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Highland Capital

PE group funding David's Tea

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#156David Segal Talks Building a 9-Figure Tea Business, Decommoditizing Boring Products & The Future of Retail2×

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$14/shareIPO share sale priceEP 156 · 5:28 · DAVID SEGAL · David's Tea · Highland Capital

In the moments

2 linked receipts
Story

When the board and management fight, nobody serves the customer

Segal's first million came from a private equity deal with Tom Stemberg (Staples founder) at Highland Capital, but the partnership soured as his cousin wanted family members in while Segal wanted a meritocracy. The company went public partly so the PE group could exit and the warring parties could separate.

“And when your management team and your board are fighting with each other, you're not focused on creating value for your customers. And I just want to get out of there. There are too many bullets flying.”
EP 156 · 4:04 · DAVID SEGAL
Read at 4:04
mfmindex.com№ 0156-244
Number

Sold IPO shares at $14; the stock trades at $4 today

Despite making ~$30M EBITDA and not needing the cash, Segal and Highland sold shares in the IPO to make it big enough. He sold at an average of $14/share; the stock later fell to $4.

$14
IPO share sale price · USD/share
“I ended up selling it at average price of $14 a share, and, you know, the stock today trades at $4.”
EP 156 · 5:28 · DAVID SEGAL
Read at 5:28
mfmindex.com№ 0156-328