That is the thread that will run through every story on stage. Ramsey Sahyoun, who co-founded Evergreen Services Group in 2017 and has since scaled it to over $250M in EBITDA across 150-plus acquisitions, did not build that by just out-emailing the market. Charles-Henry Beglin built and exited Simago, a French radiology rollup, for north of €500M in three years. The sourcing edge in both cases was not only a bigger list. It was a deeper reputation inside a single vertical, built long before any business came to market. Broad outreach is now becoming more of a commodity. What AI cannot replicate is the standing that comes from years of quiet presence inside one niche. When a founder in a specific trade tells the next founder, "call these people first," you have stopped competing on price. You have become the obvious buyer. That is a (moderately) durable advantage. We think about origination the way we think about compounding. Volume matters but it's not the only thing. The relationships that matter build slowly, over years, and they only pay off if you are patient enough to stay in one lane. Most buyers are not operating like this... They have a forced 4-5 year hold and an M&A quota to hit for that year, each and every year. That is the opportunity for longer-term thinkers. Rollups that compound per-share value over a decade are not built on the back of spray-and-pray outreach campaigns with forced timelines. They are built on the back of a brand that means something to a specific set of sellers. You earn that brand by being present, by being consistent, and by passing on deals that fall outside your lane even when the numbers look tempting. The question for any buyer running a vertical-specific strategy: how deep does your name go inside your chosen niche? If a founder sold last year, would they recommend you unprompted to a founder thinking about selling today? If you are not sure, the answer is probably no. Source: RollUpEurope, September 24 Serial Acquirer Summit, London We're Reef Pass Investors ("RPI"), a private equity firm investing out of our inaugural $125M Fund I, which closed in FebruaryredactedWith co-investment capacity, our total deployment opportunity is $200–250M. We back serial acquisition platforms in the lower middle market, and we've built up a set of playbooks and resources over the years that we put to work behind the teams we partner with. redacted