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Buy-and-build strategies in private equity: the impact of diversifying acquisitions on platform performance
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Extending the literature on buy-and-build (B&B) strategies in the field of private equity (PE), this study examines the impact of product- and industry-diversifying acquisitions and cross-border transactions (CBT) on the platform’s operational improvement. The sample consists of 165 platform companies from Western Europe and their 621 add-on acquisitions between 1997 and 2020. The results of this study indicate that the integration of industry-diversifying add-on acquisitions into the B&B strategy provides additional operational value for the platform compared to exclusively horizontal add-on acquisitions.
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Private equity Buy-and-build:M&A Diversification Cross-border transactions