“People who compare Bending Spoons to private equity have a simplistic, superficial view of the world.” 3 main differences between Bending Spoons and private equity: 1. They buy to hold: “We have never sold a material business. We buy to hold and operate forever.” 2. They deeply transform the businesses they acquire, “sometimes beyond recognition.” 3. They integrate them under a shared platform and operating system, with a core team of “Spooners” handling R&D, marketing, and operations. “People who compare Bending Spoons to private equity have a simplistic, superficial view of the world.” “None of this bears any resemblance to what private equity does.” “Those are funds that buy to sell after, say, 5 years. They intervene maybe on costs or price, but I've never seen PE reinvent a product or rebuild the org, or rebuild the technological infrastructure. And they generally don't integrate the businesses together under a shared platform because they don't have a platform, and even if they did, they need to sell them piecemeal. So if you integrate them, you can't sell them, or at least it would be much more difficult to sell them.”