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1、strategy+businessissue66SPring2012TheCapabilitiesPremiuminM&AAnewstudyofinorganicgrowthshowsthatdealsmadetoenhanceorleveragethethingsthatcompaniesdowellconsistentlyoutperformothers.bygErALDADOLPH,CESArEMAinArDi,AnDJ.nEELyreprint12105featurestrategy&leadership1Anewstudyofinorganicgrowthshowst
2、hatdealsmadetoenhanceorleveragethethingsthatcompaniesdowellconsistentlyoutperformothers.featureTheCapabilitiesPremiuminM&Astrategy&leadershipbyGeraldAdolph,CesareMainardi,andJ.Neely2Itisaperennialquestionineverymajorindustry:otherinorganicgrowthmoveshaveledtoalossofvalue.Whatdistinguishesthe
3、companieswithatrackrecordThatisthekeyfindingofastudyweconductedinofM&Asuccess?Wethinkwe’vefoundtheanswer2011,analyzingmorethan300transactionsbetween—andafewcompanieshavefigureditout,too.It’sa2001and2009ineightindustrysectors:industrials,businessstrategythatusescapabilitiesasthebasisforelectr
4、icutilities,consumerstaples,media,healthcare,inorganicgrowth.chemicals,informationtechnology,andretail.(SeeSuccessfulacquirersmakeM&Adealsthateitheren-Methodology,page9.)Dealsdobetterwhenthein-hancetheirdistinctivecapabilitiessystems,leveragethosecomingcompanymatchestheacquiringcompany’sca-c
5、apabilitiessystems,ordoboth.Thesecompanieshavepabilitiessystem.Someindustries,suchasinformationbeenrewardedwithdealsforwhichthecompoundan-technologyandretail,showalargereffect;allindustriesnualgrowthrate(CAGR)averages12percentagepointswestudied,however,showaconsistent,observableca-moreinshar
6、eholderreturnthanM&AdealsbyotherpabilitiespremiuminM&A.(SeeExhibit1,page4.)buyersinthesameindustryandregion.EvenduringThesameconclusionsholdtrueinourresearchonsuc-thedifficultyearssincethe2008economiccrisis,dealscessfulserialacquirers(“Pac-Man”companies):Dealslinkedtoacapabilities-drivenstra
7、tegyhavetendedtoin-madewithacapabilitiesperspectivearefarmorelikelyIllustrationbyBrianCairnscreaseshareholdervaluefortheacquirer—whilemosttogeneratevalueovertime.GeraldAdolphCesareMainardiJ.NeelyAlsocontributingtothisgerald.adolph@booz.comcesare.ma
