Budakow — notes on M&A and technology
I write about the mechanics of M&A and technologies that surround them.
How Much of Buy & Build Outperformance Is Actually Multiple Arbitrage?
Research suggests that the ability to acquire add-ons below the platform multiple is not a secondary assumption - it can be a major driver of returns.
Does Buy & Build Actually Outperform?
Buy & Build strategies can outperform despite higher platform prices, with returns driven by growth, integration and multiple expansion - but execution is key.