The Alpera Serial Acquirers Index is a proprietary benchmark tracking the long-term performance and valuation of Serial Acquirers across Europe and North America.
Built from 500M€–10Bn€ market-cap buy & build companies across 7 sectors and 4 geographies, this Index compares Serial Acquirers with major benchmarks including S&P 500, Russell 2000, Stoxx 600, and MSCI Europe Small Cap over 10+ years.
Why we built the Alpera Serial Acquirers Index
Serial Acquirers are everywhere: in software, industrials, healthcare, business services…
Yet, despite their growing importance, there is surprisingly little structured data on how they perform over time compared to the broader market.
At Alpera, we work every day with consolidation platforms. We see, deal by deal, how disciplined M&A can transform great independent companies into sector leaders. But we wanted to answer a simple question with data: Over the long term, do Serial Acquirers really outperform – and if so, where and why?
‍What’s inside the full report
In the full Alpera Serial Acquirers Index – Edition #1, you’ll find:
- Index construction and inclusion criteria
- Performance and valuation analysis since December 2019
- 10- and 15-year backtests
- Sector-by-sector performance and valuation breakdowns
- Commentary on the role of macro trends (rates, industrial policy, tech valuations)
Download the full Index - Edition #1
If you’re building, backing or advising Serial Acquirers, we hope this work is useful to you.
You can download the full Index and methodology here.
We welcome feedback, questions, and discussions – this is the first edition, and our ambition is to improve and deepen the Index over time.
About Alpera Parners
Alpera Partners is an investment firm specialising in building and financing buy-and-build platforms across essential and fragmented sectors in Western Europe. Since 2022, Alpera has launched six consolidation platforms in nuclear, vertical software, accounting, human and animal healthcare, and hospitality. The team has completed over 75 acquisitions and deployed more than €120 million of capital, applying a proven methodology inspired by North American and Nordic models combining organic and M&A-driven growth.
www.alperapartners.com
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As of November 2025. This page does not constitute an offer or a solicitation of investment. Past performance should not be construed as a guarantee of future performance.
