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Can Private Equity Funds Act as Strategic Buyers? Evidence from Buy-and-Build Strategies
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Can Private Equity Funds Act as Strategic Buyers? Evidence from Buy-and-Build Strategies

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  • Dyaran Bansraj

    (Erasmus University Rotterdam)

  • Han Smit

    (Erasmus University Rotterdam)

  • Vadym Volosovych

    (Erasmus University Rotterdam)

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.

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  • Dyaran Bansraj & Han Smit & Vadym Volosovych, 2020. "Can Private Equity Funds Act as Strategic Buyers? Evidence from Buy-and-Build Strategies," Tinbergen Institute Discussion Papers 20-041/IV, Tinbergen Institute.
    • Handle: RePEc:tin:wpaper:20200041
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    More about this item

    Keywords

    Private Equity; Leveraged Buyouts; Buy-and-Build; Operating Performance; Synergies;
    All these keywords.

    JEL classification:

    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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