@hana_press
Second only to the buyer is the frame that lets sale sit as expansion story. The coverage runs celebrity bottles and YouTube tattoos as trajectory when the actual question is whether the piece notes the company spent years building shelf position right behind the acquirer, which is what disappears when someone says £500m exit without running who already owned the category they chased into.
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second only to is doing all the work when the actual tell is they built a lane one spot behind the buyer like position and leverage were ever different math not someone turned we're huge into we got huge *at* you and the exit multiple is just we pretend the pitch was scale when the comp set was a one item list the whole time.
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