The U.S. Department of Justice (DOJ) and the Federal Trade Commission (FTC) launched a public inquiry seeking information concerning serial acquisitions and roll-up strategies.

More specifically, the inquiry’s stated purpose is to “identify sectors of the economy being impacted by serial acquisitions.”

The DOJ and FTC appear concerned that smaller, unreported transactions might allow certain firms to obtain control over a product, service, or labor market without the full scope of the acquisition strategy being disclosed to the enforcement agencies. Accordingly, the agencies have formally requested that consumers, businesses, professional and trade associations, and others provide the following information:

• Examples of serial acquisitions
• The effects of serial acquisitions
• Business practices associated with serial acquisitions
• Claimed business objectives of serial acquisitions
• The ownership and control of those involved in serial acquisitions

This inquiry complements the request for information issued by the DOJ, the FTC, and the U.S. Department of Health and Human Services, seeking to understand how particular health care transactions might increase consolidation in the health care market. It is also notable that the Merger Guidelines issued by the DOJ and FTC in December 2023 address the agencies’ concerns related to mergers that are part of a series of multiple acquisitions.