By Gene Barton (February 28, 2018, 12:27 PM EST) -- Add-on acquisitions are playing an increasingly important role in the private equity world. Many private equity portfolio companies find it difficult to achieve their growth objectives strictly through organic growth. Other PE firms go even further and embrace a "buy and build" strategy that is predicated on doing a series of add-on acquisitions. Strategic buyers are often at an advantage in a competitive environment as they can take advantage of cost synergies. PE firms can level the playing field if they can structure bolt-ons that improve their overall cost structure. Still, there are a number of risks that need to be considered when looking at portfolio company acquisitions. The key is to recognize that such transactions have not only the risks inherent in any acquisition but also the risks that arise from the combination with the existing platform company. Don't let the relatively small size of add-ons fool you; the risks are real....