This gentleman and his grocery store holdco opened 32 new stores in 90 days.

Tomasz Biernacki - a true capital allocator has cracked the code on how to compound his wealth (at a staggering rate!)

His grocery holding company has invested 96% of its earnings for the past 10 years.

He opened 167 new stores in Q1-Q3 in 2024.

Every store he opens returns 20-30% on invested capital…

All while net debt to EBITDA sitting at a conservative 1.1x

Wild!

There must be something special about Tomasz.

I got curious so I spent almost 6 hours reading about him (best 6 hours I've spent in a long time).

I hope you enjoy this 27-minute episode of the HoldCo Builders research edition I did on Tomasz Biernacki of Dino Polska.

Show notes:

00:00:00 - Intro

00:03:51 - Grocery store holding company

00:06:54 - Extreme discipline on net debt

00:09.01 - Real estate ownership

00:13:41 - Focus on small towns with a population of 30,000

00:18:11 - Own production of your highest margin products

00:19:22 - No money spent on ads and marketing

00:21:46 - Offer a simple product to simple small town people

00:25:34 - Reinvesting earnings rather than paying dividends

👉 Follow host Mikk Markus on Twitter: https://x.com/PrivatEquityGuy

This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.