Add-ons keep surging
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Add-ons now account for 68% of all US PE buyouts. If that pace holds, 2019 will notch another high-mark for the add-on/LBO ratio, which has been trending up for the past decade. That’s according to PitchBook’s 3Q Breakdown Report, just released this week. Two crosswinds have helped boost that ratio to today’s level—a heightened focus on the buy-and-build model and ever-increasing buyout multiples, which reached 12.9x so far this year.