Buy & Build = Faster exits?
You might think a consolidation will require more time due to all the M&A (vs. a standard 1-deal LBO). Also, investors may not love the staggered capital deployment.
However, transformative add-on acquisitions are the fastest way to achieve zone-skipping of EBITDA (versus organic growth).
It doesn't take too many acquisitions to get to $10-20m EBITDA, which is the sweetspot for a lot of buyers.
Thanks, Thomas Ince, for changing my mind on Buy & Builds.
