Distinct playbooks: Corporates and Private Equity
Buy-and-build is a shared strategic approach across both private equity-backed platforms and corporates, but the way in which it is executed differs in more fundamental ways than the headline data alone might suggest. While both groups are highly active acquirers, the cadence, intent and operational approach underpinning those acquisitions reveal two distinct playbooks.
The dataset illustrates that private equity-backed platforms tend to operate with greater cyclicality. Activity accelerates rapidly in favourable market conditions, reflecting the availability of leverage, identification of attractive targets, strong fundraising cycles and a clear imperative to deploy capital within defined investment horizons. This contributed to the pronounced spike in activity seen in 2024, followed by a more noticeable softening in 2025 as financing conditions tightened and investor sentiment became more cautious.
Corporate acquirers, by contrast, demonstrate a more consistent and measured acquisition pattern across the same period. This reflects a different set of constraints and objectives. With access to more stable funding sources and less immediate pressure to deliver exit outcomes, corporates are typically able to pursue acquisition-led growth as part of a longer-term strategic programme rather than within a defined investment cycle.
Private equity investors have historically focused on scaling platforms rapidly, driving EBITDA growth and building a coherent exit narrative. Corporates, while also pursuing growth and demonstrable shareholder value, are more frequently targeting capability enhancement, geographic expansion or deeper vertical integration within their existing operations.
This divergence can be evident in execution. Private equity-backed platforms are often designed to operate at pace, supported by dedicated deal teams operating with structured and repeatable acquisition processes. Corporates have been perceived to place greater emphasis on integration, cultural alignment and stakeholder management, reflecting both governance requirements and the need to ensure acquisitions align with broader business operations.
Increasingly, however, the gap between these playbooks is narrowing. Private equity investors are placing greater emphasis on integration and operational value creation, while corporates are adopting more structured and repeatable acquisition models. The result is a gradual convergence around best practice, even as the underlying differences in purpose and approach remain.
As Jose Rodriguez of QPE observes, “the key question is always why these businesses should be put together, there is no one-size-fits-all answer.” That insight underscores a broader point: the success of buy-and-build is not defined by both volume and integration alone, but by the clarity of the underlying strategic logic and the quality of execution.
The key question is always why these businesses should be put together, there is no one-size-fits-all answer.
Jose Rodriguez, Managing Partner at Queen’s Park Equity