I invested previously in Vision Group Holdings. Basically...

I invested previously in Vision Group Holdings. Basically similar roll up model to CAJ except it was with Opthamologists.

The multiples paid for their businesses never made sense as the specialists would never work as hard or chase business when they were just employees. The management had to continually deal with salary issues and they would throw tantrums and setup their own business nearby if they weren't happy. Often their reputation was much more the business driver than the company/brand name. So it was never very profitable for shareholders.