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- W3040874035 abstract "By holding assets longer and increasingly focusing on growth strategies private equity firms enter the territory of strategic buyers. In one such strategy, a private equity firm buys a company and then builds on that platform through add-on acquisitions. We ask whether such serial (buy-and-build) acquisition strategies deliver operating synergies, as expected from strategic buyers, or rather are a form of window-dressing. We collect a sample of buy-and-build strategies from seven major European markets and find that the profitability of these strategies improves more than that of the comparable strategies, constructed by us from stand-alone companies. We analyze a number of operating outcomes across various strategy sub-types and confirm that these operational improvements are consistent with the synergy interpretation." @default.
- W3040874035 created "2020-07-16" @default.
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- W3040874035 date "2020-01-01" @default.
- W3040874035 modified "2023-09-27" @default.
- W3040874035 title "Can Private Equity Funds Act as Strategic Buyers? Evidence from Buy-and-Build Strategies" @default.
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- W3040874035 doi "https://doi.org/10.2139/ssrn.3646984" @default.
- W3040874035 hasPublicationYear "2020" @default.
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