RT Journal Article SR Electronic T1 Roll-Up IPOs JF The Journal of Private Equity FD Institutional Investor Journals SP 80 OP 95 DO 10.3905/jpe.1999.319942 VO 3 IS 1 A1 Daniel C. Adashek YR 2000 UL https://pm-research.com/content/3/1/80.abstract AB A leveraged build-up, or “roll-up,” has become an attractive vehicle for the consolidation of leadership within a fragmented industry. Some roll-up candidates, titillated by the surging tide of capital drenching the public markets, choose to go public simultaneously with their business combination - in what's known as a roll-up IPO. What sort of impact does this strategy have on the combined companies, their operating performance, their bottom - line returns? Are past experiences relevant predictors of future endeavors? This article examines a finite sample of twenty roll-up IPOs launched between 1994 and 1997. Although market conditions today may be vastly different, the lessons learned from this study will continue to apply to consolidation efforts undertaken in the future.