Hi There !

For anyone that has pursued or is pursuing a roll-up strategy, how did you solve for dilution? For example, if the typical searcher (or pair) gets up to 30% of the company, how does an additional equity raise affect that? Is it standard to get diluted down pro-rata? Or maybe granted additional equity to maintain your percentage?

Obviously, if you can fund acquisitions organically that is ideal but in some instances where speed is important an additional equity raise may be the way the go. That said, if the searches get diluted down, that doesn't seem to incentive additional acquisitions.

Any thoughts appreciated!