Private Equity Roll-Ups Amidst Heightened Antitrust Enforcement

In the last few years, the Federal Trade Commission (“FTC”) and the Department of Justice Antitrust Division (“DOJ”) have increasingly set their sights on serial acquisitions in fragmented markets, colloquially referred to as “roll-ups.” The agencies have also identified their main suspect: private equity firms. In this article, we discuss the history of antitrust enforcement on roll-ups and serial acquisitions, the tools regulators will use to target roll-up strategies, and the curr