Description:The number of follow-on acquisitions after the buyout of a company by a financial sponsor, so-called"buy and build strategies," has been increasing in Germany during the last years. Given that M&A transactions by strategic investors were not successful in at least half of the cases analyzed in former research studies, the question remains if and how financial sponsors manage to yield the ambitious target return of a minimun of 20% p.a. on the capital invested. With in the frame of a case study and questionnaire-based research Nils Hoffmann investigates the key characteristics of buy and build strategies affected by private equity investors in Germany between 1998 and 2003.