Conclusion and outlook
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The adoption of buy-and-build strategies by private equity firms represents a relatively innovative type of transaction in the growing German buyout market. A total of 21 buy-and-build strategies completed between 1998 and 2003 with a local platform company have been identified. All transactions were targeted to consolidate a particular sector (i.e., horizontal acquisition strategy) to generate value, resulting from synergies through the merger of two or more companies.
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