平滑滚动的方法（滚动兼并Roll-Up）

A roll-up merger is when an investor, such as a private equity firm, buys up companies in the same market and merges them together. Roll-up mergers, also known as a "roll up" or a "rollup," combine multiple small companies into a larger entity that is better positioned to enjoy economies of scale. Private equity firms use roll-up mergers to rationalize competition in crowded and/or fragmented markets and to combine companies with complementary capabilities into a full-service business, for instance, an oil exploration company can be combined with a drilling company and a refiner.

滚动兼并是指投资者（比如私人股本公司）收购同一市场内的公司进行合并，换句话说就是将多个小型公司合并为一家大型企业，以便更好地实现规模效益。私人股本公司利用滚动兼并能够在拥挤的市场和/或零散的市场内形成一种合理竞争的氛围，并且各个公司之间能够形成优势互补，最终合并为一家能够提供全方位服务的企业；比如，石油勘探公司可以与钻井公司和炼油厂合并。

Roll-ups are a part of the consolidation process that occurs as new market sectors mature. Combined companies can provide more products and/or services than a smaller, independent player. Combined companies can also expand their geographic coverage and enjoy the economies of scale and greater name recognition that size confers. Larger companies are usually valued at a higher multiple of earnings than are smaller companies, so a private equity firm that has bought and integrated smaller businesses can sell the rolled-up firm at a profit or execute an initial public offering (IPO).

滚动兼并作为合并过程的一部分，是随着新市场领域的成熟而出现的。相较于小型的独立市场主体，被合并公司可以提供更多产品和/或服务，同时也可以扩大其涉足的地域范围，并实现规模效益和提高知名度。对于大型企业而言，通常会按较高的市盈率估值，因此，私人股本公司在收购小型企业进行合并后能够通过出售该等经合并的大型企业而获利或进行首次公开募股（IPO）。

When a roll-up merger is executed, owners of the individual companies receive cash and shares in exchange for their ownership stakes. The companies are then transferred to a holding company. Other than a reduction in marginal costs, companies combined in a roll-up merger can garner better name recognition, achieve increased exposure, and gain access to new markets or new or underserved demographics. Such merged entities can also benefit from better access to expertise within the industry.

进行滚动兼并时，各个独立企业的所有人会以股权换取现金及股票，该等企业随之转让给一家控股公司。除边际成本降低外，该等被合并企业的知名度会提高，曝光率也会增加，并且可以涉足新的市场或新的或未得到充分服务的人群，同时获得更多行业内的专业知识。

Roll-up mergers can be difficult to pull off. Combining several businesses and their differing cultures, infrastructure and consumer bases is a complicated job. If not done properly, the post-merger entity may not achieve the desired efficiencies, scale or profitability. Generally, successful roll-up mergers share these traits:

要想实现滚动兼并绝非易事。对文化、基础设施和客户群各不相同的多个企业进行合并，是一项复杂的工作。稍有不慎，合并后的企业可能无法实现预期效益。一般来说，滚动兼并获得成功须具有以下特征：

They target large but highly fragmented industries lacking a dominant player.

The consolidators have a proven process that creates value.

The consolidators have a proven game plan for identifying targets, evaluating them, and then integrating them.

选择高度分散且缺少领导者的大型行业。

合并企业经证实能够创造价值。

合并企业制定有关识别、评估和合并标的公司的策略并经过验证。

The reality of most marketplaces is that large companies tend to dominate. Their breadth product offerings, economies of scale and brand awareness equate to a dominant position. When a marketplace lacks big players, it is said to be "fragmented." Such fragmentation presents an opportunity for investors to consolidate the existing smaller businesses by way of a roll-up merger. In such a roll-up, redundancies inherent to combining so many companies are eliminated, productivity is raised and higher profits can be generated due to greater efficiency.

大多数市场实际上是由大型企业主导，该等大型企业在产品广泛性、规模效益和品牌知名度等方面占有举足轻重的地位。而缺少重要企业的市场则视为“零散的”市场。正是因为这种零散性，投资者才有机会通过滚动兼并对现有的小型企业进行合并。滚动兼并可以消除合并固有的冗余，提高生产力，并带来高额利润。

Marketplaces can also be dominated by a single company that is too large to challenge by one of its smaller competitors alone. In such a case a roll-up merger can be utilized to combine several smaller competitors into a larger company that compete on equal terms.

如果某一企业的规模比较大，任何一家小型企业都无法单独与之竞争，那么市场也可能会由该单一企业主导。在这种情况下，可以采用滚动兼并将若干小型企业合并为一家大型企业，在平等的条件下与该主导企业竞争。

英文来源：Investopedia

文章来源：译问

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