"The seller had held back on capex for years. He dreaded the cash outlay, and over time he had lost the entrepreneurial risk appetite because he was optimizing lifestyle.
A key motivation for selling was to onboard a partner who pursued growth and reinvested the cash flow.
Two months after the acquisition we traveled to Italy together and bought a new machine for EUR1m. He had been putting off this purchase for several years, but he couldn't be more excited when we, the new owners, ripped off the band-aid.
The new machine helped us achieve record earnings last year, so now we're going back to buy even more!"
