Первый конкурс англо-русско-английского экономического перевода им. А. В. Аникина
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A rollup strategy is predicated on the industry being highly fragmented and without a dominant player. The opportunity must exist to build a large, dominant franchise by combining many smaller players. Therefore, it must be an industry where big is better and where size gives operational or competitive advantages. It is important that the industry has stable dynamics that don't change from ac-quisition to acquisition. In such industries there is little risk of new and unforeseen competitors and ma-ture industries tend to be sleepy and therefore do not achieve their true profit potential. Also, the compa-nies in the industry should be similarly operated so that management's values and methods can be easily transferred to newly acquired companies.
It is extremely important that the consolidator or platform be a strong company with some amount of critical mass that can get the process rolling. Trying to cobble together a platform out of smaller companies, or pretending that a small company without many competitive advantages can pull off a rollup is wishful thinking. Furthermore, it will be difficult for such a company to receive financial backing for a rollup strategy
Small companies are often valued at much lower multiples of earnings than large companies. This allows a consolidator to build a large company with a high valuation multiple by acquiring smaller companies. Because large companies usually trade at higher multiples, the market rewards the work of building a large business. A successful rollup will acquire small companies at, for example, 5 times EBITDA, integrate them and then sell the combined business for 7 times EBITDA.
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