Road To Carry is proudly supported by Reef Pass Investors
We are excited to welcome a new partner Reef Pass Investors!
Reef Pass is a US based investment partnership that specializes in launching serial acquisition and HoldCo platforms (most often launched by ex-PE professionals).
Reef Pass brings decades of experience building acquisition platforms and flexible mandate across incubation and growth stages with a long-term capital base.
If you've ever thought seriously about launching your own acquisition platform, I'd love to hear your thesis!
Note: this partnership does not impact editorial independence. It's part of a broader effort through Road To Carry to build real infrastructure around acquisition entrepreneurship.
Hi all — we have one deal to share this week as deal flow continues to ramp in 2026. We’re also seeing fresh job postings roll in with the new year, so I decided to share a few opportunities from friends and supporters of RTC.
Shopify Managed Services for Furniture Retailers
🔗 Access Deal Materials
Interested in learning more? Contact Zach at [email protected] to receive the full deal details.
📝 Deal Overview
Why this deal: A Shopify managed services platform purpose-built for the home furnishings industry, sitting at the intersection of SaaS, data, and managed services. The business powers over 1,000 Shopify storefronts for independent and mid-sized furniture retailers.
For financial buyers, the path forward centers on margin expansion, ARPA growth, and tuck-in acquisitions of smaller agencies. For strategics, the value lies in owning the digital system of record for furniture retailers.
2025 ARR: ~$2.4M
2025 Revenue: ~$2.3M
2025 EBITDA: ~$0.1M (investment year)
2026E EBITDA: ~$0.8M (~25% margins)
Deal Type: Founder-led business looking for liquidity with a focus on growth capital
Headquarters: New York
🔎 What They Do
The company provides Shopify managed services, marketing services, and proprietary add-on software.
Shopify Website Platform (~45% of revenue):
Fully managed, furniture-specific Shopify builds optimized for large catalogs, real-time pricing, and omnichannel conversion.Marketing Subscriptions (~35% of revenue):
Managed SEO, paid media, and retention marketing, including real-time dashboards and campaign performance trackingSoftware & SaaS Add-Ons (~15% of revenue):
Proprietary tools such as an in-store kiosk solution that connects physical showrooms directly to live Shopify storefronts via APIs.Vendor & Affiliate Revenue (~5% of revenue):
Monetization through integrations with manufacturers, fintech providers, logistics partners, and buying groups.
Today, the business serves 500+ active retailers nationwide and powers 1,000+ live Shopify storefronts.
💼 Recent Private Equity Deal Comps
Acquirer | Target | Date | Notes |
|---|---|---|---|
Foresight Group | Glass Atlas | 2024 | PE-backed roll-up of Shopify-focused agencies with strengths in UX/UI, CRO, and commerce engineering. |
BV Investment Partners | Tomorrow + Half Helix (merged → Domaine) | 2023 | One of the largest independent pure-play Shopify services platforms. |
Beringer Capital | Blue Acorn iCi | 2017 | Scaled commerce implementation partner, later sold to Infosys. |
Roll Up Bootcamp: a 4-week online program on how serial acquisition platforms are actually built—and backed.
Taught by institutional investors and experienced acquirers, including Reef Pass and Shore Search Partners, the program covers:
Platform structures: selecting the ideal structure for your acquisition platform
Industry selection & team formation: picking the right market and the winning people
Personal branding & deal sourcing: how deals actually get found and won
Exit readiness from the start: building with an investor-grade endgame in mind
Inside the investor lens: how capital partners evaluate emerging platforms
Select participants will be invited to pitch their theses to investors in London or New York.
Applications are now open until January 15. Due to high levels of interest, accepted applicants will be invited to a webinar with additional details on the curriculum, instructors, and program logistics.
Buyside Job Opportunities
Note that RTC has no affiliations with any of these firms, and we’re sharing these opportunities one-off as a favor to friends and colleagues in the PE ecosystem.
Private Equity / Private Credit
Rubicon Technology Partners, VP Sourcing Operations. If interested, please reach out to Lindsay Ostrom [email protected]
Secondaries & Indy Sponsor Funds
Ocean Avenue Capital Partners, Private Equity Senior Analyst or Associate. If interested, please reach out to Ryan Silverman [email protected]
Pasona N.A., Secondaries Associate | The Pulse
Learn how PE firms actually do deals—from start to finish.
Road To Carry PE course walks you through the full PE deal process, not just modeling. Bite-sized videos & exercises & 40+ real-life files. For analysts, associates, or anyone interested in learning how PE firms do deals. Past alumni include associates from Carlyle, Apax, Charlesbank, and Gryphon. Click below for a free preview and 50% subscriber discount.
Brokers: got a deal you want to get in front of 6,500+ PE folks? Email me your deals at [email protected].
Brands: looking to reach a fast-growing, highly-engaged PE audience? Inquire about sponsorships.
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Disclaimer: Information presented herein is derived from publicly available sources and third-party materials believed to be reliable. It is provided solely for educational and informational purposes and does not constitute investment advice or a solicitation. Road To Carry is not affiliated with, nor does it represent, the seller, broker, or any other party to the referenced transactions.
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