The underlying drivers remain intact. Fragmented sectors continue to provide opportunities for consolidation for both private equity and corporates without private equity ownership, capital remains available to support acquisition strategies, and businesses continue to seek scale, capability and resilience through inorganic growth. In that sense, buy-and-build is as relevant as it has ever been.

What has changed is the level of scrutiny applied to execution. Market participants are increasingly focused not just on the number of acquisitions completed, but on the quality of those transactions and the value that is ultimately created. This is reflected in a greater emphasis on integration, a more disciplined approach to valuation and a growing expectation that acquisition activity is underpinned by a clear and coherently structured strategy.

Whilst repeatability, consistency, efficiency and pace are the key elements of executing a successful buy-and-build strategy, the way in which those elements are delivered is becoming more nuanced and demanding. There is a growing recognition that repeatability alone is not sufficient; it must be combined with strategic clarity and strong execution.

Buy-and-build is evolving. Success in the next phase will depend on the ability to combine disciplined acquisition with effective integration and a clear articulation of value.