查到CFI Team有关“buy and build strategy”的讲解，如下所示，其中英文为原文，中文为本人译文：

“The buy and build strategy is when a company expands its operations by acquiring a platform company with developed expertise that it can then build out. When a business requires growth and expansion, there are several possibilities to consider. The company can develop its internal capabilities that will drive the expansion, or it can buy a business with an already developed expertise in that area of specialization and build it out further.

购买并重建策略是指一家公司通过收购另一家拥有成熟技术的平台公司进行重建而达到扩大其自身业务的目的。如果一家公司想要发展壮大，有许多种选择可以考虑。比如，该公司可以培养其内在能力推动业务增长，也可以购买一家拥有成熟技术的公司进行重建。

The buy and build strategy adopts the latter option. The effect can create great value since the operations of several smaller firms combine to add value to the new firm. However, the success of the combination heavily depends on the platform company, which may result in destroying value if the strategy is not properly executed.

购买并重建策略属于后一种。由于将多家小型企业的业务合并可以为新企业增值，采用这种策略能够创造巨大价值。但是，合并的成功与否在很大程度上取决于平台公司，稍有不慎，可能会导致贬值。

The buy and build strategy brings with it lots of benefits. The strategy is a platform for an organization to expand and grow. It enables organizations to expand through acquisitions that add value to their business. The development of skills in an organizational setting takes time and denies the organization the required expertise to flourish.

购买并重建策略会带来很多好处。比如，该策略为企业的发展壮大提供了平台；企业能够通过收购获得发展，为企业增值。企业技术开发需要花费一些时间，而且不会为企业提供发展所需的技术。

However, this time could be saved through the acquisition of such a strategy. The growth of an organization requires skills and expertise that support doing business and expanding to other markets successfully. The disadvantage of this strategy is that it will reduce the number of resources over time.

但是，采用该策略中的收购方式可以节省时间。企业发展离不开技能和技术，技能和技术能够为企业运营以及成功进入其他市场提供帮助。该策略的缺点在于会减少一段时间内的资源量。

The acquired businesses, to some extent, determine the success of the merger. When buying existing firms, the company should go for firms that can work together as a team since it is easier to flourish together as a team. The buy and build strategy is common among private equity firms with a short holding period of between three and five years.

在某种程度上，被收购的企业对兼并是否获得成功起着决定性的作用。就收购现有公司而言，应该寻找能够作为团队彼此协作的企业，毕竟团队合作对于公司发展壮大很重要。私人股本公司比较常采用购买并重建策略，持有期较短，大约三至五年。

When investors put their funds into private equity, they do so expecting a reasonable amount of interest after an agreed period of time. The availability of these funds for short-term investments supports a private equity firm’s preference for the buy and build business model.

投资者投资于私募股权，是希望在约定的期限之后能够获得大笔利息。基于短期投资的可获得性，私人股本公司偏爱购买并重建策略。

The acquisition process is challenging due to the sensitive nature of the company integration process. The implementation process, therefore, requires top-notch precision to press the right buttons for the strategy to work. The management team should be appropriate since they run the entire portfolio of companies.

由于公司合并具有敏感性，收购过程充满挑战。因此，实施过程中需要采用最正确的策略，选用合适的管理团队负责公司的整个投资组合。”

来源：

https://corporatefinanceinstitute.com/resources/knowledge/strategy/buy-and-build-strategy/