Some PE acquirers specialize on knowing their exit: "We know who will acquire this company, so let's build our portco so that it fits hand-in-glove with them as a strategic. That will maximize our exit multiple!"
Nicolas Lulli has identified the 800-pound gorilla in their space, Iron Mountain. However, they have elected not to build to fit the mold, but rather to build the best possible business they can, in the hopes that this will maximize both longevity as a successful holding and also optionality at exit.
PS. Had to improvise since my normal headphones were nowhere to be found!
