[26:55] Deal-flow engine: brokers, accountants, BizCrunch & word-of-mouth “good-home” rep
[30:37] Ten-Year Vision – 30–40 companies, bi-monthly acquisitions, London IPO target
[31:59] Fund-raising realities & why UK industrial deal-competition is still years away
[38:58] Wrap-up + Serial Acquirer Symposium (18 June, London) – join us!
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Guest Bio: Amit Rai
Amit Rai is Co-Founder & CEO of Astra Holdings*, a permanent-capital hold-co acquiring UK industrial service SMEs. He previously led product strategy at Microsoft & Nokia, consulted at McKinsey, and founded *Machine Max (industrial IoT telematics), which Shell acquired in 2021. Amit’s mission is to solve the UK succession gap while layering simple tech & IoT on “unsexy” engineering firms to unlock step-change productivity.
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About M&A Zing
Host
Gareth Hawkins – CEO & Co-Founder of BizCrunch (exited founder, M&A investor)
Each week we dive into the real-world challenges of small- & mid-market acquisitions—especially in the UK & EU.
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Featured News
• Sofware launches—new Poland-focused ETA search fund.
• Astra Holdings completes 2nd deal (Acorn Engineering) after IntoDoor UK.
• Serial Acquirer Symposium set for *18 June (London)*—tickets live now: https://lu.ma/9ijq4sw9
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