By Andrew MacLeod and Richard Bolton (August 14, 2017, 5:08 PM EDT) -- For private equity firms, roll-ups remain a prime opportunity to capitalize on the value of businesses in fragmented industries, as rolled-up entities achieve critical mass via improvements in economies of scale, operating margins, and a more dominant market position, all of which can lead to beneficial returns in the form of greater EBITDA (earnings before interest, tax, depreciation and amortization) and the ability to command a higher multiple upon exit as a portfolio company garners a more dominant position in its industry. And, there is no sign of the roll-up trend slowing in the middle market. Money supply remains high and many family offices have increasingly become direct and active players in making private company investments, increasingly competing with private equity funds for deal flow. Large brokered deals have driven up purchase multiples, but there continues to be great opportunities for investors to roll up small or lower-middle-market companies in a wide variety of targeted industries....