Looking for pros/cons of making an acquisition within the same industry of an owned business vs. building a portfolio of unrelated businesses. Diversification into other industries seems beneficial at first pass, but trying to capture synergies by acquiring in the same industry is tempting. Does anyone have experience with bolt-on transactions? If so - Did you capture more or less synergies than expected? Were more synergies found on the revenue or the cost side?

Apologies for the buzzword-heavy post. I'm basically wondering if synergies are real or just sold by consultants.