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Why Most Buy-and-Build Strategies Fail in Year Two - And What I Learned the Hard Way
By Lasse Mäkelä, Founder, Larzon Capital Every buy-and-build strategy looks brilliant in the investment committee deck. A platform company, a fragmented market, a tidy list of attractive add-ons, and a thesis on multiple arbitrage so elegant it almost apologises for itself. On paper, the maths is borderline embarrassing. Then year two happens. For the first part of my career, at Investment Banking, I looked at acquisitions the way most advisors do: as transactions. Valuations
7 hours ago3 min read
Strategic Advisory Meets Long-Term Vision: What’s Next at Larzon Capital
As of summer 2025, I’ve officially wrapped up a rewarding 3½-year journey at Multitude AG — a period filled with M&A, strategy, investor...
Jun 1, 20251 min read
So, what is an M&A department as a service?
When you decide to acquire a company, make sure that you have top-quality resource with you to manage the process.
Sep 8, 20213 min read
First three months with Larzon Capital: First transaction done!
I am excited to update you on the first active quarter inside Larzon Capital. The start has been active and busy, but we are moving...
Jun 30, 20212 min read
Welcome to our first frozen update!
17 March 2021 Dear friends, Here is a short note regarding the changes in my career and the ways how I can serve you better in the...
Jun 16, 20212 min read
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