Patience is a dealmaking virtue

Private Equity Quarterly

Good things come to those who wait. Oaklins’ PE specialists Nicholas Walker and José Falgás recount how patience proved a key factor in bringing together appraisal companies Tinsa and Troostwijk Groep, a deal that depended on skilled M&A advice and exactly the right timing. New owner Cinven has transformed Tinsa through its buy-and-build strategy and nearly doubled its initial investment.

“The time wasn’t right for Tinsa to make strategic acquisitions in 2014,” says Falgás, who has represented Tinsa for nearly a decade. “But after Cinven bought it, we reviewed the whole pipeline of deals and made another approach.” JOSÉ FALGÁS - PRIVATE EQUITY SPECIALIST

But what is the right way to buy and build? In this issue leisure group Parques Reunidos provides the perfect example of how a buy-and-build strategy, coupled with patience and expert M&A guidance, can lead to outstanding success—even in sectors where organic growth is slow.