01
Client context
The fund had acquired a platform company and planned to grow through add-on acquisitions.
02
Business challenge
The fragmented market had many small players with limited public information.
03
Research objective & questions
Build a long list of targets, screen them and prioritise approaches.
- Which companies could be add-on targets?
- How do they compare on capabilities, geography and customers?
- Which targets would fill the platform's gaps?
- Which are likely to be open to a transaction?
04
Methodology & approach
- Target identification
- Databases, associations and expert referrals.
- Target profiling
- Capabilities, size indicators and customers.
- Expert interviews
- Market reputation of targets.
- Fit scoring
- Strategic fit and integration complexity.
05
Sample & geography
- ~80 targets identified
- ~25 profiled in depth
- ~10 expert interviews
- Geography — India
06
Key findings
- A small group of targets offered strong geographic complementarity.
- Several founder-led businesses faced succession questions.
- Capability gaps could be filled by two specialist targets.
- Integration complexity varied with systems and culture.
07
Business implications
- Prioritise a short list of targets for approach.
- Lead with succession-friendly deal structures.
- Prepare integration playbooks.
08
Outcome
The fund received a target long list, prioritised short list and profiles.
Example engagement — Shows how Hoog approaches this type of question. Not a specific client project. Findings are directional.