@techreport{HammerKnauerPflueckeetal.,
  type      = {Working Paper},
  author    = {Andreas Hammer and Alexander Knauer and Magnus Pfl{\"u}cke and Bernhard Schwetzler},
  title     = {Inorganic growth strategies in private equity: empirical evidence on add-on acquisitions},
  abstract  = {We study add-on acquisitions of portfolio \_x000C\_firms based on a world-wide data sample covering 9,548 buyouts between 1997 and 2012. We \_x000C\_find that add-ons have become increasingly relevant, but activity is concentrated among a few PE sponsors. Further, our results suggest that synergies are important when pursuing add-on acquisitions. We show that portfolio \_x000C\_firms initiate acquisitions early to realize synergies until the exit. Lastly we identify determinants that increase the likelihood of add-ons for a particular buyout. Our \_x000C\_findings help academia and practice to understand inorganic growth in buyouts, which is important given the aging of the industry.},
  language  = {en}
}