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62:
The characteristics that can make a rollup particularly attractive come into play especially when there are many small players in a fragmented market or in fields where technology can play a role in revitalizing industries with small margins. The other reason companies do rollups is due to the higher
47:
the business can command as it acquires greater scale. Rollups may also have the effect of rationalizing competition in crowded and fragmented markets, where there are often many small participants but room for only a few to succeed.
118:
in the US and a huge share of the international trade. These monopolistic attempts concerned authorities and led to a series of anti-trust laws and measures in the early 20th century.
98:
Rollups are almost as old as modern commerce, with some early capitalists persuading their competitors to sell out. The trend reached a peak during the 19th century era of the
851:
131:
was the most notable rollup during the 1970s and 1980s. Waste
Management's acquisition of 133 small-time haulers quickly became the largest waste disposal company in the US.
429:
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An investor faced with an opportunity to invest in two competing companies may reduce risk by simply investing in both and merging them. Rollups are often part of the
924:
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Build a full-capability company, when it would be too costly or time-consuming to develop the missing pieces through internal expansion.
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Sustainable development approaches in the food and beverage industry: A comparison between Nestlé SA and Kraft Foods Inc
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Mergers and
Acquisitions Strategy for Consolidations: Roll Up, Roll Out and Innovate for Superior Growth and Returns
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Blending companies have different financial metrics, often to make the combined company attractive for investment,
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185:(Second ed.). Philadelphia, PA: American Law Institute – American Bar Association. p. 152.
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215:. New York, Chicago, IL and San Francisco, CA: McGraw Hill Professional. p. 12.
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firms) where multiple small companies in the same market are acquired and merged.
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which remain vulnerable to changing markets and poor access to capital markets.
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process during an economic downturn or as new market sectors begin to mature.
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bought so many manufacturers that at one point he was controlling 80% of the
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32:(also "roll-up" or "roll up") is a process used by investors (commonly
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that used more than $ 30 billion to acquire over 100 companies.
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was also a rollup effort in the car dealership space spearheaded by
329:
Ireland, R. Duane; Hoskisson, Robert E.; Hitt, Michael A. (2009) .
125:), created in 1923, was an important rollup in the food industry.
52:
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Rollups of complementary or unrelated companies are also done to:
335:(Second ed.). Boston, MA: Cengage Learning. pp. C-245.
18:
Investment process where small companies are acquired and merged
456:
301:. Santa Barbara, CA, Denver, CO and Oxford: ABC-CLIO. pp.
67:
achievable in businesses with large scale, compared to smaller
245:(Ninth ed.). Boston, MA: Cengage Learning. p. 506.
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This private equity or venture capital-related article is a
272:. Hamburg, Germany: Anchor Academic Publishing. p. 5.
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The principal aim of a rollup is to reduce costs through
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328:
332:
Understanding
Business Strategy: Concepts and Cases
294:
997:
242:Entrepreneurship: Theory, Process, and Practice
423:
392:
925:Private equity and venture capital investors
43:. It also has the effect of increasing the
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897:Taxation of private equity and hedge funds
714:Private investment in public equity (PIPE)
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297:Waste Management: A Reference Handbook
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182:Real Estate Investment Trusts Handbook
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106:were consolidating heavy industry and
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144:Valeant Pharmaceuticals International
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110:was aggregating the oil industry.
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139:, founder of Waste Management.
697:Publicly traded private equity
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259:
172:
1:
965:List of venture capital firms
166:
945:List of private equity firms
702:Business Development Company
371:. You can help Knowledge by
239:Kuratko, Donald F. (2014) .
209:Hoffmann, Norman W. (2012).
179:Kelley, William A. (1998) .
7:
293:Vaughn, Jacqueline (2009).
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789:High-net-worth individuals
579:Leveraged recapitalization
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677:Limited liability company
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637:Venture capital financing
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584:Dividend recapitalization
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317:Waste Management company.
121:Kraft Foods (now renamed
1011:Mergers and acquisitions
83:mergers and acquisitions
23:Roll-up (disambiguation)
744:Institutional investors
87:initial public offering
882:Liquidation preference
847:Distribution waterfall
799:Sovereign wealth funds
266:Siegert, Lars (2014).
123:Mondelēz International
69:mom and pop operations
955:Venture capital firms
707:Venture capital trust
1006:Private equity stubs
935:Private equity firms
663:Private equity firms
612:Post-money valuation
489:Equity co-investment
21:For other uses, see
985:Portfolio companies
902:Undercapitalization
754:Insurance companies
672:Limited partnership
617:Pre-money valuation
142:A recent rollup is
112:James Buchanan Duke
108:John D. Rockefeller
102:, when people like
45:valuation multiples
837:Capital commitment
607:Business incubator
574:Buy–sell agreement
161:Economies of scale
41:economies of scale
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992:
842:Capital structure
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569:Divisional buyout
564:Management buyout
559:Financial sponsor
380:
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342:978-0-324-57899-7
312:978-1-59884-150-3
279:978-3-95489-576-2
252:978-1-285-53182-3
222:978-0-07-179343-8
192:978-0-8318-0789-4
65:earnings multiple
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769:Foundations
692:Pledge fund
484:Secondaries
1000:Categories
857:Envy ratio
764:Endowments
627:Seed money
541:Terms and
167:References
133:AutoNation
827:Cap table
732:Investors
656:Structure
474:Mezzanine
462:Leveraged
877:Leverage
813:Related
543:concepts
150:See also
85:, or an
53:shakeout
887:M&A
594:Venture
499:History
469:Venture
94:History
852:EBITDA
551:Buyout
479:Growth
457:Buyout
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30:rollup
667:funds
532:2020s
527:2010s
522:2000s
517:1990s
512:1980s
719:SPAC
665:and
622:SAFE
441:and
369:stub
337:ISBN
307:ISBN
274:ISBN
247:ISBN
217:ISBN
187:ISBN
55:and
892:PME
872:IRR
867:IPO
822:AUM
303:154
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