Eric Wiklendt : How We 10X'd EBITDA in 7 Years
This episode is a sharp lesson in what real value creation looks like when the asset is messy, the structure is non-obvious, and the playbook is operational rather than financial.
Eric Wiklendt walks through how Speyside bought Opta as a business in need of serious transformation, kept the core metallurgical solutions business, cut or sold the cash-flow-negative pieces, and used that reset to drive major EBITDA expansion. The headline number is the hook, but the real lesson is the sequence: simplify first, improve operations second, then layer on acquisitions once the platform is ready.
Founders and investors will also get a blunt reminder that good deals are often lost by bad assumptions. Eric’s “hope is not a strategy” line is really a warning against lazy underwriting, overleverage, and paying for upside that has not been earned yet. Speyside’s answer is simple: buy right, use modest leverage, and create the upside yourself. And the most interesting part might be what happened after the first chapter of growth, when Opta moved into a continuation vehicle to fund the next phase
Watch the episode here to learn how Speyside created value the hard way: by buying right, fixing the business, and scaling from a stronger base.
Here’s what you’re in for:
00:00: Pre-roll, disclaimer, and setup for the Opta discussion.
02:16: Eric explains how Speyside operated before institutional funds.
03:51: The origin story: a Munich seller-note deal becomes the first domino.
10:30: How Speyside’s “entrepreneurship by acquisition” thesis took shape.
12:26: The firm’s current sweet spot in manufacturing and value-added distribution.
15:08: Why messy deals can be the best training ground and the best opportunity.
17:43: The Opta case study starts: $7.8M EBITDA to $100M+ EBITDA.
20:22: What Opta sells and how the business evolved post-acquisition.
23:56: The transformation plan: 26 plants down to 9.
28:58: The underwriting philosophy: don’t use hope as a strategy.
32:52: Debt markets, leverage, and why Speyside stays disciplined.
37:04: Where manufacturing multiples sit and what actually matters in valuation.
46:45: Why raising a fund improved speed-to-close and opened bigger opportunities
ABOUT Eric Wiklendt
Eric Wiklendt is a Managing Director and Partner at Speyside Equity, where he leads the sourcing, execution, management, and exit of investments and serves on the boards of multiple portfolio companies. He brings a rare mix of investor discipline and operator credibility, built through leadership roles in industrial businesses, including serving as President & CEO of Kelix Heat Transfer Systems, as well as senior positions at Eaton and Hilti Corporation.
Across those roles, he has led work spanning M&A, manufacturing, marketing, and industrial sales, giving him a grounded perspective on how real value gets created inside complex businesses.
- Connect with Eric on LinkedIn
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