Antitrust authorities in the United States have been shining the spotlight on private equity (PE) roll-ups and serial acquisitions, which are multi-merger strategies pursuant to which a buyer acquires multiple companies in an industry. PE investments offer many benefits to target firms, including management, industry and operational expertise. PE also injects needed capital into companies to rescue neglected assets. As such, PE investments often translate into lower costs, increased efficiencies, higher productivity, higher-quality output and sales growth.