The Pulse of Private Equity – 2/5/2018

Add-ons vary by market

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The buy-and-build model is popular in the PE industry. Investors’ appetite for add-ons stretches back about a decade, but most of the increase has taken place in the middle market, specifically at the lower end. Following the financial crisis, lower- and core-middle-market add-on activity exploded by volume, peaking in counts in 2015 and 2014, respectively.